Reliant Investment Management LLC Raises Stock Holdings in Pinnacle Financial Partners, Inc. $PNFP

Reliant Investment Management LLC increased its holdings in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) by 11.5% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 60,757 shares of the company’s stock after acquiring an additional 6,287 shares during the quarter. Pinnacle Financial Partners makes up about 2.5% of Reliant Investment Management LLC’s holdings, making the stock its 21st largest position. Reliant Investment Management LLC owned about 0.08% of Pinnacle Financial Partners worth $5,234,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Brown Brothers Harriman & Co. purchased a new stake in shares of Pinnacle Financial Partners during the 3rd quarter valued at $26,000. High Point Wealth Management LLC bought a new stake in shares of Pinnacle Financial Partners during the 4th quarter worth $27,000. BOKF NA boosted its holdings in shares of Pinnacle Financial Partners by 1,204.5% in the 3rd quarter. BOKF NA now owns 287 shares of the company’s stock worth $27,000 after buying an additional 265 shares during the last quarter. Activest Wealth Management purchased a new position in shares of Pinnacle Financial Partners in the 4th quarter worth about $28,000. Finally, CIBC Private Wealth Group LLC grew 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 valued at $32,000 after buying an additional 216 shares during the period. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Trading Down 0.1%

Shares of Pinnacle Financial Partners stock opened at $100.79 on Thursday. Pinnacle Financial Partners, Inc. has a 12-month low of $81.08 and a 12-month high of $120.46. The stock has a market capitalization of $7.82 billion, a P/E ratio of 13.98, a price-to-earnings-growth ratio of 0.39 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 stock has a 50-day moving average price of $97.02.

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 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 net margin of 15.02% and a return on equity of 10.61%. On average, sell-side analysts predict that Pinnacle Financial Partners, Inc. will post 10.24 earnings per share for the current year.

Pinnacle Financial Partners Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Friday, May 1st were given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date was Friday, May 1st. Pinnacle Financial Partners’s payout ratio is 27.74%.

Analysts Set New Price Targets

Several analysts have commented on the stock. Robert W. Baird began coverage on shares of Pinnacle Financial Partners in a research report on Tuesday, May 19th. They issued an “outperform” rating and a $115.00 price objective on the stock. Stephens increased their target price on shares of 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. Weiss Ratings upgraded shares of Pinnacle Financial Partners from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, June 26th. Barclays lowered their price target 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, Piper Sandler reiterated an “overweight” rating on shares of Pinnacle Financial Partners in a research note on Wednesday, June 10th. Three investment analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, Pinnacle Financial Partners currently has an average rating of “Moderate Buy” and an average target price of $116.61.

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.