Pinnacle Financial Partners, Inc. $PNFP Shares Acquired by HB Wealth Management LLC

HB Wealth Management LLC lifted its stake in Pinnacle Financial Partners, Inc. (NYSE:PNFP) by 96.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 17,475 shares of the company’s stock after purchasing an additional 8,565 shares during the quarter. HB Wealth Management LLC’s holdings in Pinnacle Financial Partners were worth $1,505,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in PNFP. Investors Asset Management of Georgia Inc. GA ADV purchased a new stake in Pinnacle Financial Partners in the 1st quarter valued at $1,125,000. BIP Wealth LLC purchased a new position in shares of Pinnacle Financial Partners during the 1st quarter worth $974,000. New York State Teachers Retirement System boosted its position in shares of Pinnacle Financial Partners by 39.4% during the 1st quarter. New York State Teachers Retirement System now owns 160,156 shares of the company’s stock valued at $13,796,000 after acquiring an additional 45,265 shares during the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in shares of Pinnacle Financial Partners in the first quarter valued at about $977,000. Finally, Leonteq Securities AG purchased a new stake in shares of Pinnacle Financial Partners in the first quarter valued at about $38,000. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Stock Up 0.6%

PNFP opened at $100.87 on Wednesday. Pinnacle Financial Partners, Inc. has a 52 week low of $81.08 and a 52 week high of $120.46. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.90 and a current ratio of 0.90. The stock’s fifty day moving average price is $97.25. The stock has a market capitalization of $7.82 billion, a price-to-earnings ratio of 13.99, a P/E/G ratio of 0.38 and a beta of 1.04.

Pinnacle Financial Partners (NYSE:PNFP) last posted its quarterly earnings data on Wednesday, April 22nd. The company reported $2.39 earnings per share (EPS) for the quarter, beating the consensus estimate 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 for the quarter, compared to the consensus estimate of $1.20 billion. Sell-side analysts expect that Pinnacle Financial Partners, Inc. will post 10.26 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Friday, May 1st were issued 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 payout ratio is 27.74%.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. JPMorgan Chase & Co. lifted their target price on shares of Pinnacle Financial Partners from $115.00 to $125.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 1st. Stephens raised their price target on shares of 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 lifted their price target on shares of Pinnacle Financial Partners from $114.00 to $115.00 and gave the company a “buy” rating in a research report on Monday, May 11th. Robert W. Baird started coverage on Pinnacle Financial Partners in a report on Tuesday, May 19th. They issued an “outperform” rating and a $115.00 price objective on the stock. Finally, Evercore reiterated an “outperform” rating and issued a $120.00 price objective on shares of Pinnacle Financial Partners in a research report on Monday. Three equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat, Pinnacle Financial Partners presently has a consensus rating of “Moderate Buy” and a consensus price target of $116.89.

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.