Private Management Group Inc. Has $27.25 Million Holdings in Pinnacle Financial Partners, Inc. $PNFP

Private Management Group Inc. lifted its position in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) by 16.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 285,567 shares of the company’s stock after purchasing an additional 40,407 shares during the quarter. Private Management Group Inc.’s holdings in Pinnacle Financial Partners were worth $27,246,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of the company. Picton Mahoney Asset Management acquired a new stake in shares of Pinnacle Financial Partners during the 4th quarter worth approximately $1,180,000. Janney Montgomery Scott LLC acquired a new stake in shares of Pinnacle Financial Partners during the 4th quarter worth approximately $1,065,000. Deutsche Bank AG grew its holdings in shares of Pinnacle Financial Partners by 1,098.5% during the 4th quarter. Deutsche Bank AG now owns 145,027 shares of the company’s stock worth $13,837,000 after purchasing an additional 132,926 shares in the last quarter. Fox Run Management L.L.C. grew its holdings in shares of Pinnacle Financial Partners by 7.2% during the 4th quarter. Fox Run Management L.L.C. now owns 5,064 shares of the company’s stock worth $483,000 after purchasing an additional 341 shares in the last quarter. Finally, Waddell & Associates LLC grew its holdings in shares of Pinnacle Financial Partners by 108.6% during the 4th quarter. Waddell & Associates LLC now owns 5,351 shares of the company’s stock worth $511,000 after purchasing an additional 2,786 shares in the last quarter. Institutional investors and hedge funds own 87.40% of the company’s stock.

Pinnacle Financial Partners Stock Performance

Shares of PNFP opened at $93.90 on Friday. The company has a fifty day simple moving average of $95.32. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.42. Pinnacle Financial Partners, Inc. has a 52-week low of $81.08 and a 52-week high of $120.46. The company has a market cap of $7.28 billion, a P/E ratio of 13.02, a price-to-earnings-growth ratio of 0.35 and a beta of 1.04.

Pinnacle Financial Partners (NYSE:PNFP) last issued its quarterly earnings data on Wednesday, April 22nd. The company reported $2.39 earnings per share (EPS) 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 during the quarter, compared to the consensus estimate of $1.20 billion. As a group, research analysts predict that Pinnacle Financial Partners, Inc. will post 10.3 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

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

Analyst Ratings Changes

Several analysts recently commented on PNFP shares. Truist Financial boosted their price target on Pinnacle Financial Partners from $114.00 to $115.00 and gave the company a “buy” rating in a research note on Monday, May 11th. Robert W. Baird started coverage on Pinnacle Financial Partners in a research note on Tuesday, May 19th. They issued an “outperform” rating and a $115.00 price target on the stock. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Pinnacle Financial Partners in a research note on Thursday, June 4th. JPMorgan Chase & Co. decreased their price target on Pinnacle Financial Partners from $120.00 to $115.00 and set an “overweight” rating on the stock in a research note on Wednesday. Finally, UBS Group boosted their price target on Pinnacle Financial Partners from $110.00 to $120.00 and gave the company a “buy” rating in a research note on Friday, April 24th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat.com, Pinnacle Financial Partners currently has an average rating of “Moderate Buy” and an average target price of $114.88.

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.