Pinnacle Financial Partners, Inc. $PNFP Stock Position Raised by Private Management Group Inc.

Private Management Group Inc. raised its position in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) by 16.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 285,567 shares of the company’s stock after purchasing an additional 40,407 shares during the period. Private Management Group Inc. owned 0.37% of Pinnacle Financial Partners worth $27,246,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Brown Brothers Harriman & Co. bought a new position in shares of Pinnacle Financial Partners in the 3rd quarter valued at approximately $26,000. High Point Wealth Management LLC bought a new position in shares of Pinnacle Financial Partners in the 4th quarter valued at approximately $27,000. BOKF NA raised its stake in shares of Pinnacle Financial Partners by 1,204.5% in the 3rd quarter. BOKF NA now owns 287 shares of the company’s stock valued at $27,000 after acquiring an additional 265 shares in the last quarter. Activest Wealth Management bought a new position in shares of Pinnacle Financial Partners in the 4th quarter valued at approximately $28,000. Finally, International Assets Investment Management LLC bought a new position in shares of Pinnacle Financial Partners in the 4th quarter valued at approximately $33,000. 87.40% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on PNFP. Weiss Ratings reissued a “hold (c+)” rating on shares of Pinnacle Financial Partners in a research note on Thursday, June 4th. Truist Financial raised their price objective on Pinnacle Financial Partners from $114.00 to $115.00 and gave the company a “buy” rating in a research note on Monday, May 11th. 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 research note on Tuesday, April 7th. TD Cowen cut their price objective on Pinnacle Financial Partners from $125.00 to $121.00 and set a “buy” rating on the stock in a research note on Monday, April 27th. Finally, JPMorgan Chase & Co. cut their price objective on Pinnacle Financial Partners from $120.00 to $115.00 and set an “overweight” rating on the stock in a research note on Wednesday. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $114.88.

Pinnacle Financial Partners Stock Up 0.9%

Shares of NYSE PNFP opened at $93.90 on Friday. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.42. The stock has a 50 day simple moving average of $95.32. The company has a market cap of $7.28 billion, a P/E ratio of 13.02, a P/E/G ratio of 0.35 and a beta of 1.04. Pinnacle Financial Partners, Inc. has a 12 month low of $81.08 and a 12 month high of $120.46.

Pinnacle Financial Partners (NYSE:PNFP) last issued its quarterly 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 company had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.20 billion. Pinnacle Financial Partners had a return on equity of 10.61% and a net margin of 15.02%. Sell-side analysts expect that Pinnacle Financial Partners, Inc. will post 10.3 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Friday, May 1st were given a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend was Friday, May 1st. Pinnacle Financial Partners’s 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.