Handelsbanken Fonder AB Has $23.73 Million Stake in Pinnacle Financial Partners, Inc. $PNFP

Handelsbanken Fonder AB boosted its position in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) by 27.0% during the 2nd quarter, HoldingsChannel reports. The firm owned 235,281 shares of the company’s stock after buying an additional 50,000 shares during the quarter. Handelsbanken Fonder AB’s holdings in Pinnacle Financial Partners were worth $23,735,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in PNFP. Northwestern Mutual Wealth Management Co. boosted its position in shares of Pinnacle Financial Partners by 1.6% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 7,377 shares of the company’s stock worth $704,000 after buying an additional 116 shares during the period. Villanova Investment Management Co LLC raised its position in 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 valued at $2,720,000 after buying an additional 118 shares during the period. Simplicity Wealth LLC raised its position in Pinnacle Financial Partners by 1.5% during the first quarter. Simplicity Wealth LLC now owns 9,155 shares of the company’s stock valued at $789,000 after buying an additional 131 shares during the period. Whittier Trust Co. lifted its stake in Pinnacle Financial Partners by 10.1% in the 4th quarter. Whittier Trust Co. now owns 1,521 shares of the company’s stock worth $145,000 after acquiring an additional 140 shares in the last quarter. Finally, Graham Capital Management L.P. boosted its position in Pinnacle Financial Partners by 0.7% during the 4th quarter. Graham Capital Management L.P. now owns 22,169 shares of the company’s stock worth $2,115,000 after acquiring an additional 146 shares during the period. 87.40% of the stock is owned by institutional investors and hedge funds.

Pinnacle Financial Partners Price Performance

Shares of Pinnacle Financial Partners stock opened at $106.66 on Thursday. The firm has a market cap of $8.27 billion, a price-to-earnings ratio of 14.65, a price-to-earnings-growth ratio of 0.42 and a beta of 1.03. The firm’s 50-day moving average price is $100.32. Pinnacle Financial Partners, Inc. has a 52-week low of $81.08 and a 52-week high of $110.33. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.73.

Pinnacle Financial Partners (NYSE:PNFP) last issued its quarterly earnings data on Wednesday, July 22nd. The company reported $2.50 earnings per share 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 net margin of 15.40% and a return on equity of 10.93%. As a group, equities research analysts predict that Pinnacle Financial Partners, Inc. will post 10.19 earnings per share for the current year.

Pinnacle Financial Partners Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Friday, August 7th will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend is Friday, August 7th. Pinnacle Financial Partners’s payout ratio is presently 27.47%.

Insider Buying and Selling at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, insider Robert A. Mccabe, Jr. acquired 10,013 shares of the firm’s stock in a transaction that occurred on 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 completion of the acquisition, the insider owned 324,233 shares of the company’s stock, valued at approximately $32,390,876.70. This trade represents a 3.19% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider M Terry Turner sold 2,737 shares of the stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $108.01, for a total transaction of $295,623.37. Following the transaction, the insider directly owned 422,614 shares in the company, valued at $45,646,538.14. The trade was a 0.64% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.30% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on PNFP. Robert W. Baird assumed coverage on Pinnacle Financial Partners in a report on Tuesday, May 19th. They issued an “outperform” rating and a $115.00 target price on the stock. Truist Financial boosted 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 report on Tuesday, July 28th. Weiss Ratings upgraded shares of Pinnacle Financial Partners from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, June 26th. Benchmark increased their target price on shares of Pinnacle Financial Partners from $125.00 to $130.00 and gave the stock a “buy” rating in a research report on Wednesday, August 5th. Finally, Wall Street Zen raised shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research note on Tuesday, May 12th. Two research 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 data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $118.35.

Pinnacle Financial Partners Company 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.