Pinnacle Financial Partners, Inc. $PNFP Shares Purchased by Geode Capital Management LLC

Geode Capital Management LLC increased its holdings in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) by 7.1% in the fourth quarter, Holdings Channel reports. The firm owned 1,576,459 shares of the company’s stock after buying an additional 103,841 shares during the period. Geode Capital Management LLC’s holdings in Pinnacle Financial Partners were worth $153,680,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PNFP. Brown Brothers Harriman & Co. acquired a new stake in shares of Pinnacle Financial Partners during the 3rd quarter worth about $26,000. High Point Wealth Management LLC acquired a new stake in shares of Pinnacle Financial Partners during the 4th quarter worth about $27,000. BOKF NA increased its position in shares of Pinnacle Financial Partners by 1,204.5% during the 3rd quarter. BOKF NA now owns 287 shares of the company’s stock worth $27,000 after purchasing an additional 265 shares during the last quarter. Activest Wealth Management acquired a new stake in shares of Pinnacle Financial Partners during the 4th quarter worth about $28,000. Finally, International Assets Investment Management LLC acquired a new stake in shares of Pinnacle Financial Partners during the 4th quarter worth about $33,000. 87.40% of the stock is owned by institutional investors and hedge funds.

Pinnacle Financial Partners Stock Performance

Shares of PNFP opened at $96.42 on Friday. The firm has a 50-day moving average of $94.26. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.42. The stock has a market cap of $7.48 billion, a PE ratio of 13.37, a PEG ratio of 0.35 and a beta of 1.04. 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 announced its quarterly earnings data 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. The business had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.20 billion. Pinnacle Financial Partners had a return on equity of 10.61% and a net margin of 15.02%. Analysts predict that Pinnacle Financial Partners, Inc. will post 10.34 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

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

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on PNFP shares. TD Cowen dropped their target price on Pinnacle Financial Partners from $125.00 to $121.00 and set a “buy” rating for the company in a research report on Monday, April 27th. Truist Financial lifted their target price 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. JPMorgan Chase & Co. lifted their target price on Pinnacle Financial Partners from $105.00 to $120.00 and gave the company an “overweight” rating in a research report on Friday, April 24th. Evercore reaffirmed an “outperform” rating and issued a $115.00 target price on shares of Pinnacle Financial Partners in a research report on Wednesday, April 29th. Finally, UBS Group lifted their target price 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. Two investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and seven have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target 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.