BloombergSen Inc. Decreases Position in Pinnacle Financial Partners, Inc. $PNFP

BloombergSen Inc. decreased its holdings in Pinnacle Financial Partners, Inc. (NYSE:PNFP) by 10.3% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 801,131 shares of the company’s stock after selling 92,127 shares during the period. Pinnacle Financial Partners makes up about 5.6% of BloombergSen Inc.’s portfolio, making the stock its 9th biggest position. BloombergSen Inc.’s holdings in Pinnacle Financial Partners were worth $76,436,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. AQR Capital Management LLC increased its stake in shares of Pinnacle Financial Partners by 1,697.4% in the 3rd 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 during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Pinnacle Financial Partners by 6.5% in the 3rd quarter. Dimensional Fund Advisors LP now owns 2,680,171 shares of the company’s stock valued at $251,376,000 after purchasing an additional 163,269 shares during the last quarter. Wellington Management Group LLP boosted its holdings in shares of Pinnacle Financial Partners by 51.1% during the 3rd quarter. Wellington Management Group LLP now owns 2,156,749 shares of the company’s stock valued at $202,281,000 after acquiring an additional 728,975 shares in the last quarter. Nomura Holdings Inc. acquired a new stake in shares of Pinnacle Financial Partners during the 3rd quarter valued at $187,822,000. Finally, Bank of America Corp DE boosted its holdings in shares of Pinnacle Financial Partners by 66.8% during the 3rd quarter. Bank of America Corp DE now owns 828,944 shares of the company’s stock valued at $77,747,000 after acquiring an additional 332,092 shares in the last quarter. Institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Trading Down 0.2%

Shares of PNFP opened at $97.12 on Friday. The firm has a market cap of $7.53 billion, a P/E ratio of 13.47, a PEG ratio of 0.37 and a beta of 1.06. Pinnacle Financial Partners, Inc. has a 12 month low of $81.08 and a 12 month high of $120.46. The stock’s 50-day moving average is $91.84. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.90 and a quick ratio of 0.90.

Pinnacle Financial Partners (NYSE:PNFP) last posted its quarterly earnings data on Wednesday, April 22nd. The company reported $2.39 earnings per share 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 firm had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.20 billion. Equities research analysts predict that Pinnacle Financial Partners, Inc. will post 10.34 EPS for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 29th. Stockholders of record on Friday, May 1st will be given a $0.50 dividend. The ex-dividend date of this dividend is Friday, May 1st. This represents a $2.00 annualized dividend and a dividend yield of 2.1%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 27.74%.

Analyst Ratings Changes

Several research firms recently weighed in on PNFP. Piper Sandler raised their price objective on Pinnacle Financial Partners from $120.00 to $122.00 and gave the company an “overweight” rating in a report on Wednesday, January 28th. Barclays cut their price objective on Pinnacle Financial Partners from $135.00 to $130.00 and set an “overweight” rating on the stock in a report on Tuesday, April 7th. Truist Financial raised their price objective on Pinnacle Financial Partners from $114.00 to $115.00 and gave the company a “buy” rating in a report on Monday, May 11th. Weiss Ratings began coverage on Pinnacle Financial Partners in a report on Monday, March 9th. They set a “hold (c+)” rating on the stock. Finally, Citigroup raised their price objective on Pinnacle Financial Partners from $118.00 to $122.00 and gave the company a “buy” rating in a report on Monday, January 26th. Two equities 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 data from MarketBeat.com, Pinnacle Financial Partners has an average rating of “Moderate Buy” and an average price target of $115.18.

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.