15,703 Shares in Pinnacle Financial Partners, Inc. $PNFP Bought by OP Asset Management Ltd

OP Asset Management Ltd purchased a new stake in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 15,703 shares of the company’s stock, valued at approximately $1,353,000.

A number of other institutional investors also recently modified their holdings of PNFP. AQR Capital Management LLC boosted its holdings 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 acquiring an additional 3,085,867 shares in the last quarter. Nomura Holdings Inc. purchased a new position in shares of Pinnacle Financial Partners during the 3rd quarter worth approximately $187,822,000. Alyeska Investment Group L.P. bought a new position in shares of Pinnacle Financial Partners in the 4th quarter worth approximately $159,545,000. Norges Bank purchased a new position in shares of Pinnacle Financial Partners in the 4th quarter valued at approximately $116,349,000. Finally, Wellington Management Group LLP boosted its position in shares of Pinnacle Financial Partners by 42.2% during the fourth quarter. Wellington Management Group LLP now owns 3,067,116 shares of the company’s stock valued at $292,634,000 after purchasing an additional 910,367 shares in the last quarter. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

Pinnacle Financial Partners Stock Performance

Shares of Pinnacle Financial Partners stock opened at $100.72 on Tuesday. The business has a 50-day moving average price of $96.88. The stock has a market capitalization of $7.81 billion, a PE ratio of 13.97, a PEG ratio of 0.39 and a beta of 1.04. Pinnacle Financial Partners, Inc. has a 52-week low of $81.08 and a 52-week high of $120.46. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.90 and a quick ratio of 0.90.

Pinnacle Financial Partners (NYSE:PNFP) last announced its quarterly earnings results on Wednesday, April 22nd. The company reported $2.39 earnings per share for the quarter, beating the consensus estimate of $2.30 by $0.09. Pinnacle Financial Partners had a net margin of 15.02% and a return on equity of 10.61%. The company had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.20 billion. As a group, equities research analysts forecast that Pinnacle Financial Partners, Inc. will post 10.24 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Friday, May 1st were issued a $0.50 dividend. The ex-dividend date of this dividend was Friday, May 1st. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.0%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 27.74%.

Analyst Ratings Changes

Several equities analysts have commented on PNFP shares. Weiss Ratings raised Pinnacle Financial Partners from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday. Benchmark started coverage on shares of Pinnacle Financial Partners in a research note on Wednesday, June 24th. They set a “buy” rating and a $132.00 price objective on the stock. Robert W. Baird began coverage on shares of Pinnacle Financial Partners in a report on Tuesday, May 19th. They issued an “outperform” rating and a $115.00 price objective on the stock. TD Cowen dropped their price target on Pinnacle Financial Partners from $125.00 to $121.00 and set a “buy” rating on the stock in a research report on Monday, April 27th. Finally, Barclays reduced their price objective on Pinnacle Financial Partners from $135.00 to $130.00 and set an “overweight” rating for the company in a research report on Tuesday, April 7th. Three research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $116.06.

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.