Pictet Asset Management Holding SA Acquires 13,695 Shares of Pinnacle Financial Partners, Inc. $PNFP

Pictet Asset Management Holding SA grew its holdings in Pinnacle Financial Partners, Inc. (NYSE:PNFP) by 21.1% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 78,470 shares of the company’s stock after purchasing an additional 13,695 shares during the period. Pictet Asset Management Holding SA owned about 0.10% of Pinnacle Financial Partners worth $6,751,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Brown Brothers Harriman & Co. bought a new stake in shares of Pinnacle Financial Partners during the 3rd quarter worth approximately $26,000. High Point Wealth Management LLC bought a new position in shares of Pinnacle Financial Partners in the fourth quarter valued at $27,000. BOKF NA increased its holdings in Pinnacle Financial Partners by 1,204.5% during the third quarter. BOKF NA now owns 287 shares of the company’s stock worth $27,000 after buying an additional 265 shares during the last quarter. Activest Wealth Management acquired a new position in Pinnacle Financial Partners during the fourth quarter worth $28,000. Finally, CIBC Private Wealth Group LLC raised its position in Pinnacle Financial Partners by 175.6% during the fourth quarter. CIBC Private Wealth Group LLC now owns 339 shares of the company’s stock worth $32,000 after acquiring an additional 216 shares in the last quarter. Institutional investors own 87.40% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Barclays decreased their price objective on shares of 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. Wall Street Zen raised shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a report on Tuesday, May 12th. Evercore reiterated an “outperform” rating and issued a $115.00 target price on shares of Pinnacle Financial Partners in a research note on Wednesday, April 29th. Robert W. Baird assumed coverage on Pinnacle Financial Partners in a report on Tuesday, May 19th. They set an “outperform” rating and a $115.00 price target for the company. Finally, TD Cowen lowered 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. Three analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Pinnacle Financial Partners has an average rating of “Moderate Buy” and an average target price of $116.61.

Pinnacle Financial Partners Price Performance

PNFP stock opened at $99.40 on Friday. Pinnacle Financial Partners, Inc. has a one year low of $81.08 and a one year high of $120.46. The company has a market capitalization of $7.71 billion, a PE ratio of 13.79, a price-to-earnings-growth ratio of 0.38 and a beta of 1.04. The stock’s fifty day moving average is $97.13. 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 issued its quarterly earnings data 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. The company had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.20 billion. Pinnacle Financial Partners had a net margin of 15.02% and a return on equity of 10.61%. Research analysts anticipate that Pinnacle Financial Partners, Inc. will post 10.23 EPS for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

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

Pinnacle Financial Partners Company 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.