Northwestern Mutual Wealth Management Co. Boosts Stock Holdings in Pinnacle Financial Partners, Inc. $PNFP

Northwestern Mutual Wealth Management Co. boosted its stake in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) by 122.9% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 16,188 shares of the company’s stock after acquiring an additional 8,927 shares during the period. Northwestern Mutual Wealth Management Co.’s holdings in Pinnacle Financial Partners were worth $1,544,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Brown Brothers Harriman & Co. purchased a new position in Pinnacle Financial Partners during the third quarter valued at $26,000. High Point Wealth Management LLC purchased a new position in Pinnacle Financial Partners during the fourth quarter valued at $27,000. BOKF NA grew its stake in Pinnacle Financial Partners by 1,204.5% during the third 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 purchased a new position in Pinnacle Financial Partners during the fourth quarter valued at $28,000. Finally, Covestor Ltd grew its stake in Pinnacle Financial Partners by 193.9% during the third quarter. Covestor Ltd now owns 338 shares of the company’s stock valued at $32,000 after acquiring an additional 223 shares in the last quarter. 87.40% of the stock is owned by hedge funds and other institutional investors.

Pinnacle Financial Partners Stock Performance

Shares of PNFP stock opened at $98.03 on Thursday. Pinnacle Financial Partners, Inc. has a 52-week low of $81.08 and a 52-week high of $120.46. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.90 and a quick ratio of 0.90. The company has a market cap of $7.60 billion, a price-to-earnings ratio of 13.60, a P/E/G ratio of 0.37 and a beta of 1.06. The business’s 50 day simple moving average is $92.72.

Pinnacle Financial Partners (NYSE:PNFP) last released its quarterly earnings data on Wednesday, April 22nd. The company reported $2.39 earnings per share (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 net margin of 15.02% and a return on equity of 10.61%. As a group, sell-side analysts forecast that Pinnacle Financial Partners, Inc. will post 10.34 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 29th. Investors of record on Friday, May 1st will be paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 2.0%. The ex-dividend date is Friday, May 1st. Pinnacle Financial Partners’s payout ratio is 27.74%.

Wall Street Analysts Forecast Growth

PNFP has been the subject of several research analyst reports. Evercore reaffirmed an “outperform” rating and set a $115.00 target price on shares of Pinnacle Financial Partners in a research note on Wednesday, April 29th. TD Cowen cut their target price on shares of Pinnacle Financial Partners from $125.00 to $121.00 and set a “buy” rating for the company in a research note on Monday, April 27th. Truist Financial raised their target price on shares of Pinnacle Financial Partners from $114.00 to $115.00 and gave the company a “buy” rating in a research note on Monday, May 11th. JPMorgan Chase & Co. raised their target price on shares of Pinnacle Financial Partners from $105.00 to $120.00 and gave the company an “overweight” rating in a research note on Friday, April 24th. Finally, Piper Sandler lifted their price objective on shares of Pinnacle Financial Partners from $120.00 to $122.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 28th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target 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.