Hsbc Holdings PLC Takes Position in Pinnacle Financial Partners, Inc. $PNFP

Hsbc Holdings PLC bought a new position in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) during the second quarter, according to its most recent filing with the SEC. The fund bought 60,988 shares of the company’s stock, valued at approximately $6,154,000. Hsbc Holdings PLC owned 0.08% of Pinnacle Financial Partners at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PNFP. Brown Brothers Harriman & Co. bought a new stake in Pinnacle Financial Partners in the third quarter worth about $26,000. BOKF NA boosted its stake in Pinnacle Financial Partners by 1,204.5% in the third quarter. BOKF NA now owns 287 shares of the company’s stock valued at $27,000 after acquiring an additional 265 shares during the last quarter. Activest Wealth Management bought a new position in shares of Pinnacle Financial Partners during the 4th quarter valued at approximately $28,000. Resources Management Corp CT ADV bought a new position in shares of Pinnacle Financial Partners during the 1st quarter valued at approximately $26,000. Finally, CIBC Private Wealth Group LLC increased its stake in shares of Pinnacle Financial Partners by 175.6% during the 4th quarter. CIBC Private Wealth Group LLC now owns 339 shares of the company’s stock worth $32,000 after purchasing an additional 216 shares during the last quarter. 87.40% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts recently commented on PNFP shares. Piper Sandler upped their price objective on Pinnacle Financial Partners from $122.00 to $123.00 and gave the company an “overweight” rating in a research note on Friday, July 24th. Citigroup raised 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. Truist Financial boosted their target price on Pinnacle Financial Partners from $115.00 to $118.00 and gave the company a “buy” rating in a research note on Tuesday, July 28th. Stephens set a $112.00 price target on Pinnacle Financial Partners in a research note on Monday, July 27th. Finally, JPMorgan Chase & Co. decreased their price objective on Pinnacle Financial Partners from $125.00 to $120.00 and set an “overweight” rating for the company in a report on Friday, July 24th. 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. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $118.35.

Insider Activity

In other news, insider M Terry Turner sold 66,783 shares of the company’s stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $108.01, for a total transaction of $7,213,231.83. Following the sale, the insider directly owned 302,230 shares in the company, valued at $32,643,862.30. This represents a 18.10% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Robert A. Mccabe, Jr. purchased 10,013 shares of the stock in a transaction dated Friday, July 24th. The stock was purchased at an average cost 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 represents a 3.19% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last 90 days, insiders sold 177,228 shares of company stock valued at $19,153,713. 1.30% of the stock is owned by corporate insiders.

Pinnacle Financial Partners Trading Up 0.1%

PNFP opened at $101.08 on Friday. Pinnacle Financial Partners, Inc. has a 12 month low of $81.08 and a 12 month high of $110.33. The company has a market cap of $7.84 billion, a P/E ratio of 13.88, a PEG ratio of 0.40 and a beta of 1.03. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.93 and a current ratio of 0.94. The business has a 50 day simple moving average of $102.11.

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

Pinnacle Financial Partners Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 28th. Shareholders of record on Friday, August 7th were paid a $0.50 dividend. The ex-dividend date was Friday, August 7th. This represents a $2.00 annualized dividend and a yield of 2.0%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is currently 27.47%.

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.