Legal & General Group Plc Acquires Shares of 364,549 Pinnacle Financial Partners, Inc. $PNFP

Legal & General Group Plc acquired a new stake in Pinnacle Financial Partners, Inc. (NYSE:PNFP) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 364,549 shares of the company’s stock, valued at approximately $36,776,000.

Other large investors also recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. lifted its position in Pinnacle Financial Partners by 1.6% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 7,377 shares of the company’s stock worth $704,000 after acquiring an additional 116 shares during the last quarter. Villanova Investment Management Co LLC grew its position in shares of Pinnacle Financial Partners by 0.4% in the fourth quarter. Villanova Investment Management Co LLC now owns 28,511 shares of the company’s stock valued at $2,720,000 after purchasing an additional 118 shares during the last quarter. 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 purchasing an additional 131 shares during the period. Graham Capital Management L.P. increased its stake in shares of Pinnacle Financial Partners by 0.7% during the fourth quarter. Graham Capital Management L.P. now owns 22,169 shares of the company’s stock worth $2,115,000 after purchasing an additional 146 shares during the period. Finally, PNC Financial Services Group Inc. lifted its holdings in Pinnacle Financial Partners by 3.2% during the 4th quarter. PNC Financial Services Group Inc. now owns 5,097 shares of the company’s stock worth $486,000 after purchasing an additional 158 shares during the last quarter. 87.40% of the stock is owned by institutional investors.

Pinnacle Financial Partners Price Performance

Pinnacle Financial Partners stock opened at $101.08 on Friday. The business’s fifty day moving average is $102.11. Pinnacle Financial Partners, Inc. has a one year low of $81.08 and a one year high of $110.33. 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 company has a market cap of $7.84 billion, a price-to-earnings ratio of 13.88, a PEG ratio of 0.40 and a beta of 1.03.

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

Pinnacle Financial Partners Announces Dividend

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

Insider Activity

In other news, insider Robert A. Mccabe, Jr. bought 10,013 shares of the firm’s stock in a transaction on Friday, July 24th. The shares were purchased at an average cost of $99.90 per share, with a total value of $1,000,298.70. Following the acquisition, the insider directly owned 324,233 shares in the company, valued at $32,390,876.70. This represents a 3.19% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider M Terry Turner sold 66,783 shares of the business’s stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $108.01, for a total transaction of $7,213,231.83. Following the completion of the transaction, the insider owned 302,230 shares of the company’s stock, valued at $32,643,862.30. The trade was a 18.10% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 177,228 shares of company stock worth $19,153,713. Insiders own 1.30% of the company’s stock.

Analyst Ratings Changes

Several analysts recently issued reports on PNFP shares. DA Davidson boosted their price target on Pinnacle Financial Partners from $109.00 to $112.00 and gave the company a “neutral” rating in a research note on Friday, July 24th. JPMorgan Chase & Co. lowered their price objective on Pinnacle Financial Partners from $125.00 to $120.00 and set an “overweight” rating on the stock in a research report on Friday, July 24th. Stephens set a $112.00 target price on Pinnacle Financial Partners in a report on Monday, July 27th. Evercore reissued an “outperform” rating and issued a $120.00 target price on shares of Pinnacle Financial Partners in a research report on Monday, July 6th. Finally, TD Cowen upped their price target on shares of Pinnacle Financial Partners from $116.00 to $119.00 and gave the company a “buy” rating in a research note on Monday, July 27th. Two investment 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. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $118.35.

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.