Canada Pension Plan Investment Board Invests $878,000 in Pinnacle Financial Partners, Inc. $PNFP

Canada Pension Plan Investment Board acquired a new stake in Pinnacle Financial Partners, Inc. (NYSE:PNFP) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 8,700 shares of the company’s stock, valued at approximately $878,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. BlackRock Inc. purchased a new stake in Pinnacle Financial Partners during the second quarter worth approximately $1,704,708,000. AQR Capital Management LLC increased its stake in Pinnacle Financial Partners by 1,697.4% in the third quarter. AQR Capital Management LLC now owns 3,267,666 shares of the company’s stock valued at $306,474,000 after purchasing an additional 3,085,867 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Pinnacle Financial Partners by 80.4% in the first quarter. Dimensional Fund Advisors LP now owns 5,035,295 shares of the company’s stock valued at $433,712,000 after purchasing an additional 2,244,659 shares during the last quarter. Nomura Holdings Inc. acquired a new stake in Pinnacle Financial Partners during the third quarter worth approximately $187,822,000. Finally, Alyeska Investment Group L.P. acquired a new stake in Pinnacle Financial Partners during the fourth quarter worth approximately $159,545,000. Institutional investors and hedge funds own 87.40% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Wall Street Zen upgraded shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research report on Tuesday, May 12th. Stephens set a $112.00 target price on shares of Pinnacle Financial Partners in a research report on Monday, July 27th. Robert W. Baird began coverage on shares of Pinnacle Financial Partners in a research note on Tuesday, May 19th. They set an “outperform” rating and a $115.00 price target on the stock. JPMorgan Chase & Co. reduced their price target on shares of Pinnacle Financial Partners from $125.00 to $120.00 and set an “overweight” rating for the company in a research report on Friday, July 24th. Finally, Citigroup upped their price objective on shares of Pinnacle Financial Partners from $122.00 to $126.00 and gave the company a “buy” rating in a research note on Thursday, June 25th. 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. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $118.35.

Pinnacle Financial Partners Stock Down 1.1%

NYSE PNFP opened at $99.98 on Tuesday. 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, Inc. has a 52-week low of $81.08 and a 52-week high of $110.33. The business’s 50-day moving average is $102.18. The stock has a market capitalization of $7.76 billion, a price-to-earnings ratio of 13.73, a P/E/G ratio of 0.40 and a beta of 1.03.

Pinnacle Financial Partners (NYSE:PNFP) last posted its quarterly earnings data on Wednesday, July 22nd. The company reported $2.50 EPS for the quarter, beating the consensus estimate of $2.46 by $0.04. The firm had revenue of $1.24 billion during the quarter, compared to the consensus estimate 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, analysts anticipate 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 announced a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Friday, August 7th were issued a $0.50 dividend. The ex-dividend date of this dividend was Friday, August 7th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.0%. Pinnacle Financial Partners’s payout ratio is presently 27.47%.

Insider Buying and Selling

In related news, insider M Terry Turner sold 66,783 shares of the stock in a transaction on Friday, August 14th. The stock was sold at an average price of $108.01, for a total transaction of $7,213,231.83. Following the completion of the sale, the insider directly owned 302,230 shares of the company’s stock, valued at $32,643,862.30. This trade represents a 18.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Robert A. Mccabe, Jr. acquired 10,013 shares of the stock in a transaction that occurred on Friday, July 24th. The stock was purchased 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 owned 324,233 shares in the company, valued at $32,390,876.70. The trade was a 3.19% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last three months, insiders sold 177,228 shares of company stock worth $19,153,713. Corporate 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.