Harbor Advisors LLC Acquires New Position in Pinnacle Financial Partners, Inc. $PNFP

Harbor Advisors LLC bought a new position in Pinnacle Financial Partners, Inc. (NYSE:PNFP) in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 12,000 shares of the company’s stock, valued at approximately $1,034,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. AQR Capital Management LLC grew its position in Pinnacle Financial Partners by 1,697.4% during the third quarter. AQR Capital Management LLC now owns 3,267,666 shares of the company’s stock valued at $306,474,000 after acquiring an additional 3,085,867 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Pinnacle Financial Partners by 80.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 5,035,295 shares of the company’s stock worth $433,712,000 after acquiring an additional 2,244,659 shares during the last quarter. Nomura Holdings Inc. bought a new stake in shares of Pinnacle Financial Partners in the 3rd quarter worth approximately $187,822,000. Alyeska Investment Group L.P. purchased a new stake in shares of Pinnacle Financial Partners in the 4th quarter valued at $159,545,000. Finally, Norges Bank purchased a new stake in shares of Pinnacle Financial Partners in the 4th quarter valued at $116,349,000. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on PNFP shares. 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 report on Thursday, April 30th. Evercore restated an “outperform” rating and set a $120.00 price target on shares of Pinnacle Financial Partners in a research report on Monday, July 6th. TD Cowen reduced their price objective on Pinnacle Financial Partners from $125.00 to $121.00 and set a “buy” rating on the stock in a research note on Monday, April 27th. Citigroup raised their price objective on Pinnacle Financial Partners from $122.00 to $126.00 and gave the company a “buy” rating in a research note on Thursday, June 25th. Finally, Piper Sandler reiterated an “overweight” rating on shares of Pinnacle Financial Partners in a report on Wednesday, June 10th. Three investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $116.89.

Pinnacle Financial Partners Stock Performance

NYSE:PNFP opened at $100.94 on Monday. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.90 and a current ratio of 0.90. Pinnacle Financial Partners, Inc. has a fifty-two week low of $81.08 and a fifty-two week high of $119.85. The stock has a market capitalization of $7.83 billion, a price-to-earnings ratio of 14.00, a PEG ratio of 0.40 and a beta of 1.04. The company’s 50 day moving average is $97.53.

Pinnacle Financial Partners (NYSE:PNFP) last issued its 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 net margin of 15.02% and a return on equity of 10.61%. The company had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.20 billion. Research analysts predict that Pinnacle Financial Partners, Inc. will post 10.18 EPS for the current year.

Pinnacle Financial Partners Company 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.