Royal Bank of Canada Raises Position in Pinnacle Financial Partners, Inc. $PNFP

Royal Bank of Canada grew its holdings in Pinnacle Financial Partners, Inc. (NYSE:PNFP) by 271.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 205,064 shares of the company’s stock after acquiring an additional 149,881 shares during the period. Royal Bank of Canada’s holdings in Pinnacle Financial Partners were worth $17,665,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also modified their holdings of the company. AQR Capital Management LLC grew its stake in 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 in the last quarter. Dimensional Fund Advisors LP grew its position in shares of Pinnacle Financial Partners by 80.4% during the first quarter. Dimensional Fund Advisors LP now owns 5,035,295 shares of the company’s stock worth $433,712,000 after buying an additional 2,244,659 shares in the last quarter. State Street Corp increased 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 buying an additional 179,819 shares during the period. Wellington Management Group LLP raised 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 acquiring an additional 910,367 shares in the last quarter. Finally, Invesco Ltd. lifted 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 worth $208,765,000 after acquiring an additional 191,292 shares during the last quarter. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Pinnacle Financial Partners Stock Performance

PNFP opened at $106.35 on Friday. Pinnacle Financial Partners, Inc. has a one year low of $81.08 and a one year high of $110.33. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.94 and a quick ratio of 0.93. The firm has a market capitalization of $8.25 billion, a PE ratio of 14.61, a P/E/G ratio of 0.43 and a beta of 1.03. The business’s 50-day moving average price is $99.55.

Pinnacle Financial Partners (NYSE:PNFP) last released its quarterly earnings results on Wednesday, July 22nd. The company reported $2.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. On average, equities research analysts forecast that Pinnacle Financial Partners, Inc. will post 10.19 EPS for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

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

Wall Street Analyst Weigh In

A number of equities research analysts have commented on PNFP shares. DA Davidson increased their price objective on shares of Pinnacle Financial Partners from $109.00 to $112.00 and gave the company a “neutral” rating in a research report on Friday, July 24th. Truist Financial raised their price target on Pinnacle Financial Partners from $115.00 to $118.00 and gave the company a “buy” rating in a research note on Tuesday, July 28th. Piper Sandler upped their price objective on Pinnacle Financial Partners from $122.00 to $123.00 and gave the stock an “overweight” rating in a research report on Friday, July 24th. JPMorgan Chase & Co. cut their target price on Pinnacle Financial Partners from $125.00 to $120.00 and set an “overweight” rating on the stock in a research report on Friday, July 24th. Finally, Stephens set a $112.00 price target on Pinnacle Financial Partners in a report on Monday, July 27th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $117.29.

Insiders Place Their Bets

In other Pinnacle Financial Partners news, insider Robert A. Mccabe, Jr. acquired 10,013 shares of the stock in a transaction on Friday, July 24th. The shares were bought at an average cost of $99.90 per share, with a total value of $1,000,298.70. Following the transaction, the insider owned 324,233 shares of the company’s stock, valued at approximately $32,390,876.70. This trade represents a 3.19% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 1.30% of the stock is currently owned by corporate insiders.

Pinnacle Financial Partners 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.