Pinnacle Financial Partners, Inc. $PNFP Shares Bought by HB Wealth Management LLC

HB Wealth Management LLC grew its stake in Pinnacle Financial Partners, Inc. (NYSE:PNFP) by 96.1% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 17,475 shares of the company’s stock after buying an additional 8,565 shares during the quarter. HB Wealth Management LLC’s holdings in Pinnacle Financial Partners were worth $1,505,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in PNFP. Northwestern Mutual Wealth Management Co. lifted its stake in Pinnacle Financial Partners by 1.6% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 7,377 shares of the company’s stock worth $704,000 after acquiring an additional 116 shares during the last quarter. Villanova Investment Management Co LLC increased its position in shares of Pinnacle Financial Partners by 0.4% in the 4th quarter. Villanova Investment Management Co LLC now owns 28,511 shares of the company’s stock valued at $2,720,000 after purchasing an additional 118 shares during the last quarter. Diversified Trust Co. raised its holdings in shares of Pinnacle Financial Partners by 0.3% in the 4th quarter. Diversified Trust Co. now owns 54,349 shares of the company’s stock valued at $5,185,000 after purchasing an additional 137 shares in the last quarter. Whittier Trust Co. lifted its position in shares of Pinnacle Financial Partners by 10.1% during the 4th quarter. Whittier Trust Co. now owns 1,521 shares of the company’s stock worth $145,000 after purchasing an additional 140 shares during the last quarter. Finally, Graham Capital Management L.P. lifted its position in shares of Pinnacle Financial Partners by 0.7% during the 4th quarter. Graham Capital Management L.P. now owns 22,169 shares of the company’s stock worth $2,115,000 after purchasing an additional 146 shares during the last quarter. 87.40% of the stock is owned by institutional investors and hedge funds.

Pinnacle Financial Partners Stock Up 0.6%

Shares of NYSE PNFP opened at $100.87 on Wednesday. The firm has a 50-day moving average price of $97.25. The firm has a market cap of $7.82 billion, a PE ratio of 13.99, a PEG ratio of 0.38 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 quarterly earnings results on Wednesday, April 22nd. The company reported $2.39 EPS for the quarter, topping the consensus estimate 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 company had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.20 billion. Sell-side analysts anticipate that Pinnacle Financial Partners, Inc. will post 10.26 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

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

Analysts Set New Price Targets

Several research firms recently commented on PNFP. Citigroup increased their target price on Pinnacle Financial Partners from $122.00 to $126.00 and gave the company a “buy” rating in a report on Thursday, June 25th. Wall Street Zen raised Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a report on Tuesday, May 12th. Piper Sandler reaffirmed an “overweight” rating on shares of Pinnacle Financial Partners in a research report on Wednesday, June 10th. Robert W. Baird started coverage on Pinnacle Financial Partners in a report on Tuesday, May 19th. They issued an “outperform” rating and a $115.00 price objective on the stock. Finally, Weiss Ratings raised Pinnacle Financial Partners from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, June 26th. Three research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $116.89.

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.