6,361 Shares in Pinnacle Financial Partners, Inc. $PNFP Acquired by Delta Global Management LP

Delta Global Management LP purchased a new position in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 6,361 shares of the company’s stock, valued at approximately $607,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. AQR Capital Management LLC boosted its stake 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 valued at $306,474,000 after buying an additional 3,085,867 shares during the last quarter. Nomura Holdings Inc. acquired a new position in Pinnacle Financial Partners during the 3rd quarter worth $187,822,000. Alyeska Investment Group L.P. acquired a new position in Pinnacle Financial Partners during the 4th quarter worth $159,545,000. Norges Bank bought a new position in shares of Pinnacle Financial Partners during the fourth quarter worth about $116,349,000. Finally, Wellington Management Group LLP lifted its position in shares of Pinnacle Financial Partners by 51.1% during the third 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 last quarter. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Trading Up 2.2%

Shares of NYSE:PNFP opened at $98.20 on Wednesday. The stock has a 50 day moving average of $95.87. The firm has a market cap of $7.62 billion, a price-to-earnings ratio of 13.62, a P/E/G ratio of 0.37 and a beta of 1.04. Pinnacle Financial Partners, Inc. has a twelve month low of $81.08 and a twelve month high of $120.46. 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 (NYSE:PNFP) last issued its quarterly earnings results on Wednesday, April 22nd. The company reported $2.39 earnings per share for the quarter, topping analysts’ consensus estimates 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 company had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.20 billion. Equities research analysts forecast that Pinnacle Financial Partners, Inc. will post 10.25 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Friday, May 1st were paid a $0.50 dividend. The ex-dividend date of this dividend was Friday, May 1st. This represents a $2.00 annualized dividend and a dividend yield of 2.0%. Pinnacle Financial Partners’s payout ratio is currently 27.74%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Wall Street Zen upgraded Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research note on Tuesday, May 12th. UBS Group upped their price target on Pinnacle Financial Partners from $110.00 to $120.00 and gave the company a “buy” rating in a research report on Friday, April 24th. TD Cowen lowered 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. Stephens boosted their target price 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. Finally, Robert W. Baird began coverage on shares of Pinnacle Financial Partners in a research note on Tuesday, May 19th. They set an “outperform” rating and a $115.00 target price for the company. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and seven have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Pinnacle Financial Partners currently has an average rating of “Moderate Buy” and a consensus price target of $114.88.

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.