15,703 Shares in Pinnacle Financial Partners, Inc. $PNFP Acquired by OP Asset Management Ltd

OP Asset Management Ltd acquired a new stake in Pinnacle Financial Partners, Inc. (NYSE:PNFP) in the first quarter, according to its most recent filing with the SEC. The fund acquired 15,703 shares of the company’s stock, valued at approximately $1,353,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of PNFP. AQR Capital Management LLC grew its position in shares of Pinnacle Financial Partners by 1,697.4% in the third quarter. AQR Capital Management LLC now owns 3,267,666 shares of the company’s stock valued at $306,474,000 after purchasing an additional 3,085,867 shares in the last quarter. Nomura Holdings Inc. purchased a new stake in Pinnacle Financial Partners during the 3rd quarter worth about $187,822,000. Alyeska Investment Group L.P. bought a new position in Pinnacle Financial Partners in the 4th quarter worth about $159,545,000. Norges Bank purchased a new position in Pinnacle Financial Partners during the 4th quarter valued at about $116,349,000. Finally, Wellington Management Group LLP grew its holdings in Pinnacle Financial Partners by 42.2% during the 4th quarter. Wellington Management Group LLP now owns 3,067,116 shares of the company’s stock valued at $292,634,000 after buying an additional 910,367 shares in the last quarter. Institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Trading Down 0.3%

PNFP opened at $100.72 on Tuesday. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.90 and a quick ratio of 0.90. The stock has a market cap of $7.81 billion, a PE ratio of 13.97, a P/E/G ratio of 0.39 and a beta of 1.04. The business has a 50-day moving average price of $96.88. Pinnacle Financial Partners, Inc. has a 12-month low of $81.08 and a 12-month high of $120.46.

Pinnacle Financial Partners (NYSE:PNFP) last released its 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. The company 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%. On average, equities research analysts predict that Pinnacle Financial Partners, Inc. will post 10.24 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

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

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Benchmark assumed coverage on shares of Pinnacle Financial Partners in a research report on Wednesday, June 24th. They issued a “buy” rating and a $132.00 price objective for the company. Evercore restated an “outperform” rating and set a $115.00 price target on shares of Pinnacle Financial Partners in a research report on Wednesday, April 29th. Stephens lifted their price objective on 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. Truist Financial upped 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. Finally, Weiss Ratings upgraded Pinnacle Financial Partners from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday. Three research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $116.06.

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.