Mitsubishi UFJ Asset Management Co. Ltd. Acquires New Position in Pinnacle Financial Partners, Inc. $PNFP

Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in Pinnacle Financial Partners, Inc. (NYSE:PNFP) during the 2nd quarter, HoldingsChannel reports. The firm acquired 174,470 shares of the company’s stock, valued at approximately $17,601,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PNFP. Brown Brothers Harriman & Co. acquired a new stake in shares of Pinnacle Financial Partners during the 3rd quarter valued at $26,000. High Point Wealth Management LLC acquired a new position in shares of Pinnacle Financial Partners in the fourth quarter worth $27,000. BOKF NA increased its stake in shares of Pinnacle Financial Partners by 1,204.5% in the third quarter. BOKF NA now owns 287 shares of the company’s stock worth $27,000 after acquiring an additional 265 shares during the last quarter. Activest Wealth Management purchased a new stake in shares of Pinnacle Financial Partners during the fourth quarter worth $28,000. Finally, Resources Management Corp CT ADV acquired a new stake in Pinnacle Financial Partners during the first quarter valued at $26,000. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on PNFP shares. Robert W. Baird started coverage on Pinnacle Financial Partners in a research note on Tuesday, May 19th. They issued an “outperform” rating and a $115.00 target price on the stock. DA Davidson raised their price target on Pinnacle Financial Partners from $109.00 to $112.00 and gave the stock a “neutral” rating in a research note on Friday, July 24th. UBS Group lifted their price target on Pinnacle Financial Partners from $110.00 to $120.00 and gave the company a “buy” rating in a report on Friday, April 24th. Wall Street Zen raised Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research note on Tuesday, May 12th. Finally, JPMorgan Chase & Co. dropped their price objective on Pinnacle Financial Partners from $125.00 to $120.00 and set an “overweight” rating on the stock in a report on Friday, July 24th. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, Pinnacle Financial Partners presently has an average rating of “Moderate Buy” and an average price target of $118.35.

Pinnacle Financial Partners Stock Performance

Shares of PNFP stock opened at $101.93 on Friday. The firm has a 50 day moving average of $101.51. Pinnacle Financial Partners, Inc. has a twelve month low of $81.08 and a twelve month 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 market cap of $7.91 billion, a P/E ratio of 14.00, a price-to-earnings-growth ratio of 0.41 and a beta of 1.03.

Pinnacle Financial Partners (NYSE:PNFP) last announced its earnings results on Wednesday, July 22nd. The company reported $2.50 EPS for the quarter, topping the consensus estimate of $2.46 by $0.04. The firm had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. Pinnacle Financial Partners had a net margin of 15.40% and a return on equity of 10.93%. On average, analysts forecast that Pinnacle Financial Partners, Inc. will post 10.19 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Friday, August 7th will be issued a dividend of $0.50 per share. The ex-dividend date of this dividend is Friday, August 7th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.0%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 27.47%.

Insiders Place Their Bets

In other news, insider M Terry Turner sold 66,783 shares of the business’s stock in a transaction on Friday, August 14th. The shares were sold at an average price of $108.01, for a total value of $7,213,231.83. Following the sale, the insider owned 302,230 shares in the company, valued at approximately $32,643,862.30. The trade was a 18.10% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Robert A. Mccabe, Jr. bought 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 acquisition, the insider owned 324,233 shares in the company, valued at $32,390,876.70. The trade was a 3.19% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last three months, insiders have sold 177,228 shares of company stock valued at $19,153,713. Company insiders own 1.30% of the company’s stock.

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.