Fifth Third Bancorp Raises Stake in Pinnacle Financial Partners, Inc. $PNFP

Fifth Third Bancorp boosted its holdings in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) by 3,527.5% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 42,514 shares of the company’s stock after purchasing an additional 41,342 shares during the quarter. Fifth Third Bancorp’s holdings in Pinnacle Financial Partners were worth $3,662,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Brown Brothers Harriman & Co. purchased a new stake in shares of Pinnacle Financial Partners in the 3rd quarter valued at $26,000. High Point Wealth Management LLC purchased a new position in shares of Pinnacle Financial Partners during the fourth quarter worth $27,000. BOKF NA lifted its position in Pinnacle Financial Partners by 1,204.5% during the third quarter. BOKF NA now owns 287 shares of the company’s stock valued at $27,000 after purchasing an additional 265 shares during the period. Activest Wealth Management acquired a new position in Pinnacle Financial Partners during the fourth quarter valued at $28,000. Finally, CIBC Private Wealth Group LLC boosted its holdings in 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 purchasing an additional 216 shares during the last quarter. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on PNFP shares. JPMorgan Chase & Co. lifted their price objective on Pinnacle Financial Partners from $115.00 to $125.00 and gave the company an “overweight” rating in a research note on Wednesday, July 1st. Wall Street Zen raised Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a report on Tuesday, May 12th. Citigroup lifted their price target on Pinnacle Financial Partners from $122.00 to $126.00 and gave the company a “buy” rating in a research report on Thursday, June 25th. Piper Sandler reissued an “overweight” rating on shares of Pinnacle Financial Partners in a report on Wednesday, June 10th. Finally, Robert W. Baird initiated coverage on Pinnacle Financial Partners in a research report on Tuesday, May 19th. They issued an “outperform” rating and a $115.00 price objective on the stock. Three equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $116.89.

Pinnacle Financial Partners Stock Down 0.1%

PNFP opened at $100.94 on Monday. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.42. The stock has a market capitalization 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, Inc. has a 52-week low of $81.08 and a 52-week high of $119.85. The firm’s fifty day moving average is $97.53.

Pinnacle Financial Partners (NYSE:PNFP) last released its earnings results on Wednesday, April 22nd. The company reported $2.39 EPS for the quarter, topping analysts’ consensus estimates 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 business had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.20 billion. On average, research analysts forecast that Pinnacle Financial Partners, Inc. will post 10.18 EPS for the current year.

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.