Pinnacle Financial Partners, Inc. $PNFP Shares Acquired by JPMorgan Chase & Co.

JPMorgan Chase & Co. increased its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 0.5% during the 2nd quarter, Holdings Channel reports. The fund owned 652,562 shares of the financial services provider’s stock after purchasing an additional 3,441 shares during the quarter. JPMorgan Chase & Co.’s holdings in Pinnacle Financial Partners were worth $72,049,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of PNFP. Magnetar Financial LLC purchased a new stake in Pinnacle Financial Partners in the 2nd quarter worth approximately $1,514,000. Dynamic Technology Lab Private Ltd purchased a new stake in Pinnacle Financial Partners during the second quarter worth $1,483,000. Catalyst Funds Management Pty Ltd acquired a new stake in Pinnacle Financial Partners during the second quarter valued at $221,000. Portside Wealth Group LLC increased its holdings in Pinnacle Financial Partners by 7.0% in the second quarter. Portside Wealth Group LLC now owns 1,960 shares of the financial services provider’s stock valued at $216,000 after buying an additional 128 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH increased its holdings in Pinnacle Financial Partners by 7.0% in the second quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 36,910 shares of the financial services provider’s stock valued at $4,075,000 after buying an additional 2,406 shares in the last quarter. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

Pinnacle Financial Partners Stock Performance

Shares of NASDAQ:PNFP opened at $91.86 on Friday. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.89 and a quick ratio of 0.89. Pinnacle Financial Partners, Inc. has a 1 year low of $81.57 and a 1 year high of $128.89. The firm has a market capitalization of $7.13 billion, a PE ratio of 11.67 and a beta of 1.12. The business’s 50 day moving average price is $89.43 and its 200-day moving average price is $98.35.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $2.27 EPS for the quarter, beating the consensus estimate of $2.05 by $0.22. Pinnacle Financial Partners had a return on equity of 9.91% and a net margin of 19.17%.The firm had revenue of $544.80 million during the quarter, compared to the consensus estimate of $526.40 million. During the same period in the prior year, the company earned $1.86 EPS. As a group, equities research analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 28th. Investors of record on Friday, November 7th were paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 1.0%. The ex-dividend date of this dividend was Friday, November 7th. Pinnacle Financial Partners’s dividend payout ratio is currently 12.20%.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on PNFP. Weiss Ratings reissued a “hold (c)” rating on shares of Pinnacle Financial Partners in a research note on Friday, October 31st. Barclays increased their price target on Pinnacle Financial Partners from $120.00 to $125.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 11th. TD Cowen initiated coverage on Pinnacle Financial Partners in a research report on Thursday, September 25th. They issued a “buy” rating and a $122.00 price objective for the company. Stephens decreased their target price on Pinnacle Financial Partners from $104.00 to $97.00 and set an “equal weight” rating on the stock in a research report on Friday, October 17th. Finally, Truist Financial dropped their price target on shares of Pinnacle Financial Partners from $107.00 to $105.00 and set a “buy” rating on the stock in a research note on Friday, October 17th. Six research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to MarketBeat, Pinnacle Financial Partners currently has a consensus rating of “Hold” and a consensus price target of $109.55.

Insider Activity

In other Pinnacle Financial Partners news, Chairman Robert A. Mccabe, Jr. sold 6,775 shares of the stock in a transaction dated Wednesday, November 26th. The shares were sold at an average price of $93.00, for a total value of $630,075.00. Following the completion of the sale, the chairman owned 202,505 shares in the company, valued at approximately $18,832,965. This represents a 3.24% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director G Kennedy Thompson bought 5,000 shares of the stock in a transaction dated Monday, October 20th. The shares were bought at an average price of $87.63 per share, for a total transaction of $438,150.00. Following the completion of the acquisition, the director owned 33,372 shares in the company, valued at approximately $2,924,388.36. The trade was a 17.62% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 1.46% of the stock is currently owned by corporate insiders.

Pinnacle Financial Partners Profile

Pinnacle Financial Partners, Inc, together with its subsidiaries, operates as the bank holding company for Pinnacle Bank that provides various banking products and services to individuals, businesses, and professional entities in the United States. The company accepts various deposits, including savings, noninterest-bearing and interest-bearing checking, money market, and certificate of deposit accounts; and provides treasury management services, which includes online wire origination, enhanced ACH origination services, positive pay, zero balance and sweep accounts, automated bill pay services, electronic receivables processing, lockbox processing, and merchant card acceptance services.