OLD National Bancorp IN Acquires Shares of 23,519 Pinnacle Financial Partners, Inc. $PNFP

OLD National Bancorp IN acquired a new stake in Pinnacle Financial Partners, Inc. (NYSE:PNFP) during the first quarter, Holdings Channel.com reports. The firm acquired 23,519 shares of the company’s stock, valued at approximately $2,026,000.

Several other institutional investors have also modified their holdings of PNFP. Louisiana State Employees Retirement System acquired a new position in shares of Pinnacle Financial Partners during the first quarter worth $3,756,000. Silver Oak Securities Incorporated acquired a new stake in Pinnacle Financial Partners in the first quarter valued at $284,000. Kestra Private Wealth Services LLC acquired a new stake in Pinnacle Financial Partners in the first quarter valued at $217,000. Blue Trust Inc. lifted its holdings in Pinnacle Financial Partners by 4,852.9% during the 1st quarter. Blue Trust Inc. now owns 64,784 shares of the company’s stock worth $5,581,000 after buying an additional 63,476 shares during the last quarter. Finally, Fifth Third Wealth Advisors LLC lifted its holdings in Pinnacle Financial Partners by 120.7% during the 1st quarter. Fifth Third Wealth Advisors LLC now owns 5,268 shares of the company’s stock worth $454,000 after buying an additional 2,881 shares during the last quarter. 87.40% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PNFP has been the topic of several research analyst reports. Barclays cut their target price on Pinnacle Financial Partners from $135.00 to $130.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 7th. Citigroup upped their price target on Pinnacle Financial Partners from $122.00 to $126.00 and gave the company a “buy” rating in a report on Thursday. Wall Street Zen upgraded shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research note on Tuesday, May 12th. Piper Sandler restated an “overweight” rating on shares of Pinnacle Financial Partners in a research report on Wednesday, June 10th. Finally, UBS Group upped their target price on shares of Pinnacle Financial Partners from $110.00 to $120.00 and gave the company a “buy” rating in a report on Friday, April 24th. Three research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $116.06.

Pinnacle Financial Partners Stock Up 2.5%

PNFP opened at $101.15 on Friday. The firm has a market capitalization of $7.85 billion, a price-to-earnings ratio of 14.03, a price-to-earnings-growth ratio of 0.39 and a beta of 1.04. 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 price is $96.73. 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 (NYSE:PNFP) last posted its quarterly earnings data 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 business had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.20 billion. Equities analysts expect that Pinnacle Financial Partners, Inc. will post 10.24 EPS for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

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