First Trust Advisors LP Buys 24,041 Shares of Pinnacle Financial Partners, Inc. $PNFP

First Trust Advisors LP increased its stake in Pinnacle Financial Partners, Inc. (NYSE:PNFP) by 3.8% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 664,345 shares of the company’s stock after acquiring an additional 24,041 shares during the quarter. First Trust Advisors LP’s holdings in Pinnacle Financial Partners were worth $57,227,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the stock. Brown Brothers Harriman & Co. bought a new position in Pinnacle Financial Partners during the 3rd quarter worth approximately $26,000. High Point Wealth Management LLC acquired a new position in shares of Pinnacle Financial Partners in the 4th quarter worth approximately $27,000. BOKF NA boosted its stake in shares of Pinnacle Financial Partners by 1,204.5% in the 3rd quarter. BOKF NA now owns 287 shares of the company’s stock valued at $27,000 after purchasing an additional 265 shares during the last quarter. Activest Wealth Management bought a new stake in shares of Pinnacle Financial Partners in the 4th quarter valued at $28,000. Finally, Annis Gardner Whiting Capital Advisors LLC increased its position in shares of Pinnacle Financial Partners by 97.7% during the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 350 shares of the company’s stock worth $30,000 after buying an additional 173 shares during the period. 87.40% of the stock is currently owned by institutional investors.

Pinnacle Financial Partners Price Performance

PNFP stock opened at $102.53 on Monday. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.73. The stock’s 50-day moving average is $97.90. The company has a market cap of $7.95 billion, a PE ratio of 14.08, a PEG ratio of 0.41 and a beta of 1.04. Pinnacle Financial Partners, Inc. has a 1 year low of $81.08 and a 1 year high of $107.00.

Pinnacle Financial Partners (NYSE:PNFP) last issued its earnings results on Wednesday, July 22nd. The company reported $2.50 EPS for the quarter, beating analysts’ consensus estimates of $2.46 by $0.04. Pinnacle Financial Partners had a return on equity of 10.93% and a net margin of 15.40%.The business had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.24 billion. On average, analysts anticipate that Pinnacle Financial Partners, Inc. will post 10.18 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

PNFP has been the subject of a number of analyst reports. Stephens lifted 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 note on Thursday, April 30th. Piper Sandler upped their price target on shares of Pinnacle Financial Partners from $122.00 to $123.00 and gave the company an “overweight” rating in a research report on Friday. Citigroup increased their price target on Pinnacle Financial Partners from $122.00 to $126.00 and gave the stock a “buy” rating in a report on Thursday, June 25th. Weiss Ratings raised Pinnacle Financial Partners from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, June 26th. Finally, JPMorgan Chase & Co. dropped their price objective on Pinnacle Financial Partners from $125.00 to $120.00 and set an “overweight” rating on the stock in a research note on Friday. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $116.65.

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.