OLD National Bancorp IN Takes $2.03 Million Position in Pinnacle Financial Partners, Inc. $PNFP

OLD National Bancorp IN acquired a new stake in Pinnacle Financial Partners, Inc. (NYSE:PNFP) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 23,519 shares of the company’s stock, valued at approximately $2,026,000.

Several other hedge funds also recently added to or reduced their stakes in PNFP. Goldman Sachs Group Inc. grew its holdings in shares of Pinnacle Financial Partners by 6.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 651,268 shares of the company’s stock worth $69,060,000 after purchasing an additional 37,989 shares during the period. Focus Partners Wealth raised its holdings in Pinnacle Financial Partners by 13.9% in the 1st quarter. Focus Partners Wealth now owns 4,755 shares of the company’s stock valued at $504,000 after buying an additional 581 shares during the period. Amundi boosted its stake in Pinnacle Financial Partners by 25,700.0% during the second quarter. Amundi now owns 4,386 shares of the company’s stock worth $513,000 after buying an additional 4,369 shares during the period. Jump Financial LLC purchased a new position in Pinnacle Financial Partners during the second quarter worth about $229,000. Finally, Cerity Partners LLC increased its position in shares of Pinnacle Financial Partners by 4.2% during the second quarter. Cerity Partners LLC now owns 26,061 shares of the company’s stock valued at $2,877,000 after acquiring an additional 1,039 shares during the last quarter. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on PNFP shares. Weiss Ratings raised shares of Pinnacle Financial Partners from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday. Robert W. Baird assumed coverage on 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. UBS Group raised their price target on Pinnacle Financial Partners from $110.00 to $120.00 and gave the stock a “buy” rating in a research report on Friday, April 24th. Barclays cut their price objective on Pinnacle Financial Partners from $135.00 to $130.00 and set an “overweight” rating on the stock in a report on Tuesday, April 7th. Finally, Evercore restated an “outperform” rating and set a $115.00 target price on shares of Pinnacle Financial Partners in a report on Wednesday, April 29th. Three investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat, Pinnacle Financial Partners currently has an average rating of “Moderate Buy” and a consensus target price of $116.06.

Pinnacle Financial Partners Trading Up 2.5%

NYSE:PNFP opened at $101.15 on Friday. The stock has a market capitalization of $7.85 billion, a price-to-earnings ratio of 14.03, a PEG ratio of 0.39 and a beta of 1.04. The company has a fifty day moving average of $96.73. Pinnacle Financial Partners, Inc. has a 12-month low of $81.08 and a 12-month high of $120.46. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.90 and a current ratio of 0.90.

Pinnacle Financial Partners (NYSE:PNFP) last released its earnings results on Wednesday, April 22nd. The company reported $2.39 EPS for the quarter, topping the consensus estimate of $2.30 by $0.09. The firm had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.20 billion. Pinnacle Financial Partners had a return on equity of 10.61% and a net margin of 15.02%. Equities analysts forecast that Pinnacle Financial Partners, Inc. will post 10.24 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Friday, May 1st were given a dividend of $0.50 per share. 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 payout ratio is currently 27.74%.

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.