Pinnacle Financial Partners, Inc. $PNFP Shares Sold by Legal & General Group Plc

Legal & General Group Plc trimmed its stake in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) by 10.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 106,545 shares of the company’s stock after selling 13,031 shares during the quarter. Legal & General Group Plc owned about 0.14% of Pinnacle Financial Partners worth $10,165,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in PNFP. AQR Capital Management LLC raised its position in shares of Pinnacle Financial Partners by 1,697.4% during the 3rd 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 stake in shares of Pinnacle Financial Partners during the 3rd quarter worth approximately $187,822,000. Wellington Management Group LLP raised its position in shares of Pinnacle Financial Partners by 51.1% during the 3rd quarter. Wellington Management Group LLP now owns 2,156,749 shares of the company’s stock worth $202,281,000 after purchasing an additional 728,975 shares during the period. Pentwater Capital Management LP acquired a new stake in shares of Pinnacle Financial Partners during the 3rd quarter worth approximately $42,538,000. Finally, Bank of America Corp DE raised its position in shares of Pinnacle Financial Partners by 66.8% during the 3rd quarter. Bank of America Corp DE now owns 828,944 shares of the company’s stock worth $77,747,000 after purchasing an additional 332,092 shares during the period. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Pinnacle Financial Partners Stock Up 3.1%

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

Pinnacle Financial Partners (NYSE:PNFP) last issued its earnings results 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 business had revenue of $1.22 billion for the quarter, compared to analysts’ expectations 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, analysts anticipate that Pinnacle Financial Partners, Inc. will post 10.34 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Friday, May 1st were issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date was Friday, May 1st. Pinnacle Financial Partners’s payout ratio is presently 27.74%.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Wall Street Zen upgraded Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research report on Tuesday, May 12th. Evercore restated an “outperform” rating and issued a $115.00 target price on shares of Pinnacle Financial Partners in a research report on Wednesday, April 29th. Weiss Ratings began coverage on Pinnacle Financial Partners in a research report on Monday, March 9th. They issued a “hold (c+)” rating on the stock. JPMorgan Chase & Co. lifted their price objective 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, Stephens lifted their price objective on shares of Pinnacle Financial Partners from $95.00 to $109.00 and gave the company an “equal weight” rating in a research note on Thursday, April 30th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $115.18.

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.