BIP Wealth LLC Takes $974,000 Position in Pinnacle Financial Partners, Inc. $PNFP

BIP Wealth LLC purchased a new position in Pinnacle Financial Partners, Inc. (NYSE:PNFP) during the first quarter, HoldingsChannel.com reports. The fund purchased 11,312 shares of the company’s stock, valued at approximately $974,000.

Other large investors also recently modified their holdings of the company. Brown Brothers Harriman & Co. purchased a new position in Pinnacle Financial Partners during the third quarter valued at approximately $26,000. High Point Wealth Management LLC purchased a new stake in Pinnacle Financial Partners in the 4th quarter worth approximately $27,000. BOKF NA lifted its stake in Pinnacle Financial Partners by 1,204.5% in the 3rd quarter. BOKF NA now owns 287 shares of the company’s stock worth $27,000 after purchasing an additional 265 shares in the last quarter. Activest Wealth Management bought a new position in Pinnacle Financial Partners in the 4th quarter valued at $28,000. Finally, CIBC Private Wealth Group LLC boosted its holdings in Pinnacle Financial Partners by 175.6% in the 4th quarter. CIBC Private Wealth Group LLC now owns 339 shares of the company’s stock valued at $32,000 after purchasing an additional 216 shares during the period. 87.40% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on PNFP shares. TD Cowen reduced their price target on shares of Pinnacle Financial Partners from $125.00 to $121.00 and set a “buy” rating for the company in a research report on Monday, April 27th. Barclays lowered their price objective on Pinnacle Financial Partners from $135.00 to $130.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 7th. Citigroup boosted their target price on Pinnacle Financial Partners from $122.00 to $126.00 and gave the stock a “buy” rating in a research report on Thursday, June 25th. Evercore restated an “outperform” rating and set a $115.00 target price on shares of Pinnacle Financial Partners in a research report on Wednesday, April 29th. Finally, Robert W. Baird assumed coverage on Pinnacle Financial Partners in a research note on Tuesday, May 19th. They issued an “outperform” rating and a $115.00 target price on the stock. Three equities 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’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $116.61.

Pinnacle Financial Partners Stock Performance

Shares of NYSE:PNFP opened at $99.40 on Friday. The stock has a market capitalization of $7.71 billion, a price-to-earnings ratio of 13.79, a PEG ratio of 0.38 and a beta of 1.04. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.90 and a quick ratio of 0.90. Pinnacle Financial Partners, Inc. has a 52-week low of $81.08 and a 52-week high of $120.46. The stock has a fifty day moving average of $97.13.

Pinnacle Financial Partners (NYSE:PNFP) last released its quarterly earnings results on Wednesday, April 22nd. The company reported $2.39 earnings per share 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 for the quarter, compared to the consensus estimate of $1.20 billion. On average, sell-side analysts forecast that Pinnacle Financial Partners, Inc. will post 10.23 EPS for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

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

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.