12th Street Asset Management Company LLC Buys 97,040 Shares of Pinnacle Financial Partners, Inc. $PNFP

12th Street Asset Management Company LLC boosted its stake in Pinnacle Financial Partners, Inc. (NYSE:PNFP) by 30.4% during the 4th quarter, HoldingsChannel.com reports. The fund owned 416,090 shares of the company’s stock after acquiring an additional 97,040 shares during the period. Pinnacle Financial Partners accounts for 6.5% of 12th Street Asset Management Company LLC’s portfolio, making the stock its 4th biggest position. 12th Street Asset Management Company LLC’s holdings in Pinnacle Financial Partners were worth $39,699,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Brown Brothers Harriman & Co. bought a new stake in Pinnacle Financial Partners during the 3rd quarter worth approximately $26,000. High Point Wealth Management LLC bought a new stake in Pinnacle Financial Partners during the fourth quarter worth $27,000. BOKF NA grew 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 in the last quarter. Activest Wealth Management purchased a new stake in Pinnacle Financial Partners in the 4th quarter valued at $28,000. Finally, Covestor Ltd lifted its stake in Pinnacle Financial Partners by 193.9% during the 3rd quarter. Covestor Ltd now owns 338 shares of the company’s stock valued at $32,000 after acquiring an additional 223 shares in the last quarter. Institutional investors own 87.40% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have issued reports on PNFP. Barclays cut their price objective on shares of Pinnacle Financial Partners from $135.00 to $130.00 and set an “overweight” rating on the stock in a report on Tuesday, April 7th. Weiss Ratings assumed coverage on shares of Pinnacle Financial Partners in a research report on Monday, March 9th. They set a “hold (c+)” rating on the stock. Stephens upped their price objective 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. Robert W. Baird started coverage on shares of Pinnacle Financial Partners in a research note on Tuesday, May 19th. They issued an “outperform” rating and a $115.00 price objective for the company. Finally, Piper Sandler lifted their target price on shares of Pinnacle Financial Partners from $120.00 to $122.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 28th. Two analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $115.18.

Pinnacle Financial Partners Stock Performance

PNFP opened at $97.12 on Tuesday. The company has a market capitalization of $7.53 billion, a price-to-earnings ratio of 13.47, a P/E/G ratio of 0.37 and a beta of 1.06. The firm’s 50-day moving average is $92.11. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.90 and a current ratio of 0.90. Pinnacle Financial Partners, Inc. has a fifty-two week low of $81.08 and a fifty-two week high of $120.46.

Pinnacle Financial Partners (NYSE:PNFP) last announced its quarterly earnings data on Wednesday, April 22nd. The company reported $2.39 EPS for the quarter, topping the consensus estimate of $2.30 by $0.09. The business had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.20 billion. Pinnacle Financial Partners had a net margin of 15.02% and a return on equity of 10.61%. Equities research analysts predict that Pinnacle Financial Partners, Inc. will post 10.34 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 29th. Shareholders of record on Friday, May 1st will be issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend is Friday, May 1st. Pinnacle Financial Partners’s dividend payout ratio is 27.74%.

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.