PNC Financial Services Group Inc. Boosts Holdings in Pinnacle Financial Partners, Inc. $PNFP

PNC Financial Services Group Inc. boosted its holdings in Pinnacle Financial Partners, Inc. (NYSE:PNFP) by 105.9% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 10,495 shares of the company’s stock after purchasing an additional 5,398 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Pinnacle Financial Partners were worth $904,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Oslo Pensjonsforsikring AS purchased a new position in shares of Pinnacle Financial Partners in the first quarter worth $339,000. Andra AP fonden bought a new position in shares of Pinnacle Financial Partners during the first quarter worth $7,382,000. Harbor Advisors LLC purchased a new position in Pinnacle Financial Partners during the first quarter valued at $1,034,000. Meeder Advisory Services Inc. purchased a new position in Pinnacle Financial Partners during the first quarter valued at $261,000. Finally, Dimensional Fund Advisors LP increased its holdings in Pinnacle Financial Partners by 80.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 5,035,295 shares of the company’s stock valued at $433,712,000 after acquiring an additional 2,244,659 shares during the last quarter. 87.40% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Benchmark decreased their price target on shares of Pinnacle Financial Partners from $132.00 to $125.00 and set a “buy” rating on the stock in a research note on Friday, July 24th. Robert W. Baird began coverage on Pinnacle Financial Partners in a research report on Tuesday, May 19th. They set an “outperform” rating and a $115.00 price objective for the company. Barclays reduced their target price on Pinnacle Financial Partners from $135.00 to $130.00 and set an “overweight” rating on the stock in a report on Tuesday, April 7th. Citigroup boosted their target price on Pinnacle Financial Partners from $122.00 to $126.00 and gave the stock a “buy” rating in a research report on Thursday, June 25th. Finally, Wall Street Zen upgraded Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research report on Tuesday, May 12th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $117.00.

Pinnacle Financial Partners Stock Up 0.5%

PNFP stock opened at $105.35 on Friday. Pinnacle Financial Partners, Inc. has a 52 week low of $81.08 and a 52 week high of $107.00. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.73. The company’s fifty day simple moving average is $98.77. The company has a market capitalization of $8.17 billion, a price-to-earnings ratio of 14.47, a P/E/G ratio of 0.42 and a beta of 1.04.

Pinnacle Financial Partners (NYSE:PNFP) last issued its quarterly earnings data on Wednesday, July 22nd. The company reported $2.50 EPS for the quarter, topping analysts’ consensus estimates of $2.46 by $0.04. Pinnacle Financial Partners had a net margin of 15.40% and a return on equity of 10.93%. The business had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.24 billion. As a group, analysts anticipate that Pinnacle Financial Partners, Inc. will post 10.2 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Friday, August 7th will be given a $0.50 dividend. The ex-dividend date is Friday, August 7th. This represents a $2.00 annualized dividend and a yield of 1.9%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is currently 27.47%.

Insider Buying and Selling

In related news, insider Robert A. Mccabe, Jr. acquired 10,013 shares of Pinnacle Financial Partners stock in a transaction on Friday, July 24th. The shares were bought at an average cost of $99.90 per share, with a total value of $1,000,298.70. Following the completion of the purchase, the insider directly owned 324,233 shares of the company’s stock, valued at $32,390,876.70. The trade was a 3.19% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 1.30% of the company’s stock.

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.