Meiji Yasuda Asset Management Co Ltd. Buys Shares of 6,523 Pinnacle Financial Partners, Inc. $PNFP

Meiji Yasuda Asset Management Co Ltd. purchased a new stake in Pinnacle Financial Partners, Inc. (NYSE:PNFP) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 6,523 shares of the company’s stock, valued at approximately $658,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in PNFP. BlackRock Inc. purchased a new stake in shares of Pinnacle Financial Partners during the 2nd quarter valued at approximately $1,704,708,000. AQR Capital Management LLC grew its position in Pinnacle Financial Partners by 1,697.4% in the third quarter. AQR Capital Management LLC now owns 3,267,666 shares of the company’s stock worth $306,474,000 after acquiring an additional 3,085,867 shares during the period. Dimensional Fund Advisors LP increased its stake in Pinnacle Financial Partners by 80.4% during the first quarter. Dimensional Fund Advisors LP now owns 5,035,295 shares of the company’s stock worth $433,712,000 after acquiring an additional 2,244,659 shares during the last quarter. Nomura Holdings Inc. acquired a new stake in Pinnacle Financial Partners during the third quarter worth $187,822,000. Finally, Alyeska Investment Group L.P. purchased a new stake in Pinnacle Financial Partners in the fourth quarter valued at $159,545,000. Institutional investors and hedge funds own 87.40% of the company’s stock.

Analyst Upgrades and Downgrades

PNFP has been the topic of several recent analyst reports. Citigroup upped their price target on Pinnacle Financial Partners from $122.00 to $126.00 and gave the company a “buy” rating in a research note on Thursday, June 25th. Wells Fargo & Company lifted their price target on shares of Pinnacle Financial Partners from $111.00 to $118.00 and gave the company an “equal weight” rating in a research report on Monday, August 10th. Piper Sandler boosted their price target on shares of Pinnacle Financial Partners from $122.00 to $123.00 and gave the company an “overweight” rating in a research note on Friday, July 24th. Weiss Ratings raised shares of Pinnacle Financial Partners from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, June 26th. Finally, Wall Street Zen upgraded shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a report on Tuesday, May 12th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $118.35.

Pinnacle Financial Partners Trading Down 0.4%

PNFP stock opened at $100.91 on Wednesday. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.94 and a quick ratio of 0.93. The stock has a market cap of $7.83 billion, a P/E ratio of 13.86, a PEG ratio of 0.40 and a beta of 1.03. Pinnacle Financial Partners, Inc. has a 12-month low of $81.08 and a 12-month high of $110.33. The company has a fifty day moving average price of $101.79.

Pinnacle Financial Partners (NYSE:PNFP) last announced its earnings results on Wednesday, July 22nd. The company reported $2.50 EPS for the quarter, beating analysts’ consensus estimates of $2.46 by $0.04. Pinnacle Financial Partners had a return on equity of 10.93% and a net margin of 15.40%.The company had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.24 billion. Research analysts predict that Pinnacle Financial Partners, Inc. will post 10.19 EPS for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Friday, August 7th will be given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend is Friday, August 7th. Pinnacle Financial Partners’s dividend payout ratio is currently 27.47%.

Insider Activity

In other Pinnacle Financial Partners news, insider Robert A. Mccabe, Jr. acquired 10,013 shares of the company’s stock in a transaction that occurred on Friday, July 24th. The stock was purchased at an average price of $99.90 per share, for a total transaction of $1,000,298.70. Following the completion of the acquisition, the insider owned 324,233 shares of the company’s stock, valued at approximately $32,390,876.70. This trade represents a 3.19% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider M Terry Turner sold 54,107 shares of the company’s stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $108.13, for a total transaction of $5,850,589.91. Following the sale, the insider directly owned 248,123 shares in the company, valued at approximately $26,829,539.99. The trade was a 17.90% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 177,228 shares of company stock worth $19,153,713 in the last three months. Corporate insiders own 1.30% of the company’s stock.

Pinnacle Financial Partners Company Profile

Pinnacle Financial Partners (NYSE: PNFP) is a bank holding company headquartered in Nashville, Tennessee, that provides a broad range of commercial and consumer banking services. Founded in 2000, the company operates through a network of banking offices and digital channels to serve individuals, small and middle-market businesses, and institutional clients. Pinnacle’s business model emphasizes relationship-based banking and tailored financial solutions for commercial borrowers and deposit customers.

The company’s product and service offerings include commercial and residential lending, treasury and payment solutions, deposit accounts, mortgage services, and cash management.