Montgomery Investment Management Inc. Acquires Shares of 24,918 Pinnacle Financial Partners, Inc. $PNFP

Montgomery Investment Management Inc. acquired a new position in Pinnacle Financial Partners, Inc. (NYSE:PNFP) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 24,918 shares of the company’s stock, valued at approximately $2,146,000.

A number of other large investors have also recently made changes to their positions in the business. Brown Brothers Harriman & Co. purchased a new position in Pinnacle Financial Partners in the third quarter worth about $26,000. High Point Wealth Management LLC bought a new stake in Pinnacle Financial Partners during the fourth quarter worth approximately $27,000. BOKF NA raised its position in Pinnacle Financial Partners by 1,204.5% during the third quarter. BOKF NA now owns 287 shares of the company’s stock valued at $27,000 after purchasing an additional 265 shares during the period. Activest Wealth Management bought a new stake in shares of Pinnacle Financial Partners in the 4th quarter valued at approximately $28,000. Finally, CIBC Private Wealth Group LLC lifted its stake in shares of Pinnacle Financial Partners by 175.6% in the 4th quarter. CIBC Private Wealth Group LLC now owns 339 shares of the company’s stock valued at $32,000 after purchasing an additional 216 shares during the last quarter. 87.40% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

PNFP has been the topic of several analyst reports. Piper Sandler reissued an “overweight” rating on shares of Pinnacle Financial Partners in a research report on Wednesday, June 10th. Evercore reaffirmed an “outperform” rating and set a $115.00 price objective on shares of Pinnacle Financial Partners in a research note on Wednesday, April 29th. Weiss Ratings upgraded shares of Pinnacle Financial Partners from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday. Citigroup boosted their price objective on shares of Pinnacle Financial Partners from $122.00 to $126.00 and gave the company a “buy” rating in a research report on Thursday. Finally, Truist Financial raised their target price on shares of Pinnacle Financial Partners from $114.00 to $115.00 and gave the stock a “buy” rating in a report on Monday, May 11th. Three investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $116.06.

Pinnacle Financial Partners Stock Up 2.5%

PNFP opened at $101.15 on Friday. The firm’s fifty day simple moving average is $96.73. The stock has a market cap of $7.85 billion, a PE ratio of 14.03, a P/E/G ratio of 0.39 and a beta of 1.04. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.42. Pinnacle Financial Partners, Inc. has a 52-week low of $81.08 and a 52-week high of $120.46.

Pinnacle Financial Partners (NYSE:PNFP) last released its earnings results on Wednesday, April 22nd. The company reported $2.39 earnings per share for the quarter, topping analysts’ consensus estimates of $2.30 by $0.09. Pinnacle Financial Partners had a return on equity of 10.61% and a net margin of 15.02%.The business had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.20 billion. Equities analysts anticipate that Pinnacle Financial Partners, Inc. will post 10.24 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Friday, May 1st were paid a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend was Friday, May 1st. Pinnacle Financial Partners’s dividend payout ratio (DPR) is currently 27.74%.

Pinnacle Financial Partners Company 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.