D.A. Davidson & CO. Invests $491,000 in Pinnacle Financial Partners, Inc. $PNFP

D.A. Davidson & CO. acquired a new position in Pinnacle Financial Partners, Inc. (NYSE:PNFP) during the first quarter, according to its most recent 13F filing with the SEC. The firm acquired 5,702 shares of the company’s stock, valued at approximately $491,000.

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

Pinnacle Financial Partners Stock Performance

Shares of PNFP opened at $102.53 on Friday. The firm has a market capitalization of $7.95 billion, a price-to-earnings ratio of 14.08, a price-to-earnings-growth ratio of 0.40 and a beta of 1.04. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.94 and a quick ratio of 0.90. The company’s fifty day simple moving average is $97.90. Pinnacle Financial Partners, Inc. has a one year low of $81.08 and a one year high of $107.00.

Pinnacle Financial Partners (NYSE:PNFP) last issued its quarterly earnings results on Wednesday, July 22nd. The company reported $2.50 EPS for the quarter, topping the consensus estimate of $2.46 by $0.04. Pinnacle Financial Partners had a net margin of 15.40% and a return on equity of 10.93%. The firm had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.24 billion. Analysts forecast that Pinnacle Financial Partners, Inc. will post 10.18 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

PNFP has been the subject of a number of analyst reports. Evercore reissued an “outperform” rating and issued a $120.00 price objective on shares of Pinnacle Financial Partners in a research report on Monday, July 6th. UBS Group boosted their price target on Pinnacle Financial Partners from $110.00 to $120.00 and gave the stock a “buy” rating in a research note on Friday, April 24th. Piper Sandler increased their price target on Pinnacle Financial Partners from $122.00 to $123.00 and gave the company an “overweight” rating in a report on Friday. Barclays lowered their price objective on Pinnacle Financial Partners from $135.00 to $130.00 and set an “overweight” rating for the company in a research note on Tuesday, April 7th. Finally, Wall Street Zen upgraded Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a report on Tuesday, May 12th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, Pinnacle Financial Partners currently has an average rating of “Moderate Buy” and a consensus price target of $116.65.

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.