Gamco Investors INC. ET AL Makes New Investment in Pinnacle Financial Partners, Inc. $PNFP

Gamco Investors INC. ET AL acquired a new position in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) in the 1st quarter, HoldingsChannel reports. The firm acquired 130,933 shares of the company’s stock, valued at approximately $11,279,000.

A number of other institutional investors also recently modified their holdings of the company. AQR Capital Management LLC boosted its holdings in shares of Pinnacle Financial Partners by 63.1% in the 4th quarter. AQR Capital Management LLC now owns 5,330,170 shares of the company’s stock worth $508,551,000 after acquiring an additional 2,062,504 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Pinnacle Financial Partners by 80.4% in the first quarter. Dimensional Fund Advisors LP now owns 5,035,295 shares of the company’s stock valued at $433,712,000 after buying an additional 2,244,659 shares in the last quarter. State Street Corp raised its position in Pinnacle Financial Partners by 5.5% in the 4th quarter. State Street Corp now owns 3,451,939 shares of the company’s stock worth $329,350,000 after purchasing an additional 179,819 shares during the last quarter. Wellington Management Group LLP boosted its holdings in Pinnacle Financial Partners by 42.2% in the fourth quarter. Wellington Management Group LLP now owns 3,067,116 shares of the company’s stock valued at $292,634,000 after acquiring an additional 910,367 shares during the last quarter. Finally, Invesco Ltd. increased its position in Pinnacle Financial Partners by 9.6% in the fourth quarter. Invesco Ltd. now owns 2,188,080 shares of the company’s stock worth $208,765,000 after purchasing an additional 191,292 shares during the period. Institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Trading Up 2.7%

Pinnacle Financial Partners stock opened at $102.53 on Friday. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.94 and a quick ratio of 0.90. The firm has a market cap of $7.95 billion, a price-to-earnings ratio of 14.08, a P/E/G ratio of 0.41 and a beta of 1.04. The stock’s 50-day moving average is $97.90. Pinnacle Financial Partners, Inc. has a 1 year low of $81.08 and a 1 year high of $107.00.

Pinnacle Financial Partners (NYSE:PNFP) last announced its quarterly earnings results on Wednesday, July 22nd. The company reported $2.50 earnings per share for the quarter, beating analysts’ consensus estimates of $2.46 by $0.04. Pinnacle Financial Partners had a net margin of 15.40% and a return on equity of 10.93%. The business had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. Research analysts anticipate that Pinnacle Financial Partners, Inc. will post 10.18 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on PNFP. Wall Street Zen raised Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a report on Tuesday, May 12th. Robert W. Baird assumed coverage on shares of Pinnacle Financial Partners in a research report on Tuesday, May 19th. They set an “outperform” rating and a $115.00 price target for the company. TD Cowen dropped 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. Piper Sandler increased their price objective on shares of Pinnacle Financial Partners from $122.00 to $123.00 and gave the company an “overweight” rating in a report on Friday. Finally, Barclays reduced their price objective 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. Two analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $116.65.

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.