31,702 Shares in Pinnacle Financial Partners, Inc. $PNFP Acquired by Welch Group LLC

Welch Group LLC bought a new stake in Pinnacle Financial Partners, Inc. (NYSE:PNFP) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 31,702 shares of the company’s stock, valued at approximately $2,731,000.

A number of other institutional investors also recently added to or reduced their stakes in PNFP. AQR Capital Management LLC lifted its position in shares of Pinnacle Financial Partners by 63.1% during the 4th quarter. AQR Capital Management LLC now owns 5,330,170 shares of the company’s stock worth $508,551,000 after purchasing an additional 2,062,504 shares during the last quarter. State Street Corp grew its stake in shares of Pinnacle Financial Partners by 5.5% during the fourth quarter. State Street Corp now owns 3,451,939 shares of the company’s stock worth $329,350,000 after purchasing an additional 179,819 shares in the last quarter. Wellington Management Group LLP increased its holdings in Pinnacle Financial Partners by 42.2% in the fourth quarter. Wellington Management Group LLP now owns 3,067,116 shares of the company’s stock valued at $292,634,000 after buying an additional 910,367 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in Pinnacle Financial Partners by 4.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,790,636 shares of the company’s stock valued at $266,268,000 after buying an additional 110,465 shares during the last quarter. Finally, Invesco Ltd. raised its stake in Pinnacle Financial Partners by 9.6% in the fourth quarter. Invesco Ltd. now owns 2,188,080 shares of the company’s stock valued at $208,765,000 after buying an additional 191,292 shares in the last quarter. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on PNFP. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Pinnacle Financial Partners in a research report on Thursday, June 4th. Piper Sandler restated an “overweight” rating on shares of Pinnacle Financial Partners in a research note on Wednesday, June 10th. Truist Financial upped their price target on Pinnacle Financial Partners from $114.00 to $115.00 and gave the company a “buy” rating in a report on Monday, May 11th. Wall Street Zen upgraded shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research note on Tuesday, May 12th. Finally, Robert W. Baird began coverage on shares of Pinnacle Financial Partners in a report on Tuesday, May 19th. They set an “outperform” rating and a $115.00 price objective on the stock. Three research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $116.06.

Pinnacle Financial Partners Stock Performance

Pinnacle Financial Partners stock opened at $101.15 on Friday. Pinnacle Financial Partners, Inc. has a fifty-two week low of $81.08 and a fifty-two week high of $120.46. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.90 and a quick ratio of 0.90. The stock has a market cap of $7.85 billion, a P/E ratio of 14.03, a P/E/G ratio of 0.38 and a beta of 1.04. The firm has a 50-day moving average price of $96.73.

Pinnacle Financial Partners (NYSE:PNFP) last released its quarterly earnings results on Wednesday, April 22nd. The company reported $2.39 earnings per share (EPS) 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 the consensus estimate of $1.20 billion. Pinnacle Financial Partners had a return on equity of 10.61% and a net margin of 15.02%. As a group, analysts forecast that Pinnacle Financial Partners, Inc. will post 10.24 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

The company also recently disclosed 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 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend was Friday, May 1st. Pinnacle Financial Partners’s dividend payout ratio 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.