Resona Asset Management Co. Ltd. Purchases New Holdings in Pinnacle Financial Partners, Inc. $PNFP

Resona Asset Management Co. Ltd. acquired a new position in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 43,283 shares of the company’s stock, valued at approximately $3,713,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of PNFP. Northwestern Mutual Wealth Management Co. increased its stake in shares of Pinnacle Financial Partners by 1.6% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 7,377 shares of the company’s stock valued at $704,000 after purchasing an additional 116 shares in the last quarter. Villanova Investment Management Co LLC grew its stake in shares of Pinnacle Financial Partners by 0.4% in the 4th quarter. Villanova Investment Management Co LLC now owns 28,511 shares of the company’s stock worth $2,720,000 after buying an additional 118 shares during the last quarter. Diversified Trust Co. grew its stake in shares of Pinnacle Financial Partners by 0.3% in the 4th quarter. Diversified Trust Co. now owns 54,349 shares of the company’s stock worth $5,185,000 after buying an additional 137 shares during the last quarter. Whittier Trust Co. increased its position in Pinnacle Financial Partners by 10.1% during the 4th quarter. Whittier Trust Co. now owns 1,521 shares of the company’s stock valued at $145,000 after buying an additional 140 shares in the last quarter. Finally, Graham Capital Management L.P. increased its position in Pinnacle Financial Partners by 0.7% during the 4th quarter. Graham Capital Management L.P. now owns 22,169 shares of the company’s stock valued at $2,115,000 after buying an additional 146 shares in the last quarter. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on PNFP shares. Robert W. Baird initiated coverage on Pinnacle Financial Partners in a report on Tuesday, May 19th. They issued an “outperform” rating and a $115.00 target price on the stock. Evercore reissued an “outperform” rating and set a $120.00 price objective on shares of Pinnacle Financial Partners in a research report on Monday, July 6th. UBS Group raised their price objective on shares of Pinnacle Financial Partners from $110.00 to $120.00 and gave the company a “buy” rating in a research note on Friday, April 24th. Barclays decreased their target price on shares of Pinnacle Financial Partners from $135.00 to $130.00 and set an “overweight” rating for the company in a report on Tuesday, April 7th. Finally, Citigroup increased their price target on shares of Pinnacle Financial Partners from $122.00 to $126.00 and gave the company a “buy” rating in a report on Thursday, June 25th. Three equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $116.89.

Pinnacle Financial Partners Trading Down 0.0%

Shares of PNFP opened at $100.45 on Monday. The company’s fifty day moving average is $97.33. The stock has a market cap of $7.79 billion, a price-to-earnings ratio of 13.93, a PEG ratio of 0.40 and a beta of 1.04. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.90 and a current ratio of 0.90. Pinnacle Financial Partners, Inc. has a 1-year low of $81.08 and a 1-year high of $119.98.

Pinnacle Financial Partners (NYSE:PNFP) last released its quarterly earnings results on Wednesday, April 22nd. The company reported $2.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $1.20 billion. As a group, research analysts forecast that Pinnacle Financial Partners, Inc. will post 10.19 EPS for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Friday, May 1st were given a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend was Friday, May 1st. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 27.74%.

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.