Jackson Thornton Wealth Management LLC Makes New Investment in Pinnacle Financial Partners, Inc. $PNFP

Jackson Thornton Wealth Management LLC bought a new stake in Pinnacle Financial Partners, Inc. (NYSE:PNFP) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 5,050 shares of the company’s stock, valued at approximately $467,000.

A number of other large investors have also recently made changes to their positions in the company. AQR Capital Management LLC increased its position in Pinnacle Financial Partners by 63.1% during the fourth quarter. AQR Capital Management LLC now owns 5,330,170 shares of the company’s stock worth $508,551,000 after buying an additional 2,062,504 shares during the period. State Street Corp boosted its holdings in shares of Pinnacle Financial Partners by 5.5% in the fourth quarter. State Street Corp now owns 3,451,939 shares of the company’s stock valued at $329,350,000 after acquiring an additional 179,819 shares during the period. Wellington Management Group LLP grew its position in shares of Pinnacle Financial Partners by 42.2% during the fourth quarter. Wellington Management Group LLP now owns 3,067,116 shares of the company’s stock worth $292,634,000 after acquiring an additional 910,367 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Pinnacle Financial Partners by 4.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,790,636 shares of the company’s stock valued at $266,268,000 after acquiring an additional 110,465 shares during the period. Finally, Invesco Ltd. increased its holdings in shares of Pinnacle Financial Partners by 9.6% in the 4th quarter. Invesco Ltd. now owns 2,188,080 shares of the company’s stock valued at $208,765,000 after acquiring an additional 191,292 shares during the period. 87.40% of the stock is owned by institutional investors and hedge funds.

Pinnacle Financial Partners Trading Up 0.6%

NYSE PNFP opened at $100.87 on Wednesday. The firm has a market cap of $7.82 billion, a PE ratio of 13.99, a price-to-earnings-growth ratio of 0.38 and a beta of 1.04. The stock’s 50 day simple moving average is $97.25. Pinnacle Financial Partners, Inc. has a 12-month low of $81.08 and a 12-month high of $120.46. 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 (NYSE:PNFP) last posted 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 return on equity of 10.61% and a net margin of 15.02%.The business had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.20 billion. Equities analysts forecast that Pinnacle Financial Partners, Inc. will post 10.26 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

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

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. TD Cowen decreased their price target on shares of Pinnacle Financial Partners from $125.00 to $121.00 and set a “buy” rating for the company in a research note on Monday, April 27th. Benchmark started coverage on shares of Pinnacle Financial Partners in a research note on Wednesday, June 24th. They issued a “buy” rating and a $132.00 price objective on the stock. Evercore reaffirmed an “outperform” rating and issued a $120.00 target price on shares of Pinnacle Financial Partners in a report on Monday. Robert W. Baird initiated coverage on Pinnacle Financial Partners in a report on Tuesday, May 19th. They set an “outperform” rating and a $115.00 price target on the stock. Finally, Truist Financial increased their price objective on Pinnacle Financial Partners from $114.00 to $115.00 and gave the stock a “buy” rating in a research report on Monday, May 11th. Three analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $116.89.

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.