Blue Trust Inc. Has $5.58 Million Position in Pinnacle Financial Partners, Inc. $PNFP

Blue Trust Inc. boosted its holdings in Pinnacle Financial Partners, Inc. (NYSE:PNFP) by 4,852.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 64,784 shares of the company’s stock after buying an additional 63,476 shares during the quarter. Blue Trust Inc. owned approximately 0.08% of Pinnacle Financial Partners worth $5,581,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Brown Brothers Harriman & Co. bought a new position in shares of Pinnacle Financial Partners during the third quarter valued at $26,000. High Point Wealth Management LLC bought a new stake in shares of Pinnacle Financial Partners in the fourth quarter worth $27,000. BOKF NA grew its stake in shares of Pinnacle Financial Partners by 1,204.5% in the third quarter. BOKF NA now owns 287 shares of the company’s stock worth $27,000 after purchasing an additional 265 shares during the last quarter. Activest Wealth Management acquired a new stake in Pinnacle Financial Partners in the fourth quarter valued at $28,000. Finally, CIBC Private Wealth Group LLC raised its position in Pinnacle Financial Partners by 175.6% during the 4th quarter. CIBC Private Wealth Group LLC now owns 339 shares of the company’s stock worth $32,000 after purchasing an additional 216 shares during the last quarter. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Pinnacle Financial Partners Price Performance

PNFP stock opened at $97.11 on Thursday. 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 stock’s 50-day moving average is $96.49. The company has a market cap of $7.53 billion, a PE ratio of 13.47, a PEG ratio of 0.37 and a beta of 1.04. Pinnacle Financial Partners, Inc. has a 1 year low of $81.08 and a 1 year high of $120.46.

Pinnacle Financial Partners (NYSE:PNFP) last issued its earnings results on Wednesday, April 22nd. The company reported $2.39 EPS for the quarter, beating analysts’ consensus estimates of $2.30 by $0.09. Pinnacle Financial Partners had a return on equity of 10.61% and a net margin of 15.02%.The business had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.20 billion. On average, analysts anticipate that Pinnacle Financial Partners, Inc. will post 10.25 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. Shareholders of record on Friday, May 1st were paid 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 of this dividend was Friday, May 1st. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 27.74%.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on PNFP shares. Piper Sandler reissued an “overweight” rating on shares of Pinnacle Financial Partners in a research note on Wednesday, June 10th. Wall Street Zen raised Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research note on Tuesday, May 12th. Stephens upped their target price on Pinnacle Financial Partners from $95.00 to $109.00 and gave the company an “equal weight” rating in a report on Thursday, April 30th. JPMorgan Chase & Co. lowered their price target on shares of Pinnacle Financial Partners from $120.00 to $115.00 and set an “overweight” rating for the company in a report on Wednesday, June 10th. Finally, TD Cowen dropped their price target on shares of Pinnacle Financial Partners from $125.00 to $121.00 and set a “buy” rating on the stock in a research report on Monday, April 27th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $114.88.

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.