Ellerson Group Inc. ADV Takes Position in Pinnacle Financial Partners, Inc. $PNFP

Ellerson Group Inc. ADV purchased a new stake in Pinnacle Financial Partners, Inc. (NYSE:PNFP) in the 1st quarter, according to its most recent disclosure with the SEC. The fund purchased 55,499 shares of the company’s stock, valued at approximately $4,781,000. Pinnacle Financial Partners accounts for 3.1% of Ellerson Group Inc. ADV’s holdings, making the stock its 11th largest position. Ellerson Group Inc. ADV owned about 0.07% of Pinnacle Financial Partners as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Northwestern Mutual Wealth Management Co. boosted its stake in Pinnacle Financial Partners by 1.6% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 7,377 shares of the company’s stock valued at $704,000 after acquiring an additional 116 shares during the period. Villanova Investment Management Co LLC grew its holdings in shares of Pinnacle Financial Partners by 0.4% during the fourth quarter. Villanova Investment Management Co LLC now owns 28,511 shares of the company’s stock valued at $2,720,000 after purchasing an additional 118 shares during the last quarter. Simplicity Wealth LLC raised its position in shares of Pinnacle Financial Partners by 1.5% during the 1st quarter. Simplicity Wealth LLC now owns 9,155 shares of the company’s stock worth $789,000 after purchasing an additional 131 shares during the period. Diversified Trust Co. raised its position in shares of Pinnacle Financial Partners by 0.3% during the 4th quarter. Diversified Trust Co. now owns 54,349 shares of the company’s stock worth $5,185,000 after purchasing an additional 137 shares during the period. Finally, Whittier Trust Co. lifted its holdings in shares of Pinnacle Financial Partners by 10.1% in the 4th quarter. Whittier Trust Co. now owns 1,521 shares of the company’s stock worth $145,000 after purchasing an additional 140 shares during the last quarter. Institutional investors and hedge funds own 87.40% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently issued reports on PNFP. Piper Sandler restated an “overweight” rating on shares of Pinnacle Financial Partners in a research report on Wednesday, June 10th. Stephens increased their target price on Pinnacle Financial Partners from $95.00 to $109.00 and gave the stock an “equal weight” rating in a research report on Thursday, April 30th. Wall Street Zen upgraded Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research note on Tuesday, May 12th. TD Cowen reduced their price target on shares of Pinnacle Financial Partners from $125.00 to $121.00 and set a “buy” rating for the company in a report on Monday, April 27th. Finally, Weiss Ratings raised shares of Pinnacle Financial Partners from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, June 26th. Three investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $116.89.

Pinnacle Financial Partners Price Performance

Shares of PNFP stock opened at $100.66 on Wednesday. Pinnacle Financial Partners, Inc. has a 12-month low of $81.08 and a 12-month high of $119.85. 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 company has a market cap of $7.81 billion, a price-to-earnings ratio of 13.96, a price-to-earnings-growth ratio of 0.40 and a beta of 1.04. The business has a 50 day simple moving average of $97.38.

Pinnacle Financial Partners (NYSE:PNFP) last announced its earnings results on Wednesday, April 22nd. The company reported $2.39 earnings per share for the quarter, beating 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 for the quarter, compared to the consensus estimate of $1.20 billion. On average, equities analysts anticipate that Pinnacle Financial Partners, Inc. will post 10.18 EPS for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Friday, May 1st were paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date was Friday, May 1st. Pinnacle Financial Partners’s payout ratio is currently 27.74%.

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.