Geode Capital Management LLC Increases Stake in Pinnacle Financial Partners, Inc. $PNFP

Geode Capital Management LLC raised its position in Pinnacle Financial Partners, Inc. (NYSE:PNFP) by 7.1% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 1,576,459 shares of the company’s stock after purchasing an additional 103,841 shares during the period. Geode Capital Management LLC owned 2.03% of Pinnacle Financial Partners worth $153,680,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Brown Brothers Harriman & Co. purchased a new position in Pinnacle Financial Partners in the 3rd quarter valued at $26,000. High Point Wealth Management LLC purchased a new position in Pinnacle Financial Partners in the 4th quarter valued at $27,000. BOKF NA lifted its holdings in Pinnacle Financial Partners by 1,204.5% in the 3rd quarter. BOKF NA now owns 287 shares of the company’s stock valued at $27,000 after purchasing an additional 265 shares in the last quarter. Activest Wealth Management purchased a new position in Pinnacle Financial Partners in the 4th quarter valued at $28,000. Finally, International Assets Investment Management LLC purchased a new position in Pinnacle Financial Partners in the 4th quarter valued at $33,000. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Stock Up 3.1%

Shares of PNFP opened at $96.42 on Friday. Pinnacle Financial Partners, Inc. has a 52-week low of $81.08 and a 52-week high of $120.46. The firm has a market cap of $7.48 billion, a P/E ratio of 13.37, a PEG ratio of 0.35 and a beta of 1.04. The business has a fifty day moving average of $94.26. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.42.

Pinnacle Financial Partners (NYSE:PNFP) last issued its quarterly earnings data on Wednesday, April 22nd. The company reported $2.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.30 by $0.09. The firm 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%. As a group, equities analysts anticipate that Pinnacle Financial Partners, Inc. will post 10.34 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Friday, May 1st were given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend was Friday, May 1st. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 27.74%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on PNFP. Stephens raised their target price on Pinnacle Financial Partners from $95.00 to $109.00 and gave the stock an “equal weight” rating in a research note on Thursday, April 30th. Barclays cut their target price on Pinnacle Financial Partners from $135.00 to $130.00 and set an “overweight” rating for the company in a research note on Tuesday, April 7th. UBS Group raised their target price on Pinnacle Financial Partners from $110.00 to $120.00 and gave the stock a “buy” rating in a research note on Friday, April 24th. Wall Street Zen raised Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research note on Tuesday, May 12th. Finally, Truist Financial raised their target price on Pinnacle Financial Partners from $114.00 to $115.00 and gave the stock a “buy” rating in a research note on Monday, May 11th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and seven have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus 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.