Prudential PLC Boosts Stock Position in Pinnacle Financial Partners, Inc. $PNFP

Prudential PLC increased its stake in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) by 116.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 45,727 shares of the company’s stock after purchasing an additional 24,637 shares during the quarter. Prudential PLC owned approximately 0.06% of Pinnacle Financial Partners worth $4,363,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PNFP. Brown Brothers Harriman & Co. purchased a new stake in Pinnacle Financial Partners during the 3rd quarter worth about $26,000. High Point Wealth Management LLC purchased a new stake in Pinnacle Financial Partners during the 4th quarter worth about $27,000. BOKF NA increased its position in 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 in the last quarter. Activest Wealth Management purchased a new stake in Pinnacle Financial Partners during the 4th quarter worth about $28,000. Finally, International Assets Investment Management LLC purchased a new stake in Pinnacle Financial Partners during the 4th quarter worth about $33,000. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Price Performance

PNFP opened at $96.39 on Friday. 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 price-to-earnings-growth ratio of 0.37 and a beta of 1.04. The company has a 50-day simple moving average of $94.49. Pinnacle Financial Partners, Inc. has a 12 month low of $81.08 and a 12 month high of $120.46.

Pinnacle Financial Partners (NYSE:PNFP) last posted its quarterly earnings results on Wednesday, April 22nd. The company reported $2.39 EPS for the quarter, beating the consensus estimate of $2.30 by $0.09. The company 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%. Equities research analysts anticipate that Pinnacle Financial Partners, Inc. will post 10.34 earnings per share 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. The ex-dividend date was Friday, May 1st. This represents a $2.00 annualized dividend and a yield of 2.1%. Pinnacle Financial Partners’s payout ratio is 27.74%.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on PNFP. Robert W. Baird began coverage on Pinnacle Financial Partners in a research report on Tuesday, May 19th. They set an “outperform” rating and a $115.00 price objective for the company. Barclays dropped their price objective on Pinnacle Financial Partners from $135.00 to $130.00 and set an “overweight” rating for the company in a research report on Tuesday, April 7th. UBS Group lifted their price target on Pinnacle Financial Partners from $110.00 to $120.00 and gave the company a “buy” rating in a report on Friday, April 24th. Evercore restated an “outperform” rating and issued a $115.00 price target on shares of Pinnacle Financial Partners in a report on Wednesday, April 29th. Finally, JPMorgan Chase & Co. lifted their price target on Pinnacle Financial Partners from $105.00 to $120.00 and gave the company an “overweight” rating in a report on Friday, April 24th. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus 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.