Bank of New York Mellon Corp Boosts Stake in Pinnacle Financial Partners, Inc. $PNFP

Bank of New York Mellon Corp lifted its position in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) by 36.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 748,855 shares of the company’s stock after acquiring an additional 201,534 shares during the quarter. Bank of New York Mellon Corp’s holdings in Pinnacle Financial Partners were worth $71,448,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Goldman Sachs Group Inc. raised its position in shares of Pinnacle Financial Partners by 3.3% during the 4th quarter. Goldman Sachs Group Inc. now owns 196,232 shares of the company’s stock worth $18,722,000 after purchasing an additional 6,291 shares during the last quarter. BW Gestao de Investimentos Ltda. acquired a new stake in shares of Pinnacle Financial Partners in the fourth quarter valued at approximately $10,495,000. Thompson Siegel & Walmsley LLC purchased a new position in Pinnacle Financial Partners during the fourth quarter worth approximately $4,344,000. Rothschild Wealth LLC purchased a new position in Pinnacle Financial Partners during the fourth quarter worth approximately $329,000. Finally, BNP Paribas Financial Markets boosted its stake in Pinnacle Financial Partners by 279.6% during the fourth quarter. BNP Paribas Financial Markets now owns 56,803 shares of the company’s stock worth $5,420,000 after buying an additional 41,840 shares during the last quarter. 87.40% of the stock is owned by hedge funds and other institutional investors.

Pinnacle Financial Partners Stock Performance

Pinnacle Financial Partners stock opened at $95.15 on Wednesday. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.90 and a quick 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. The firm has a market cap of $7.38 billion, a P/E ratio of 13.20, a PEG ratio of 0.37 and a beta of 1.04. The firm has a 50 day moving average of $94.98.

Pinnacle Financial Partners (NYSE:PNFP) last issued its quarterly earnings results on Wednesday, April 22nd. The company reported $2.39 EPS for the quarter, beating 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 company had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.20 billion. As a group, equities research analysts forecast that Pinnacle Financial Partners, Inc. will post 10.34 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

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

Analysts Set New Price Targets

PNFP has been the subject of a number of analyst reports. TD Cowen dropped their price objective on shares of Pinnacle Financial Partners from $125.00 to $121.00 and set a “buy” rating for the company in a report on Monday, April 27th. JPMorgan Chase & Co. raised their price target on shares of Pinnacle Financial Partners from $105.00 to $120.00 and gave the stock an “overweight” rating in a report on Friday, April 24th. Wall Street Zen upgraded shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a report on Tuesday, May 12th. Evercore restated an “outperform” rating and set a $115.00 price target on shares of Pinnacle Financial Partners in a report on Wednesday, April 29th. Finally, Robert W. Baird assumed coverage on shares of Pinnacle Financial Partners in a report on Tuesday, May 19th. They set an “outperform” rating and a $115.00 price target for the company. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $115.18.

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.