Evolve Private Wealth LLC Purchases Shares of 6,830 Pinnacle Financial Partners, Inc. $PNFP

Evolve Private Wealth LLC purchased a new position in Pinnacle Financial Partners, Inc. (NYSE:PNFP) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 6,830 shares of the company’s stock, valued at approximately $588,000.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Goldman Sachs Group Inc. grew its holdings in shares of Pinnacle Financial Partners by 6.2% during the first quarter. Goldman Sachs Group Inc. now owns 651,268 shares of the company’s stock valued at $69,060,000 after buying an additional 37,989 shares during the last quarter. Focus Partners Wealth raised its stake in Pinnacle Financial Partners by 13.9% in the 1st quarter. Focus Partners Wealth now owns 4,755 shares of the company’s stock worth $504,000 after acquiring an additional 581 shares during the last quarter. Amundi raised its stake in Pinnacle Financial Partners by 25,700.0% in the 2nd quarter. Amundi now owns 4,386 shares of the company’s stock worth $513,000 after acquiring an additional 4,369 shares during the last quarter. Jump Financial LLC acquired a new stake in Pinnacle Financial Partners during the 2nd quarter worth about $229,000. Finally, Cerity Partners LLC lifted its position in Pinnacle Financial Partners by 4.2% during the 2nd quarter. Cerity Partners LLC now owns 26,061 shares of the company’s stock worth $2,877,000 after acquiring an additional 1,039 shares during the period. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Pinnacle Financial Partners Stock Up 1.5%

Shares of PNFP stock opened at $98.50 on Friday. Pinnacle Financial Partners, Inc. has a 52-week low of $81.08 and a 52-week 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. The firm has a market cap of $7.64 billion, a PE ratio of 13.66, a PEG ratio of 0.37 and a beta of 1.04. The company has a 50-day moving average of $96.59.

Pinnacle Financial Partners (NYSE:PNFP) last posted its earnings results on Wednesday, April 22nd. The company reported $2.39 EPS for the quarter, topping the consensus estimate of $2.30 by $0.09. The firm had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.20 billion. Pinnacle Financial Partners had a return on equity of 10.61% and a net margin of 15.02%. Sell-side analysts anticipate that Pinnacle Financial Partners, Inc. will post 10.25 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

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

Analysts Set New Price Targets

Several analysts have weighed in on PNFP shares. Evercore reiterated an “outperform” rating and set a $115.00 price target on shares of Pinnacle Financial Partners in a research note on Wednesday, April 29th. Barclays reduced their price objective 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. Stephens lifted their target price on Pinnacle Financial Partners from $95.00 to $109.00 and gave the stock an “equal weight” rating in a report on Thursday, April 30th. Truist Financial upped their target price on Pinnacle Financial Partners from $114.00 to $115.00 and gave the company a “buy” rating in a research report on Monday, May 11th. Finally, Piper Sandler reiterated an “overweight” rating on shares of Pinnacle Financial Partners in a report on Wednesday, June 10th. Two analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $116.06.

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.