Northwestern Mutual Wealth Management Co. Makes New $935,000 Investment in Pinnacle Financial Partners, Inc. $PNFP

Northwestern Mutual Wealth Management Co. bought a new position in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 9,269 shares of the company’s stock, valued at approximately $935,000.

Other large investors have also modified their holdings of the company. Quantbot Technologies LP purchased a new position in shares of Pinnacle Financial Partners during the 2nd quarter worth approximately $1,118,000. Evolve Private Wealth LLC purchased a new stake in Pinnacle Financial Partners in the 2nd quarter valued at approximately $308,000. De Lisle Partners LLP acquired a new stake in Pinnacle Financial Partners during the 2nd quarter valued at $593,000. Westpac Banking Corp acquired a new stake in Pinnacle Financial Partners during the 2nd quarter valued at $238,000. Finally, Korea Investment CORP acquired a new stake in Pinnacle Financial Partners during the 2nd quarter valued at $6,696,000. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

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 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. The trade was a 18.10% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Robert A. Mccabe, Jr. acquired 10,013 shares of the company’s stock in a transaction dated Friday, July 24th. The shares were purchased at an average price of $99.90 per share, with a total value of $1,000,298.70. Following the completion of the acquisition, the insider owned 324,233 shares in the company, valued at approximately $32,390,876.70. The trade was a 3.19% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last ninety days, insiders have sold 177,228 shares of company stock worth $19,153,713. 1.30% of the stock is currently owned by insiders.

Pinnacle Financial Partners Price Performance

PNFP opened at $100.91 on Wednesday. Pinnacle Financial Partners, Inc. has a 12 month low of $81.08 and a 12 month high of $110.33. The company has a 50-day simple moving average of $101.79. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.73. The stock has a market cap of $7.83 billion, a PE ratio of 13.86, a price-to-earnings-growth ratio of 0.40 and a beta of 1.03.

Pinnacle Financial Partners (NYSE:PNFP) last announced its quarterly earnings data on Wednesday, July 22nd. The company reported $2.50 earnings per share for the quarter, topping the consensus estimate of $2.46 by $0.04. Pinnacle Financial Partners had a net margin of 15.40% and a return on equity of 10.93%. The business had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. Equities research 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 declared a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Friday, August 7th will be given a dividend of $0.50 per share. The ex-dividend date of this dividend is Friday, August 7th. This represents a $2.00 annualized dividend and a yield of 2.0%. Pinnacle Financial Partners’s dividend payout ratio is 27.47%.

Analysts Set New Price Targets

PNFP has been the subject of a number of analyst reports. JPMorgan Chase & Co. cut their price target on Pinnacle Financial Partners from $125.00 to $120.00 and set an “overweight” rating for the company in a report on Friday, July 24th. Citigroup increased their price objective on Pinnacle Financial Partners from $122.00 to $126.00 and gave the company a “buy” rating in a research note on Thursday, June 25th. Robert W. Baird initiated coverage on Pinnacle Financial Partners in a research report on Tuesday, May 19th. They set an “outperform” rating and a $115.00 price objective for the company. Truist Financial boosted their target price 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, Wall Street Zen raised Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research note on Tuesday, May 12th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target 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.