Meiji Yasuda Asset Management Co Ltd. Buys New Shares in Pinnacle Financial Partners, Inc. $PNFP

Meiji Yasuda Asset Management Co Ltd. bought a new position in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) in the 2nd quarter, Holdings Channel.com reports. The fund bought 6,523 shares of the company’s stock, valued at approximately $658,000.

Several other large investors also recently bought and sold shares of the stock. Northwestern Mutual Wealth Management Co. boosted its stake in shares of Pinnacle Financial Partners by 1.6% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 7,377 shares of the company’s stock valued at $704,000 after buying an additional 116 shares during the period. Villanova Investment Management Co LLC increased its stake in shares of Pinnacle Financial Partners by 0.4% during the fourth quarter. Villanova Investment Management Co LLC now owns 28,511 shares of the company’s stock worth $2,720,000 after buying an additional 118 shares during the period. Simplicity Wealth LLC increased its stake in shares of Pinnacle Financial Partners by 1.5% during the first quarter. Simplicity Wealth LLC now owns 9,155 shares of the company’s stock worth $789,000 after buying an additional 131 shares during the period. Graham Capital Management L.P. raised its holdings in Pinnacle Financial Partners by 0.7% in the fourth quarter. Graham Capital Management L.P. now owns 22,169 shares of the company’s stock valued at $2,115,000 after acquiring an additional 146 shares in the last quarter. Finally, PNC Financial Services Group Inc. raised its holdings in Pinnacle Financial Partners by 3.2% in the fourth quarter. PNC Financial Services Group Inc. now owns 5,097 shares of the company’s stock valued at $486,000 after acquiring an additional 158 shares in the last quarter. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Robert W. Baird started coverage on shares of Pinnacle Financial Partners in a report on Tuesday, May 19th. They set an “outperform” rating and a $115.00 price target for the company. Wall Street Zen upgraded shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a report on Tuesday, May 12th. Weiss Ratings raised shares of Pinnacle Financial Partners from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, June 26th. Stephens set a $112.00 target price on shares of Pinnacle Financial Partners in a research note on Monday, July 27th. Finally, Truist Financial increased their target price on Pinnacle Financial Partners from $115.00 to $118.00 and gave the company a “buy” rating in a report on Tuesday, July 28th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Pinnacle Financial Partners currently has a consensus rating of “Moderate Buy” and an average target price of $118.35.

Pinnacle Financial Partners Stock Down 0.4%

Shares of PNFP opened at $100.91 on Wednesday. The firm has a market capitalization of $7.83 billion, a P/E ratio of 13.86, a price-to-earnings-growth ratio of 0.40 and a beta of 1.03. Pinnacle Financial Partners, Inc. has a 52-week low of $81.08 and a 52-week high of $110.33. 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 company has a 50 day simple moving average of $101.79.

Pinnacle Financial Partners (NYSE:PNFP) last released its quarterly earnings data on Wednesday, July 22nd. The company reported $2.50 earnings per share for the quarter, topping analysts’ consensus estimates of $2.46 by $0.04. The company 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%. On average, equities analysts anticipate that Pinnacle Financial Partners, Inc. will post 10.19 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The business also recently announced 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. This represents a $2.00 dividend on an annualized basis 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 (DPR) is 27.47%.

Insider Buying and Selling at Pinnacle Financial Partners

In related news, insider M Terry Turner sold 54,107 shares of Pinnacle Financial Partners stock in a transaction on Monday, August 17th. The shares were 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 $26,829,539.99. This trade represents a 17.90% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Robert A. Mccabe, Jr. purchased 10,013 shares of Pinnacle Financial Partners stock in a transaction that occurred on Friday, July 24th. The stock was bought at an average cost of $99.90 per share, with a total value of $1,000,298.70. Following the completion of the transaction, the insider owned 324,233 shares of the company’s stock, valued at $32,390,876.70. The trade was a 3.19% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have sold a total of 177,228 shares of company stock worth $19,153,713 over the last quarter. 1.30% of the stock is owned by company insiders.

Pinnacle Financial Partners 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.