IFM Investors Pty Ltd Has $2.75 Million Position in Pinnacle Financial Partners, Inc. $PNFP

IFM Investors Pty Ltd raised its holdings in Pinnacle Financial Partners, Inc. (NYSE:PNFP) by 47.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 31,950 shares of the company’s stock after buying an additional 10,260 shares during the quarter. IFM Investors Pty Ltd’s holdings in Pinnacle Financial Partners were worth $2,752,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the business. AQR Capital Management LLC lifted its holdings 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 worth $306,474,000 after acquiring an additional 3,085,867 shares during the period. Nomura Holdings Inc. bought a new stake in Pinnacle Financial Partners in the third quarter valued at about $187,822,000. Alyeska Investment Group L.P. bought a new stake in Pinnacle Financial Partners in the fourth quarter valued at about $159,545,000. Norges Bank acquired a new position in Pinnacle Financial Partners in the fourth quarter worth about $116,349,000. Finally, Wellington Management Group LLP raised its position in Pinnacle Financial Partners by 42.2% in the fourth quarter. Wellington Management Group LLP now owns 3,067,116 shares of the company’s stock worth $292,634,000 after purchasing an additional 910,367 shares in the last quarter. Institutional investors and hedge funds own 87.40% of the company’s stock.

Wall Street Analyst Weigh In

PNFP has been the topic of a number of recent research reports. Truist Financial lifted their price objective on Pinnacle Financial Partners from $114.00 to $115.00 and gave the company a “buy” rating in a report on Monday, May 11th. TD Cowen dropped their target price on Pinnacle Financial Partners from $125.00 to $121.00 and set a “buy” rating for the company in a report on Monday, April 27th. Piper Sandler restated an “overweight” rating on shares of Pinnacle Financial Partners in a research report on Wednesday, June 10th. UBS Group boosted their price target on Pinnacle Financial Partners from $110.00 to $120.00 and gave the company a “buy” rating in a research note on Friday, April 24th. Finally, Weiss Ratings upgraded Pinnacle Financial Partners from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, June 26th. Three research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $116.61.

Pinnacle Financial Partners Price Performance

NYSE PNFP opened at $99.40 on Friday. The company has a market cap of $7.71 billion, a price-to-earnings ratio of 13.79, a PEG ratio of 0.38 and a beta of 1.04. Pinnacle Financial Partners, Inc. has a one year low of $81.08 and a one year high of $120.46. The stock’s 50 day simple moving average is $97.13. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.90 and a current ratio of 0.90.

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 firm had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.20 billion. As a group, equities analysts expect that Pinnacle Financial Partners, Inc. will post 10.23 earnings per share for the current year.

Pinnacle Financial Partners Dividend Announcement

The firm also recently announced 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 was Friday, May 1st. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.0%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 27.74%.

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.