Bank of New York Mellon Corp Has $119.72 Million Stock Holdings in Pinnacle Financial Partners, Inc. $PNFP

Bank of New York Mellon Corp boosted its position in Pinnacle Financial Partners, Inc. (NYSE:PNFP) by 85.6% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 1,389,822 shares of the company’s stock after acquiring an additional 640,967 shares during the quarter. Bank of New York Mellon Corp’s holdings in Pinnacle Financial Partners were worth $119,719,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in PNFP. Brown Brothers Harriman & Co. acquired a new stake in Pinnacle Financial Partners in the third quarter valued at approximately $26,000. High Point Wealth Management LLC acquired a new position in Pinnacle Financial Partners during the fourth quarter worth $27,000. BOKF NA raised its holdings in Pinnacle Financial Partners by 1,204.5% during the third quarter. BOKF NA now owns 287 shares of the company’s stock worth $27,000 after buying an additional 265 shares during the last quarter. Activest Wealth Management bought a new position in shares of Pinnacle Financial Partners in the fourth quarter valued at $28,000. Finally, CIBC Private Wealth Group LLC lifted its stake in shares of Pinnacle Financial Partners by 175.6% in 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 in the last quarter. 87.40% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on PNFP shares. Benchmark began coverage on shares of Pinnacle Financial Partners in a research report on Wednesday, June 24th. They set a “buy” rating and a $132.00 target price for the company. Truist Financial raised 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. Stephens raised their price target on shares of Pinnacle Financial Partners from $95.00 to $109.00 and gave the company an “equal weight” rating in a research report on Thursday, April 30th. Piper Sandler reiterated an “overweight” rating on shares of Pinnacle Financial Partners in a research note on Wednesday, June 10th. Finally, Wall Street Zen raised Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a report on Tuesday, May 12th. Three investment 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 stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $116.89.

Pinnacle Financial Partners Stock Performance

Shares of PNFP stock opened at $100.94 on Monday. Pinnacle Financial Partners, Inc. has a 52-week low of $81.08 and a 52-week high of $119.85. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.42. The stock has a 50-day moving average price of $97.53. The company has a market cap of $7.83 billion, a P/E ratio of 14.00, a price-to-earnings-growth ratio of 0.40 and a beta of 1.04.

Pinnacle Financial Partners (NYSE:PNFP) last posted its earnings results on Wednesday, April 22nd. The company reported $2.39 EPS for the quarter, topping the consensus estimate of $2.30 by $0.09. Pinnacle Financial Partners had a net margin of 15.02% and a return on equity of 10.61%. The firm had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.20 billion. On average, sell-side analysts forecast that Pinnacle Financial Partners, Inc. will post 10.18 EPS for the current fiscal year.

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.