Y Intercept Hong Kong Ltd purchased a new stake in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP – Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 11,337 shares of the company’s stock, valued at approximately $977,000.
Several other hedge funds have also added to or reduced their stakes in the company. AQR Capital Management LLC increased its position in Pinnacle Financial Partners by 1,697.4% in the third quarter. AQR Capital Management LLC now owns 3,267,666 shares of the company’s stock worth $306,474,000 after purchasing an additional 3,085,867 shares during the period. Nomura Holdings Inc. acquired a new position in Pinnacle Financial Partners during the 3rd quarter valued at about $187,822,000. Alyeska Investment Group L.P. acquired a new position in Pinnacle Financial Partners during the 4th quarter valued at about $159,545,000. Norges Bank bought a new position in shares of Pinnacle Financial Partners in the 4th quarter valued at about $116,349,000. Finally, Wellington Management Group LLP boosted its stake in shares of Pinnacle Financial Partners by 42.2% in the 4th quarter. Wellington Management Group LLP now owns 3,067,116 shares of the company’s stock valued at $292,634,000 after purchasing an additional 910,367 shares during the last quarter. Institutional investors own 87.40% of the company’s stock.
Wall Street Analysts Forecast Growth
PNFP has been the subject of several analyst reports. Citigroup lifted 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 report on Thursday, June 25th. Evercore restated an “outperform” rating and issued a $120.00 price objective on shares of Pinnacle Financial Partners in a report on Monday, July 6th. 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. Truist Financial lifted their target price on shares of Pinnacle Financial Partners from $114.00 to $115.00 and gave the stock a “buy” rating in a report on Monday, May 11th. Finally, Benchmark started coverage on shares of Pinnacle Financial Partners in a research report on Wednesday, June 24th. They set a “buy” rating and a $132.00 target price for the company. Three 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. According to MarketBeat, Pinnacle Financial Partners presently has a consensus rating of “Moderate Buy” and an average price target of $116.89.
Pinnacle Financial Partners Trading Up 0.1%
Shares of PNFP stock traded up $0.08 on Friday, reaching $100.45. The company had a trading volume of 591,479 shares, compared to its average volume of 1,264,027. 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 firm has a market capitalization of $7.79 billion, a PE ratio of 13.93, a PEG ratio of 0.40 and a beta of 1.04. The stock’s 50-day simple moving average is $97.33. Pinnacle Financial Partners, Inc. has a 12 month low of $81.08 and a 12 month high of $119.98.
Pinnacle Financial Partners (NYSE:PNFP – Get Free Report) last released its quarterly earnings data on Wednesday, April 22nd. The company reported $2.39 earnings per share for the quarter, topping the consensus estimate of $2.30 by $0.09. Pinnacle Financial Partners had a net margin of 15.02% and a return on equity of 10.61%. The business had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.20 billion. Sell-side analysts anticipate that Pinnacle Financial Partners, Inc. will post 10.19 earnings per share for the current year.
Pinnacle Financial Partners Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Friday, May 1st were issued a $0.50 dividend. The ex-dividend date was Friday, May 1st. This represents a $2.00 annualized dividend and a yield of 2.0%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 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.
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