Delta Global Management LP Makes New $607,000 Investment in Pinnacle Financial Partners, Inc. $PNFP

Delta Global Management LP bought a new position in Pinnacle Financial Partners, Inc. (NYSE:PNFP) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 6,361 shares of the company’s stock, valued at approximately $607,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Brown Brothers Harriman & Co. acquired a new position in shares of Pinnacle Financial Partners in the third quarter worth about $26,000. High Point Wealth Management LLC purchased a new stake in shares of Pinnacle Financial Partners in the fourth quarter valued at $27,000. BOKF NA lifted its holdings in shares of Pinnacle Financial Partners by 1,204.5% in the third quarter. BOKF NA now owns 287 shares of the company’s stock valued at $27,000 after purchasing an additional 265 shares in the last quarter. Activest Wealth Management purchased a new stake in shares of Pinnacle Financial Partners in the fourth quarter valued at $28,000. Finally, CIBC Private Wealth Group LLC lifted its holdings in shares of Pinnacle Financial Partners by 175.6% in the fourth 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 in the last quarter. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Pinnacle Financial Partners Trading Up 2.2%

Pinnacle Financial Partners stock opened at $98.20 on Wednesday. The company has a market cap of $7.62 billion, a P/E ratio of 13.62, a P/E/G ratio of 0.37 and a beta of 1.04. The firm’s fifty day simple moving average is $95.87. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.42. 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 issued its quarterly earnings data on Wednesday, April 22nd. The company reported $2.39 EPS for the quarter, beating analysts’ consensus estimates of $2.30 by $0.09. The business had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.20 billion. Pinnacle Financial Partners had a return on equity of 10.61% and a net margin of 15.02%. On average, equities research analysts predict that Pinnacle Financial Partners, Inc. will post 10.25 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

The business also recently disclosed 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 of this dividend 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 dividend payout ratio is currently 27.74%.

Wall Street Analyst Weigh In

PNFP has been the topic of a number of research reports. Truist Financial upped their target price on Pinnacle Financial Partners from $114.00 to $115.00 and gave the company a “buy” rating in a report on Monday, May 11th. UBS Group upped their target price on Pinnacle Financial Partners from $110.00 to $120.00 and gave the company a “buy” rating in a report on Friday, April 24th. Stephens boosted their price target on shares of Pinnacle Financial Partners from $95.00 to $109.00 and gave the company an “equal weight” rating in a report on Thursday, April 30th. Piper Sandler restated an “overweight” rating on shares of Pinnacle Financial Partners in a report on Wednesday, June 10th. Finally, JPMorgan Chase & Co. lowered their target price on Pinnacle Financial Partners from $120.00 to $115.00 and set an “overweight” rating on the stock in a research note on Wednesday, June 10th. Two equities 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 MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $114.88.

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.