Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Shares Acquired by Bessemer Group Inc.

Bessemer Group Inc. increased its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 7.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 134,986 shares of the financial services provider’s stock after acquiring an additional 8,888 shares during the period. Bessemer Group Inc. owned about 0.17% of Pinnacle Financial Partners worth $11,594,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PNFP. Vanguard Group Inc. boosted its position in Pinnacle Financial Partners by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 7,161,175 shares of the financial services provider’s stock worth $624,598,000 after purchasing an additional 63,477 shares in the last quarter. Wasatch Advisors LP boosted its holdings in Pinnacle Financial Partners by 41.8% during the first quarter. Wasatch Advisors LP now owns 3,341,417 shares of the financial services provider’s stock worth $286,961,000 after buying an additional 985,694 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Pinnacle Financial Partners by 14.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,647,881 shares of the financial services provider’s stock valued at $230,951,000 after buying an additional 334,502 shares during the period. Jennison Associates LLC increased its holdings in Pinnacle Financial Partners by 2.4% in the first quarter. Jennison Associates LLC now owns 1,097,395 shares of the financial services provider’s stock valued at $94,244,000 after buying an additional 26,216 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of Pinnacle Financial Partners in the fourth quarter worth about $83,461,000. 87.40% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. Hovde Group cut their price target on Pinnacle Financial Partners from $104.00 to $99.00 and set an “outperform” rating for the company in a research note on Tuesday, April 23rd. Citigroup upped their target price on Pinnacle Financial Partners from $93.00 to $113.00 and gave the stock a “buy” rating in a research note on Thursday, July 18th. Jefferies Financial Group dropped their price target on shares of Pinnacle Financial Partners from $88.00 to $85.00 and set a “hold” rating on the stock in a research note on Monday, April 8th. Wells Fargo & Company upped their price objective on shares of Pinnacle Financial Partners from $90.00 to $100.00 and gave the stock an “overweight” rating in a research report on Thursday, July 18th. Finally, Truist Financial lifted their target price on shares of Pinnacle Financial Partners from $87.00 to $101.00 and gave the company a “buy” rating in a research report on Thursday, July 18th. One analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $99.00.

Pinnacle Financial Partners Price Performance

Shares of NASDAQ PNFP traded up $2.69 during mid-day trading on Thursday, reaching $96.85. The company’s stock had a trading volume of 39,548 shares, compared to its average volume of 459,020. The stock has a market capitalization of $7.48 billion, a P/E ratio of 13.47 and a beta of 1.08. Pinnacle Financial Partners, Inc. has a 1-year low of $59.66 and a 1-year high of $97.49. The stock has a 50-day moving average of $80.81 and a two-hundred day moving average of $82.29. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.90 and a current ratio of 0.90.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings data on Monday, April 22nd. The financial services provider reported $1.53 EPS for the quarter, beating analysts’ consensus estimates of $1.52 by $0.01. The company had revenue of $428.14 million during the quarter, compared to the consensus estimate of $413.27 million. Pinnacle Financial Partners had a net margin of 13.93% and a return on equity of 8.97%. On average, equities research analysts anticipate that Pinnacle Financial Partners, Inc. will post 6.73 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Friday, August 2nd will be issued a $0.22 dividend. The ex-dividend date of this dividend is Friday, August 2nd. This represents a $0.88 annualized dividend and a dividend yield of 0.91%. Pinnacle Financial Partners’s dividend payout ratio is presently 12.59%.

Pinnacle Financial Partners Profile

Pinnacle Financial Partners, Inc, together with its subsidiaries, operates as the bank holding company for Pinnacle Bank that provides various banking products and services to individuals, businesses, and professional entities in the United States. The company accepts various deposits, including savings, noninterest-bearing and interest-bearing checking, money market, and certificate of deposit accounts; and provides treasury management services, which includes online wire origination, enhanced ACH origination services, positive pay, zero balance and sweep accounts, automated bill pay services, electronic receivables processing, lockbox processing, and merchant card acceptance services.