Thornburg Investment Management Inc. Cuts Stake in Pinnacle Financial Partners, Inc. $PNFP

Thornburg Investment Management Inc. lowered its position in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) by 4.1% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 138,594 shares of the company’s stock after selling 5,915 shares during the period. Thornburg Investment Management Inc.’s holdings in Pinnacle Financial Partners were worth $13,223,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. Vanguard Personalized Indexing Management LLC increased its stake in shares of Pinnacle Financial Partners by 30.0% during the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 15,012 shares of the company’s stock valued at $1,432,000 after buying an additional 3,468 shares during the period. Panagora Asset Management Inc. increased its stake in shares of Pinnacle Financial Partners by 1,734.6% during the fourth quarter. Panagora Asset Management Inc. now owns 181,552 shares of the company’s stock valued at $17,322,000 after buying an additional 171,656 shares during the period. Barclays PLC increased its stake in shares of Pinnacle Financial Partners by 39.5% during the fourth quarter. Barclays PLC now owns 168,345 shares of the company’s stock valued at $16,062,000 after buying an additional 47,683 shares during the period. Aptus Capital Advisors LLC increased its stake in shares of Pinnacle Financial Partners by 10.7% during the fourth quarter. Aptus Capital Advisors LLC now owns 3,449 shares of the company’s stock valued at $329,000 after buying an additional 334 shares during the period. Finally, Alamea Verwaltungs GmbH increased its stake in shares of Pinnacle Financial Partners by 22.6% during the fourth quarter. Alamea Verwaltungs GmbH now owns 5,987 shares of the company’s stock valued at $569,000 after buying an additional 1,105 shares during the period. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Price Performance

Shares of PNFP stock opened at $96.17 on Monday. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.90 and a current ratio of 0.90. The company has a market capitalization of $7.46 billion, a P/E ratio of 13.34, a P/E/G ratio of 0.37 and a beta of 1.04. The company’s 50-day moving average is $95.49. Pinnacle Financial Partners, Inc. has a 1-year low of $81.08 and a 1-year high of $120.46.

Pinnacle Financial Partners (NYSE:PNFP) last issued its quarterly earnings results on Wednesday, April 22nd. The company reported $2.39 earnings per share for the quarter, topping the consensus estimate of $2.30 by $0.09. The business had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.20 billion. Pinnacle Financial Partners had a return on equity of 10.61% and a net margin of 15.02%. On average, analysts anticipate that Pinnacle Financial Partners, Inc. will post 10.25 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Friday, May 1st were issued a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend was Friday, May 1st. Pinnacle Financial Partners’s dividend payout ratio (DPR) is currently 27.74%.

Wall Street Analyst Weigh In

PNFP has been the topic of a number of recent research reports. Evercore reaffirmed an “outperform” rating and set a $115.00 price objective on shares of Pinnacle Financial Partners in a research report on Wednesday, April 29th. Barclays dropped their price objective on Pinnacle Financial Partners from $135.00 to $130.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 7th. Piper Sandler reaffirmed an “overweight” rating on shares of Pinnacle Financial Partners in a research report on Wednesday. UBS Group raised their price objective on Pinnacle Financial Partners from $110.00 to $120.00 and gave the company a “buy” rating in a research report on Friday, April 24th. Finally, Truist Financial raised their price objective on Pinnacle Financial Partners from $114.00 to $115.00 and gave the company a “buy” rating in a research report on Monday, May 11th. Two research 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 company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $114.88.

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.