Gabelli Funds LLC Makes New Investment in Pinnacle Financial Partners, Inc. $PNFP

Gabelli Funds LLC acquired a new stake in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) during the 1st quarter, according to its most recent disclosure with the SEC. The fund acquired 91,731 shares of the company’s stock, valued at approximately $7,902,000. Gabelli Funds LLC owned approximately 0.12% of Pinnacle Financial Partners as of its most recent filing with the SEC.

Several other institutional investors have also recently made changes to their positions in the company. AQR Capital Management LLC boosted its position in shares of 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 purchasing an additional 3,085,867 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Pinnacle Financial Partners by 80.4% in the first quarter. Dimensional Fund Advisors LP now owns 5,035,295 shares of the company’s stock worth $433,712,000 after purchasing an additional 2,244,659 shares during the period. Nomura Holdings Inc. bought a new position in Pinnacle Financial Partners in the third quarter worth $187,822,000. Alyeska Investment Group L.P. bought a new position in Pinnacle Financial Partners in the fourth quarter worth $159,545,000. Finally, Norges Bank purchased a new position in Pinnacle Financial Partners during the fourth quarter valued at $116,349,000. Institutional investors own 87.40% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on PNFP. Wall Street Zen upgraded shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a report on Tuesday, May 12th. Stephens set a $112.00 price target on shares of Pinnacle Financial Partners in a research report on Monday. JPMorgan Chase & Co. dropped their price objective on shares of Pinnacle Financial Partners from $125.00 to $120.00 and set an “overweight” rating on the stock in a research note on Friday. Benchmark cut their price objective on shares of Pinnacle Financial Partners from $132.00 to $125.00 and set a “buy” rating on the stock in a report on Friday. Finally, Robert W. Baird initiated coverage on shares of Pinnacle Financial Partners in a research note on Tuesday, May 19th. They set an “outperform” rating and a $115.00 target price for the company. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $116.82.

Pinnacle Financial Partners Stock Up 0.6%

Shares of PNFP opened at $103.22 on Tuesday. The company has a market capitalization of $8.01 billion, a P/E ratio of 14.18, a P/E/G ratio of 0.41 and a beta of 1.04. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.73. The firm’s 50 day moving average price is $98.07. Pinnacle Financial Partners, Inc. has a twelve month low of $81.08 and a twelve month high of $107.00.

Pinnacle Financial Partners (NYSE:PNFP) last released its quarterly earnings data on Wednesday, July 22nd. The company reported $2.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.46 by $0.04. Pinnacle Financial Partners had a return on equity of 10.93% and a net margin of 15.40%.The business had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.24 billion. On average, sell-side analysts expect that Pinnacle Financial Partners, Inc. will post 10.18 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Friday, August 7th will be issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend is Friday, August 7th. Pinnacle Financial Partners’s dividend payout ratio is presently 27.47%.

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.