Intech Investment Management LLC Cuts Position in Pinnacle Financial Partners, Inc. $PNFP

Intech Investment Management LLC cut its stake in Pinnacle Financial Partners, Inc. (NYSE:PNFP) by 40.4% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 82,230 shares of the company’s stock after selling 55,822 shares during the period. Intech Investment Management LLC owned about 0.11% of Pinnacle Financial Partners worth $7,846,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. AQR Capital Management LLC lifted its stake in 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 purchasing an additional 3,085,867 shares during the last quarter. Nomura Holdings Inc. bought a new stake in Pinnacle Financial Partners in the third quarter worth $187,822,000. Wellington Management Group LLP lifted its stake in Pinnacle Financial Partners by 51.1% in the third quarter. Wellington Management Group LLP now owns 2,156,749 shares of the company’s stock worth $202,281,000 after purchasing an additional 728,975 shares during the last quarter. Pentwater Capital Management LP bought a new stake in Pinnacle Financial Partners in the third quarter worth $42,538,000. Finally, Bank of America Corp DE lifted its stake in Pinnacle Financial Partners by 66.8% in the third quarter. Bank of America Corp DE now owns 828,944 shares of the company’s stock worth $77,747,000 after purchasing an additional 332,092 shares during the last quarter. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

Pinnacle Financial Partners Trading Up 0.9%

PNFP stock opened at $97.90 on Friday. The company has a 50-day moving average price of $93.31. Pinnacle Financial Partners, Inc. has a 12-month low of $81.08 and a 12-month high of $120.46. The stock has a market capitalization of $7.59 billion, a PE ratio of 13.58, a price-to-earnings-growth ratio of 0.37 and a beta of 1.06. 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 released its quarterly earnings data on Wednesday, April 22nd. The company reported $2.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.30 by $0.09. Pinnacle Financial Partners had a net margin of 15.02% and a return on equity of 10.61%. The firm had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.20 billion. Equities analysts predict that Pinnacle Financial Partners, Inc. will post 10.34 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Friday, May 1st were given 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 payout ratio is presently 27.74%.

Wall Street Analyst Weigh In

Several research firms have weighed in on PNFP. Stephens boosted 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 note on Thursday, April 30th. TD Cowen lowered 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. Barclays lowered 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. Wall Street Zen raised shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research note on Tuesday, May 12th. Finally, UBS Group boosted their price objective on shares of Pinnacle Financial Partners from $110.00 to $120.00 and gave the company a “buy” rating in a research report on Friday, April 24th. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $115.18.

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.