1,219,465 Shares in Pinnacle Financial Partners, Inc. $PNFP Bought by Norges Bank

Norges Bank acquired a new position in Pinnacle Financial Partners, Inc. (NYSE:PNFP) during the fourth quarter, according to the company in its most recent filing with the SEC. The fund acquired 1,219,465 shares of the company’s stock, valued at approximately $116,349,000.

Several other large investors also recently modified their holdings of PNFP. AQR Capital Management LLC lifted its stake in shares of Pinnacle Financial Partners by 1,697.4% in the third quarter. AQR Capital Management LLC now owns 3,267,666 shares of the company’s stock worth $306,474,000 after acquiring an additional 3,085,867 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Pinnacle Financial Partners by 6.5% in the third quarter. Dimensional Fund Advisors LP now owns 2,680,171 shares of the company’s stock valued at $251,376,000 after purchasing an additional 163,269 shares during the last quarter. Wellington Management Group LLP grew its stake in Pinnacle Financial Partners by 51.1% during the 3rd quarter. Wellington Management Group LLP now owns 2,156,749 shares of the company’s stock valued at $202,281,000 after purchasing an additional 728,975 shares in the last quarter. Nomura Holdings Inc. purchased a new stake in Pinnacle Financial Partners during the 3rd quarter worth approximately $187,822,000. Finally, Geode Capital Management LLC increased its holdings in Pinnacle Financial Partners by 7.1% during the 4th quarter. Geode Capital Management LLC now owns 1,576,459 shares of the company’s stock worth $153,680,000 after purchasing an additional 103,841 shares during the last quarter. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Pinnacle Financial Partners Trading Up 3.1%

Shares of PNFP opened at $96.42 on Friday. Pinnacle Financial Partners, Inc. has a 52 week low of $81.08 and a 52 week high of $120.46. 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 firm has a market cap of $7.48 billion, a price-to-earnings ratio of 13.37, a price-to-earnings-growth ratio of 0.35 and a beta of 1.04. The business has a 50 day moving average price of $94.26.

Pinnacle Financial Partners (NYSE:PNFP) last posted its quarterly earnings results on Wednesday, April 22nd. The company reported $2.39 earnings per share (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 for the quarter, compared to analyst estimates of $1.20 billion. On average, sell-side analysts predict that Pinnacle Financial Partners, Inc. will post 10.34 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 dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend was Friday, May 1st. Pinnacle Financial Partners’s dividend payout ratio is 27.74%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on PNFP shares. Truist Financial increased their target price on Pinnacle Financial Partners from $114.00 to $115.00 and gave the company a “buy” rating in a research note on Monday, May 11th. Barclays dropped their price target on shares of Pinnacle Financial Partners from $135.00 to $130.00 and set an “overweight” rating for the company in a research note on Tuesday, April 7th. Stephens upped their price target on shares of Pinnacle Financial Partners from $95.00 to $109.00 and gave the company an “equal weight” rating in a report on Thursday, April 30th. JPMorgan Chase & Co. increased their price objective on shares of Pinnacle Financial Partners from $105.00 to $120.00 and gave the company an “overweight” rating in a research note on Friday, April 24th. Finally, UBS Group raised their price objective on shares of Pinnacle Financial Partners from $110.00 to $120.00 and gave the stock a “buy” rating in a report on Friday, April 24th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat, Pinnacle Financial Partners has an average rating of “Moderate Buy” and a consensus price target of $115.18.

Pinnacle Financial Partners Company 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.