NFJ Investment Group LLC Reduces Position in Pinnacle Financial Partners, Inc. $PNFP

NFJ Investment Group LLC decreased its stake in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) by 2.7% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 453,444 shares of the company’s stock after selling 12,443 shares during the period. Pinnacle Financial Partners accounts for 1.6% of NFJ Investment Group LLC’s investment portfolio, making the stock its 14th biggest position. NFJ Investment Group LLC owned approximately 0.58% of Pinnacle Financial Partners worth $43,263,000 as of its most recent filing with the SEC.

Several other hedge funds also recently bought and sold shares of PNFP. Brown Brothers Harriman & Co. purchased a new position in Pinnacle Financial Partners during the third quarter worth $26,000. High Point Wealth Management LLC purchased a new position in Pinnacle Financial Partners during the fourth quarter worth $27,000. BOKF NA increased 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 worth $27,000 after buying an additional 265 shares in the last quarter. Activest Wealth Management purchased a new position in Pinnacle Financial Partners during the fourth quarter worth $28,000. Finally, CIBC Private Wealth Group LLC increased its position 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 buying an additional 216 shares in the last quarter. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Analysts Set New Price Targets

PNFP has been the subject of a number of recent analyst reports. Barclays lowered 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. TD Cowen lowered their price objective 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. Stephens lifted their price objective on Pinnacle Financial Partners from $95.00 to $109.00 and gave the company an “equal weight” rating in a research report on Thursday, April 30th. Truist Financial lifted their price objective 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. Finally, Robert W. Baird initiated coverage on Pinnacle Financial Partners in a research report on Tuesday, May 19th. They issued an “outperform” rating and a $115.00 price objective for the company. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and seven have issued a Hold rating to the company’s stock. According to MarketBeat, Pinnacle Financial Partners currently has an average rating of “Moderate Buy” and an average price target of $114.88.

Pinnacle Financial Partners Stock Up 2.6%

Shares of NYSE:PNFP opened at $96.17 on Friday. Pinnacle Financial Partners, Inc. has a 52 week low of $81.08 and a 52 week high of $120.46. The stock has a market capitalization of $7.46 billion, a P/E ratio of 13.34, a P/E/G ratio of 0.37 and a beta of 1.04. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.90 and a current ratio of 0.90. The firm has a fifty day simple moving average of $95.49.

Pinnacle Financial Partners (NYSE:PNFP) last issued its earnings results on Wednesday, April 22nd. The company reported $2.39 earnings per share for the quarter, beating 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 firm had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.20 billion. Sell-side analysts expect that Pinnacle Financial Partners, Inc. will post 10.25 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 29th. Investors 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 dividend on an annualized basis and a yield of 2.1%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 27.74%.

About Pinnacle Financial Partners

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.