Janney Montgomery Scott LLC raised its stake in Pinnacle Financial Partners, Inc. (NYSE:PNFP – Free Report) by 284.6% in the first quarter, Holdings Channel reports. The fund owned 42,948 shares of the company’s stock after purchasing an additional 31,782 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Pinnacle Financial Partners were worth $3,700,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Montgomery Investment Management Inc. acquired a new position in Pinnacle Financial Partners during the 1st quarter worth approximately $2,146,000. Pictet Asset Management Holding SA increased its holdings in shares of Pinnacle Financial Partners by 21.1% during the first quarter. Pictet Asset Management Holding SA now owns 78,470 shares of the company’s stock worth $6,751,000 after buying an additional 13,695 shares in the last quarter. Sterling Capital Management LLC increased its holdings in shares of Pinnacle Financial Partners by 1,333.5% during the first quarter. Sterling Capital Management LLC now owns 60,808 shares of the company’s stock worth $5,238,000 after buying an additional 56,566 shares in the last quarter. Pinnacle Wealth Management Advisory Group LLC lifted its stake in shares of Pinnacle Financial Partners by 38.9% in the 1st quarter. Pinnacle Wealth Management Advisory Group LLC now owns 5,642 shares of the company’s stock valued at $486,000 after acquiring an additional 1,581 shares during the last quarter. Finally, Welch Group LLC bought a new position in shares of Pinnacle Financial Partners in the 1st quarter valued at $2,731,000. 87.40% of the stock is owned by institutional investors.
Wall Street Analysts Forecast Growth
A number of equities research analysts recently weighed in on the company. UBS Group boosted their price objective 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 dropped their target price on 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. Piper Sandler restated an “overweight” rating on shares of Pinnacle Financial Partners in a report on Wednesday, June 10th. Evercore reaffirmed an “outperform” rating and issued a $120.00 price objective on shares of Pinnacle Financial Partners in a research note on Monday. Finally, Weiss Ratings upgraded shares of Pinnacle Financial Partners from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, June 26th. Three equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $116.89.
Pinnacle Financial Partners Price Performance
NYSE PNFP traded down $0.05 on Tuesday, reaching $100.23. The company had a trading volume of 31,975 shares, compared to its average volume of 1,496,799. The firm has a market cap of $7.77 billion, a price-to-earnings ratio of 13.88, a price-to-earnings-growth ratio of 0.38 and a beta of 1.04. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.42. Pinnacle Financial Partners, Inc. has a fifty-two week low of $81.08 and a fifty-two week high of $120.46. The business has a 50 day moving average price of $97.15.
Pinnacle Financial Partners (NYSE:PNFP – Get Free Report) last released its quarterly 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 firm had revenue of $1.22 billion for the quarter, compared to analyst estimates 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, research analysts predict that Pinnacle Financial Partners, Inc. will post 10.23 earnings per share for the current fiscal year.
Pinnacle Financial Partners Dividend Announcement
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. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend was Friday, May 1st. Pinnacle Financial Partners’s payout ratio is currently 27.74%.
Pinnacle Financial Partners 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.
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