Blue Trust Inc. Buys 63,476 Shares of Pinnacle Financial Partners, Inc. $PNFP

Blue Trust Inc. raised its stake in Pinnacle Financial Partners, Inc. (NYSE:PNFP) by 4,852.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 64,784 shares of the company’s stock after purchasing an additional 63,476 shares during the quarter. Blue Trust Inc.’s holdings in Pinnacle Financial Partners were worth $5,581,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently modified their holdings of PNFP. Brown Brothers Harriman & Co. purchased a new position in shares of Pinnacle Financial Partners during the third quarter valued at approximately $26,000. High Point Wealth Management LLC purchased a new stake in Pinnacle Financial Partners in the 4th quarter valued at $27,000. BOKF NA lifted its stake in Pinnacle Financial Partners by 1,204.5% during the 3rd quarter. BOKF NA now owns 287 shares of the company’s stock valued at $27,000 after acquiring an additional 265 shares in the last quarter. Activest Wealth Management purchased a new position in Pinnacle Financial Partners during the 4th quarter worth $28,000. Finally, CIBC Private Wealth Group LLC grew its stake in shares of Pinnacle Financial Partners by 175.6% in the 4th quarter. CIBC Private Wealth Group LLC now owns 339 shares of the company’s stock worth $32,000 after acquiring an additional 216 shares in the last quarter. Institutional investors own 87.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Wall Street Zen upgraded shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a report on Tuesday, May 12th. Truist Financial upped their price objective on shares of Pinnacle Financial Partners from $114.00 to $115.00 and gave the stock a “buy” rating in a research report on Monday, May 11th. Evercore reaffirmed an “outperform” rating and issued a $115.00 price objective on shares of Pinnacle Financial Partners in a research report on Wednesday, April 29th. Stephens increased their price objective on shares of Pinnacle Financial Partners from $95.00 to $109.00 and gave the company an “equal weight” rating in a research note on Thursday, April 30th. Finally, TD Cowen dropped their target price on shares of Pinnacle Financial Partners from $125.00 to $121.00 and set a “buy” rating on the stock in a research report on Monday, April 27th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $114.88.

Pinnacle Financial Partners Stock Performance

NYSE PNFP opened at $97.11 on Thursday. Pinnacle Financial Partners, Inc. has a 52-week low of $81.08 and a 52-week high of $120.46. The stock’s 50-day moving average is $96.49. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.90 and a quick ratio of 0.90. The stock has a market capitalization of $7.53 billion, a P/E ratio of 13.47, a PEG ratio of 0.37 and a beta of 1.04.

Pinnacle Financial Partners (NYSE:PNFP) last released its earnings results on Wednesday, April 22nd. The company reported $2.39 earnings per share for the quarter, beating analysts’ consensus estimates of $2.30 by $0.09. The firm had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.20 billion. Pinnacle Financial Partners had a net margin of 15.02% and a return on equity of 10.61%. As a group, analysts forecast that Pinnacle Financial Partners, Inc. will post 10.25 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Friday, May 1st were issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend was Friday, May 1st. Pinnacle Financial Partners’s payout ratio is 27.74%.

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.