Collaborative Fund Advisors LLC Takes Position in Pinnacle Financial Partners, Inc. $PNFP

Collaborative Fund Advisors LLC acquired a new position in Pinnacle Financial Partners, Inc. (NYSE:PNFP) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 13,285 shares of the company’s stock, valued at approximately $1,144,000.

A number of other hedge funds have also recently made changes to their positions in the stock. Praxis Investment Management Inc. acquired a new stake in Pinnacle Financial Partners in the 1st quarter valued at approximately $361,000. HB Wealth Management LLC boosted its position in shares of Pinnacle Financial Partners by 96.1% during the first quarter. HB Wealth Management LLC now owns 17,475 shares of the company’s stock worth $1,505,000 after buying an additional 8,565 shares during the period. Investors Asset Management of Georgia Inc. GA ADV purchased a new position in shares of Pinnacle Financial Partners during the first quarter worth $1,125,000. BIP Wealth LLC acquired a new stake in shares of Pinnacle Financial Partners in the first quarter valued at $974,000. Finally, New York State Teachers Retirement System grew its stake in shares of Pinnacle Financial Partners by 39.4% in the first quarter. New York State Teachers Retirement System now owns 160,156 shares of the company’s stock valued at $13,796,000 after buying an additional 45,265 shares in the last quarter. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on PNFP shares. TD Cowen cut their price objective on Pinnacle Financial Partners from $125.00 to $121.00 and set a “buy” rating on the stock in a report on Monday, April 27th. Evercore reaffirmed an “outperform” rating and issued a $115.00 target price on shares of Pinnacle Financial Partners in a research report on Wednesday, April 29th. Barclays cut their price target on shares of Pinnacle Financial Partners from $135.00 to $130.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 7th. Stephens increased their price target 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. Finally, Weiss Ratings raised shares of Pinnacle Financial Partners from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, June 26th. Three investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $116.61.

Pinnacle Financial Partners Trading Down 0.1%

Shares of PNFP stock opened at $99.40 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’s fifty day moving average price is $97.13. The firm has a market capitalization of $7.71 billion, a P/E ratio of 13.79, a P/E/G ratio of 0.38 and a beta of 1.04. Pinnacle Financial Partners, Inc. has a 12 month low of $81.08 and a 12 month high of $120.46.

Pinnacle Financial Partners (NYSE:PNFP) last posted its quarterly earnings results on Wednesday, April 22nd. The company reported $2.39 earnings per share for the quarter, beating analysts’ consensus estimates of $2.30 by $0.09. Pinnacle Financial Partners had a return on equity of 10.61% and a net margin of 15.02%.The company had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.20 billion. On average, equities analysts forecast that Pinnacle Financial Partners, Inc. will post 10.23 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Friday, May 1st were issued a $0.50 dividend. The ex-dividend date was Friday, May 1st. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.0%. Pinnacle Financial Partners’s dividend payout ratio is presently 27.74%.

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.