Sterling Capital Management LLC Boosts Stake in Pinnacle Financial Partners, Inc. $PNFP

Sterling Capital Management LLC increased its holdings in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) by 1,333.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 60,808 shares of the company’s stock after purchasing an additional 56,566 shares during the quarter. Sterling Capital Management LLC owned 0.08% of Pinnacle Financial Partners worth $5,238,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of PNFP. Northwestern Mutual Wealth Management Co. raised its stake in shares of Pinnacle Financial Partners by 1.6% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 7,377 shares of the company’s stock valued at $704,000 after acquiring an additional 116 shares during the period. Villanova Investment Management Co LLC boosted its position in shares of Pinnacle Financial Partners by 0.4% during the 4th quarter. Villanova Investment Management Co LLC now owns 28,511 shares of the company’s stock worth $2,720,000 after purchasing an additional 118 shares during the period. Diversified Trust Co. increased its holdings in Pinnacle Financial Partners by 0.3% in the 4th quarter. Diversified Trust Co. now owns 54,349 shares of the company’s stock valued at $5,185,000 after purchasing an additional 137 shares during the last quarter. Whittier Trust Co. increased its holdings in Pinnacle Financial Partners by 10.1% in the 4th quarter. Whittier Trust Co. now owns 1,521 shares of the company’s stock valued at $145,000 after purchasing an additional 140 shares during the last quarter. Finally, Graham Capital Management L.P. raised its position in Pinnacle Financial Partners by 0.7% in the fourth quarter. Graham Capital Management L.P. now owns 22,169 shares of the company’s stock valued at $2,115,000 after purchasing an additional 146 shares during the period. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

Pinnacle Financial Partners Price Performance

Pinnacle Financial Partners stock opened at $101.15 on Friday. 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, Inc. has a 1-year low of $81.08 and a 1-year high of $120.46. The stock has a market capitalization of $7.85 billion, a P/E ratio of 14.03, a PEG ratio of 0.39 and a beta of 1.04. The company has a 50 day simple moving average of $96.73.

Pinnacle Financial Partners (NYSE:PNFP) last released its earnings results on Wednesday, April 22nd. The company reported $2.39 EPS for the quarter, beating analysts’ consensus estimates of $2.30 by $0.09. The company had revenue of $1.22 billion during 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%. On average, equities research analysts anticipate that Pinnacle Financial Partners, Inc. will post 10.24 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

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

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on PNFP shares. Benchmark began coverage on Pinnacle Financial Partners in a research note on Wednesday. They issued a “buy” rating and a $132.00 price objective for the company. Barclays lowered their target price on Pinnacle Financial Partners from $135.00 to $130.00 and set an “overweight” rating for the company in a report on Tuesday, April 7th. Citigroup boosted their price target on shares of Pinnacle Financial Partners from $122.00 to $126.00 and gave the stock a “buy” rating in a research note on Thursday. Wall Street Zen raised shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research note on Tuesday, May 12th. Finally, Piper Sandler reaffirmed an “overweight” rating on shares of Pinnacle Financial Partners in a research note on Wednesday, June 10th. Three investment analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price 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.