Principal Financial Group Inc. Acquires 138,945 Shares of Pinnacle Financial Partners, Inc. $PNFP

Principal Financial Group Inc. increased its holdings in Pinnacle Financial Partners, Inc. (NYSE:PNFP) by 23.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 725,225 shares of the company’s stock after purchasing an additional 138,945 shares during the quarter. Principal Financial Group Inc.’s holdings in Pinnacle Financial Partners were worth $69,194,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in PNFP. Goldman Sachs Group Inc. lifted its stake in shares of Pinnacle Financial Partners by 6.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 651,268 shares of the company’s stock valued at $69,060,000 after acquiring an additional 37,989 shares during the last quarter. Focus Partners Wealth grew its position in Pinnacle Financial Partners by 13.9% during the 1st quarter. Focus Partners Wealth now owns 4,755 shares of the company’s stock worth $504,000 after acquiring an additional 581 shares during the last quarter. Amundi grew its position in Pinnacle Financial Partners by 25,700.0% during the 2nd quarter. Amundi now owns 4,386 shares of the company’s stock worth $513,000 after acquiring an additional 4,369 shares during the last quarter. Jump Financial LLC purchased a new position in Pinnacle Financial Partners in the 2nd quarter worth approximately $229,000. Finally, Cerity Partners LLC lifted its position in Pinnacle Financial Partners by 4.2% in the second quarter. Cerity Partners LLC now owns 26,061 shares of the company’s stock valued at $2,877,000 after purchasing an additional 1,039 shares during the last quarter. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Pinnacle Financial Partners

In related news, CFO Andrew J. Jr. Gregory purchased 1,000 shares of Pinnacle Financial Partners stock in a transaction that occurred on Thursday, February 12th. The shares were bought at an average price of $94.52 per share, for a total transaction of $94,520.00. Following the completion of the transaction, the chief financial officer directly owned 49,485 shares of the company’s stock, valued at $4,677,322.20. This represents a 2.06% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 1.30% of the company’s stock.

Pinnacle Financial Partners Stock Down 0.9%

Shares of Pinnacle Financial Partners stock opened at $98.76 on Friday. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.90 and a current ratio of 0.90. The company has a market capitalization of $7.66 billion, a P/E ratio of 13.70, a PEG ratio of 0.38 and a beta of 1.06. The company’s 50 day simple moving average is $90.44. Pinnacle Financial Partners, Inc. has a 52 week low of $81.08 and a 52 week high of $120.46.

Pinnacle Financial Partners (NYSE:PNFP) last released its quarterly earnings results on Wednesday, April 22nd. The company reported $2.39 earnings per share for the quarter, beating the consensus estimate of $2.30 by $0.09. The business had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.20 billion. Pinnacle Financial Partners had a net margin of 15.02% and a return on equity of 10.61%. On average, research analysts anticipate that Pinnacle Financial Partners, Inc. will post 10.33 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, May 29th. Stockholders of record on Friday, May 1st will be paid a dividend of $0.50 per share. The ex-dividend date of this dividend is Friday, May 1st. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.0%. Pinnacle Financial Partners’s payout ratio is presently 27.74%.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on PNFP shares. Evercore reissued an “outperform” rating and set a $115.00 price objective on shares of Pinnacle Financial Partners in a research note on Wednesday, April 29th. JPMorgan Chase & Co. upped their price target on shares of Pinnacle Financial Partners from $105.00 to $120.00 and gave the company an “overweight” rating in a report on Friday, April 24th. Stephens raised their price target on shares of Pinnacle Financial Partners from $95.00 to $109.00 and gave the stock an “equal weight” rating in a report on Thursday, April 30th. Wall Street Zen cut shares of Pinnacle Financial Partners from a “hold” rating to a “sell” rating in a research report on Monday. Finally, Piper Sandler upped their price objective on shares of Pinnacle Financial Partners from $120.00 to $122.00 and gave the company an “overweight” rating in a research note on Wednesday, January 28th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $114.25.

About Pinnacle Financial Partners

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.