Prudential PLC Raises Stake in Pinnacle Financial Partners, Inc. $PNFP

Prudential PLC lifted its position in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) by 116.8% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 45,727 shares of the company’s stock after purchasing an additional 24,637 shares during the quarter. Prudential PLC’s holdings in Pinnacle Financial Partners were worth $4,363,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Yousif Capital Management LLC grew its holdings in shares of Pinnacle Financial Partners by 92.4% during the 4th quarter. Yousif Capital Management LLC now owns 46,456 shares of the company’s stock worth $4,519,000 after purchasing an additional 22,306 shares during the period. Jones Financial Companies Lllp grew its holdings in shares of Pinnacle Financial Partners by 585.5% during the 3rd quarter. Jones Financial Companies Lllp now owns 18,419 shares of the company’s stock worth $1,768,000 after purchasing an additional 15,732 shares during the period. Northwestern Mutual Wealth Management Co. grew its holdings in shares of Pinnacle Financial Partners by 122.9% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 16,188 shares of the company’s stock worth $1,544,000 after purchasing an additional 8,927 shares during the period. Hudson Bay Capital Management LP acquired a new position in Pinnacle Financial Partners during the 3rd quarter worth approximately $1,128,000. Finally, Citigroup Inc. lifted its position in Pinnacle Financial Partners by 38.1% during the 3rd quarter. Citigroup Inc. now owns 92,054 shares of the company’s stock worth $8,634,000 after acquiring an additional 25,395 shares in the last quarter. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Trading Up 0.0%

Pinnacle Financial Partners stock opened at $96.39 on Friday. The stock has a market cap of $7.48 billion, a PE ratio of 13.37, a P/E/G ratio of 0.37 and a beta of 1.04. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.90 and a current ratio of 0.90. The firm’s 50 day simple moving average is $94.49. Pinnacle Financial Partners, Inc. has a 52 week low of $81.08 and a 52 week high of $120.46.

Pinnacle Financial Partners (NYSE:PNFP) last released its earnings results on Wednesday, April 22nd. The company reported $2.39 EPS for the quarter, beating the consensus estimate of $2.30 by $0.09. The company 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%. As a group, equities analysts predict that Pinnacle Financial Partners, Inc. will post 10.34 earnings per share 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. Stockholders of record on Friday, May 1st were paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 2.1%. The ex-dividend date was Friday, May 1st. Pinnacle Financial Partners’s dividend payout ratio is 27.74%.

Wall Street Analysts Forecast Growth

PNFP has been the topic of several recent research reports. JPMorgan Chase & Co. boosted their price target on Pinnacle Financial Partners from $105.00 to $120.00 and gave the stock an “overweight” rating in a research report on Friday, April 24th. Stephens boosted their price target on Pinnacle Financial Partners from $95.00 to $109.00 and gave the stock an “equal weight” rating in a research report on Thursday, April 30th. Barclays reduced their price target on Pinnacle Financial Partners from $135.00 to $130.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 7th. UBS Group boosted 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. Finally, Robert W. Baird initiated coverage on Pinnacle Financial Partners in a research report on Tuesday, May 19th. They set an “outperform” rating and a $115.00 price target on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $115.18.

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.