Anchor Investment Management LLC Invests $1.16 Million in Pinnacle Financial Partners, Inc. $PNFP

Anchor Investment Management LLC bought a new position in Pinnacle Financial Partners, Inc. (NYSE:PNFP) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 13,414 shares of the company’s stock, valued at approximately $1,156,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Brown Brothers Harriman & Co. bought a new stake in shares of Pinnacle Financial Partners in the 3rd quarter worth approximately $26,000. High Point Wealth Management LLC purchased a new stake in shares of Pinnacle Financial Partners in the 4th quarter worth about $27,000. BOKF NA boosted its stake in shares of Pinnacle Financial Partners by 1,204.5% during the 3rd quarter. BOKF NA now owns 287 shares of the company’s stock valued at $27,000 after purchasing an additional 265 shares in the last quarter. Activest Wealth Management bought a new stake in shares of Pinnacle Financial Partners during the 4th quarter valued at about $28,000. Finally, CIBC Private Wealth Group LLC increased its position in shares of Pinnacle Financial Partners by 175.6% during the fourth quarter. CIBC Private Wealth Group LLC now owns 339 shares of the company’s stock valued at $32,000 after buying an additional 216 shares during the period. Institutional investors own 87.40% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on PNFP. TD Cowen lowered their target price on Pinnacle Financial Partners from $125.00 to $121.00 and set a “buy” rating for the company in a research note on Monday, April 27th. Stephens upped their target price on shares of Pinnacle Financial Partners from $95.00 to $109.00 and gave the stock an “equal weight” rating in a research report on Thursday, April 30th. Wall Street Zen upgraded shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research note on Tuesday, May 12th. Robert W. Baird started coverage on shares of Pinnacle Financial Partners in a research report on Tuesday, May 19th. They set an “outperform” rating and a $115.00 price target for the company. Finally, JPMorgan Chase & Co. boosted their price objective 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. Three investment analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $116.89.

Pinnacle Financial Partners Price Performance

PNFP opened at $100.45 on Monday. The stock has a market cap of $7.79 billion, a price-to-earnings ratio of 13.93, a PEG ratio of 0.40 and a beta of 1.04. The stock has a 50-day moving average of $97.33. Pinnacle Financial Partners, Inc. has a 1 year low of $81.08 and a 1 year high of $119.98. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.42.

Pinnacle Financial Partners (NYSE:PNFP) last announced its quarterly earnings data on Wednesday, April 22nd. The company reported $2.39 EPS for the quarter, beating the consensus estimate of $2.30 by $0.09. The company had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.20 billion. Pinnacle Financial Partners had a net margin of 15.02% and a return on equity of 10.61%. As a group, sell-side analysts anticipate that Pinnacle Financial Partners, Inc. will post 10.19 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Friday, May 1st were issued a dividend of $0.50 per share. 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 is presently 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.