Pinnacle Financial Partners, Inc. $PNFP Shares Bought by UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Pinnacle Financial Partners, Inc. (NYSE:PNFP) by 11,547.3% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 452,150 shares of the company’s stock after purchasing an additional 448,268 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s holdings in Pinnacle Financial Partners were worth $45,613,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently made changes to their positions in PNFP. Van ECK Associates Corp acquired a new position in shares of Pinnacle Financial Partners in the second quarter worth about $278,000. Nissay Asset Management Corp Japan boosted its holdings in Pinnacle Financial Partners by 3.4% in the second quarter. Nissay Asset Management Corp Japan now owns 19,772 shares of the company’s stock worth $1,995,000 after purchasing an additional 648 shares during the period. Hsbc Holdings PLC boosted its holdings in shares of Pinnacle Financial Partners by 104.0% in the 2nd quarter. Hsbc Holdings PLC now owns 60,988 shares of the company’s stock valued at $6,154,000 after buying an additional 31,094 shares during the period. Wellington Management Group LLP grew its holdings in shares of Pinnacle Financial Partners by 22.1% during the second quarter. Wellington Management Group LLP now owns 11,141,397 shares of the company’s stock valued at $1,123,944,000 after purchasing an additional 2,016,827 shares during the last quarter. Finally, Beacon Pointe Advisors LLC acquired a new position in Pinnacle Financial Partners during the 2nd quarter valued at approximately $524,000. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on PNFP. Piper Sandler upped their target price on shares of Pinnacle Financial Partners from $122.00 to $123.00 and gave the stock an “overweight” rating in a research report on Friday, July 24th. TD Cowen lifted their target price on Pinnacle Financial Partners from $116.00 to $119.00 and gave the stock a “buy” rating in a report on Monday, July 27th. Citigroup upped their price target on Pinnacle Financial Partners from $122.00 to $126.00 and gave the company a “buy” rating in a report on Thursday, June 25th. Truist Financial upped their price objective on shares of Pinnacle Financial Partners from $115.00 to $118.00 and gave the company a “buy” rating in a research note on Tuesday, July 28th. Finally, Benchmark increased their target price on Pinnacle Financial Partners from $125.00 to $130.00 and gave the company a “buy” rating in a report on Wednesday, August 5th. 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. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $118.35.

Insider Buying and Selling at Pinnacle Financial Partners

In related news, CEO Kevin S. Blair acquired 2,565 shares of the firm’s stock in a transaction on Tuesday, September 1st. The shares were purchased at an average price of $97.48 per share, with a total value of $250,036.20. Following the acquisition, the chief executive officer directly owned 152,397 shares in the company, valued at $14,855,659.56. The trade was a 1.71% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, insider Robert A. Mccabe, Jr. bought 10,013 shares of Pinnacle Financial Partners stock in a transaction dated Friday, July 24th. The shares were bought at an average price of $99.90 per share, for a total transaction of $1,000,298.70. Following the completion of the transaction, the insider directly owned 324,233 shares of the company’s stock, valued at $32,390,876.70. This represents a 3.19% increase in their position. The SEC filing for this purchase provides additional information. Insiders have sold 177,228 shares of company stock worth $19,153,713 over the last three months. Company insiders own 1.30% of the company’s stock.

Pinnacle Financial Partners Price Performance

Pinnacle Financial Partners stock opened at $100.08 on Thursday. The stock’s fifty day moving average price is $102.26. Pinnacle Financial Partners, Inc. has a fifty-two week low of $81.08 and a fifty-two week high of $110.33. The firm has a market cap of $7.76 billion, a price-to-earnings ratio of 13.75, a price-to-earnings-growth ratio of 0.39 and a beta of 1.01. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.93 and a current ratio of 0.94.

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

Pinnacle Financial Partners Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 28th. Shareholders of record on Friday, August 7th were issued 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 of this dividend was Friday, August 7th. Pinnacle Financial Partners’s payout ratio is presently 27.47%.

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.