Ellerson Group Inc. ADV Invests $4.78 Million in Pinnacle Financial Partners, Inc. $PNFP

Ellerson Group Inc. ADV acquired a new stake in Pinnacle Financial Partners, Inc. (NYSE:PNFP) in the 1st quarter, Holdings Channel reports. The fund acquired 55,499 shares of the company’s stock, valued at approximately $4,781,000. Pinnacle Financial Partners comprises approximately 3.1% of Ellerson Group Inc. ADV’s portfolio, making the stock its 11th largest holding.

A number of other hedge funds have also made changes to their positions in PNFP. Brown Brothers Harriman & Co. bought a new stake in shares of Pinnacle Financial Partners in the 3rd quarter worth $26,000. BOKF NA boosted its stake 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 buying an additional 265 shares in the last quarter. High Point Wealth Management LLC bought a new position in Pinnacle Financial Partners during the fourth quarter valued at about $27,000. Activest Wealth Management acquired a new position in Pinnacle Financial Partners during the fourth quarter worth about $28,000. Finally, CIBC Private Wealth Group LLC grew its holdings in Pinnacle Financial Partners by 175.6% during the fourth quarter. CIBC Private Wealth Group LLC now owns 339 shares of the company’s stock worth $32,000 after acquiring an additional 216 shares during the period. Institutional investors and hedge funds own 87.40% of the company’s stock.

Pinnacle Financial Partners Stock Up 0.5%

NYSE:PNFP opened at $100.66 on Wednesday. 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, Inc. has a 1-year low of $81.08 and a 1-year high of $119.85. The firm has a market cap of $7.81 billion, a price-to-earnings ratio of 13.96, a price-to-earnings-growth ratio of 0.40 and a beta of 1.04. The company has a fifty day moving average of $97.38.

Pinnacle Financial Partners (NYSE:PNFP) last issued its quarterly 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. The firm had revenue of $1.22 billion for 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 analysts predict that Pinnacle Financial Partners, Inc. will post 10.18 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Friday, May 1st were issued a dividend of $0.50 per share. 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 currently 27.74%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on PNFP. Truist Financial upped their price target on shares of Pinnacle Financial Partners from $114.00 to $115.00 and gave the company a “buy” rating in a report on Monday, May 11th. Evercore reaffirmed an “outperform” rating and issued a $120.00 price objective on shares of Pinnacle Financial Partners in a research note on Monday, July 6th. JPMorgan Chase & Co. lifted their price objective on shares of Pinnacle Financial Partners from $115.00 to $125.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 1st. Barclays dropped their target price on shares of Pinnacle Financial Partners from $135.00 to $130.00 and set an “overweight” rating on the stock in a report on Tuesday, April 7th. Finally, Benchmark began coverage on shares of Pinnacle Financial Partners in a report on Wednesday, June 24th. They set a “buy” rating and a $132.00 target price for the company. Three analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, Pinnacle Financial Partners presently has an average rating of “Moderate Buy” and an average price target of $116.89.

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.