UMB Bank n.a. Increases Holdings in Pinnacle Financial Partners, Inc.

In the fourth quarter, UMB Bank n.a. significantly increased its ownership in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 48.1%, according to recent reports. Following the purchase of an additional 239 shares during this period, the bank now holds a total of 736 shares in the financial services company. At the end of the reporting period, the value of UMB Bank n.a.'s stake in Pinnacle Financial Partners was approximately $84,000.

Several other institutional investors and hedge funds have also adjusted their positions in Pinnacle Financial Partners. For instance, FMR LLC raised its holdings by 11.6% during the third quarter, now owning 2,716,416 shares valued at about $266.1 million after acquiring 282,016 additional shares. Similarly, Geode Capital Management LLC increased its stake by 0.7%, owning 1,328,564 shares worth approximately $130.2 million after purchasing an extra 8,604 shares in the recent quarter. The Manufacturers Life Insurance Company boosted its stake by 20.5%, resulting in an ownership of 1,015,033 shares valued at about $99.4 million following the acquisition of an extra 172,750 shares.

Principal Financial Group Inc. also increased its position by 27.0% in the third quarter, holding 983,282 shares valued at $96.3 million after purchasing an additional 208,938 shares. Additionally, Charles Schwab Investment Management Inc. raised its stake by 1.1%, owning 920,088 shares valued at around $90.1 million after acquiring 9,856 more shares. Collectively, institutional investors and hedge funds hold 87.40% of Pinnacle Financial Partners’ stock.

Insider Trading Activities

In other developments concerning insider activities at Pinnacle Financial Partners, Director David B. Ingram sold 20,000 shares of the company on December 6th, at an average price of $126.02 per share, totaling $2,520,400. Following this sale, Ingram's remaining ownership in the firm stands at 92,565 shares, valued at approximately $11.7 million. This transaction resulted in a 17.77% decrease in his ownership of the stock. This sale has been disclosed in filings with the Securities and Exchange Commission (SEC).

Moreover, CFO Harold R. Carpenter sold 3,051 shares on December 9th for an average price of $125.57, amounting to a total value of $383,114. After this transaction, Carpenter now holds 60,805 shares in the company, with a value of around $7.6 million, reflecting a decrease of 4.78% in his position. In the last three months, insiders have sold a total of 76,661 shares worth approximately $9.6 million. Currently, insiders own 1.87% of the company's stock.

Analysts and Market Ratings

Pinnacle Financial Partners has been the focus of various analyst reports. Keefe, Bruyette & Woods reaffirmed a “market perform” rating for the stock, raising the price target from $115.00 to $135.00 in a note released on December 4th. Conversely, Hovde Group downgraded the stock from an “outperform” rating to “market perform,” also setting a price target of $135.00. UBS Group initiated coverage on Pinnacle Financial Partners, designating a “neutral” rating and a $133.00 price objective on the stock.

Stephens maintained an “overweight” rating while issuing a target price of $142.00. Meanwhile, Truist Financial increased their price target from $113.00 to $119.00, assigning a “buy” rating to the stock. In total, six analysts have rated the stock with a hold rating, while another five analysts have provided a buy rating. Currently, based on available data, the stock maintains an average rating of “Hold” and an average price target of $125.18.

Current Market Performance

As of the latest trading session, shares of Pinnacle Financial Partners opened at $122.34 on Friday. The stock has shown a fifty-two week low of $73.62 and a high of $131.91. The company's 50-day moving average stands at $119.35, while the 200-day moving average is $104.90. With a market capitalization of $9.45 billion, Pinnacle Financial Partners has a price-to-earnings ratio of 20.46 and a beta value of 1.09. Financial metrics indicate a quick ratio of 0.90, a current ratio of 0.90, and a debt-to-equity ratio of 0.42.

Pinnacle Financial Partners recently disclosed its quarterly earnings on January 21st, reporting earnings per share (EPS) of $1.90, surpassing analysts' expectations of $1.80 by ten cents. The company enjoyed a net margin of 15.48% and a return on equity of 9.12%. Revenue for the quarter reached $475.34 million, exceeding analysts’ projections of $470.34 million. Compared to the same quarter last year, the revenue has increased by 19.9%, with analysts predicting Pinnacle Financial Partners will achieve an EPS of 7.56 for the current year.

Dividend Announcement

Pinnacle Financial Partners has announced a quarterly dividend of $0.24 per share, scheduled for payment on February 28th. Shareholders of record on February 7th will receive this dividend, following an ex-dividend date of February 7th. This increase represents an annualized dividend yield of 0.78% compared to a previous quarterly dividend of $0.22. The dividend payout ratio stands at 14.72%.

About Pinnacle Financial Partners

Pinnacle Financial Partners, Inc., together with its subsidiaries, operates as a bank holding company for Pinnacle Bank, offering a variety of banking products and services to individuals, businesses, and professional organizations across the United States. The company accepts various types of deposits, including money market accounts, and savings, along with interest-bearing checking and certificate of deposit accounts. They also provide several treasury management services, which include online wire transfers, ACH origination services, merchant card acceptance, and more.

Investment, Banking, Shares