Sterling Capital Management LLC Grows Stake in Pinnacle Financial Partners, Inc. $PNFP

Sterling Capital Management LLC increased its position in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) by 1,333.5% in the 1st quarter, HoldingsChannel.com reports. The firm owned 60,808 shares of the company’s stock after acquiring an additional 56,566 shares during the period. Sterling Capital Management LLC’s holdings in Pinnacle Financial Partners were worth $5,238,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of PNFP. Goldman Sachs Group Inc. raised its stake in shares of Pinnacle Financial Partners by 6.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 651,268 shares of the company’s stock worth $69,060,000 after buying an additional 37,989 shares during the last quarter. Focus Partners Wealth increased its holdings in Pinnacle Financial Partners by 13.9% during the 1st quarter. Focus Partners Wealth now owns 4,755 shares of the company’s stock valued at $504,000 after acquiring an additional 581 shares in the last quarter. Amundi raised its position in Pinnacle Financial Partners by 25,700.0% during the second quarter. Amundi now owns 4,386 shares of the company’s stock worth $513,000 after acquiring an additional 4,369 shares during the last quarter. Jump Financial LLC acquired a new stake in shares of Pinnacle Financial Partners in the second quarter valued at approximately $229,000. Finally, Cerity Partners LLC increased its stake in shares of Pinnacle Financial Partners by 4.2% during the 2nd quarter. Cerity Partners LLC now owns 26,061 shares of the company’s stock worth $2,877,000 after purchasing an additional 1,039 shares in the last quarter. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have commented on PNFP shares. JPMorgan Chase & Co. lowered their target price on Pinnacle Financial Partners from $120.00 to $115.00 and set an “overweight” rating on the stock in a report on Wednesday, June 10th. Robert W. Baird assumed coverage on Pinnacle Financial Partners in a research report on Tuesday, May 19th. They issued an “outperform” rating and a $115.00 price objective on the stock. Benchmark initiated coverage on Pinnacle Financial Partners in a research note on Wednesday. They set a “buy” rating and a $132.00 price objective on the stock. TD Cowen dropped their price objective on Pinnacle Financial Partners from $125.00 to $121.00 and set a “buy” rating for the company in a research report on Monday, April 27th. Finally, UBS Group boosted their target price 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. Three investment 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 stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $116.06.

Pinnacle Financial Partners Stock Up 2.5%

PNFP stock opened at $101.15 on Friday. The firm has a market capitalization of $7.85 billion, a PE ratio of 14.03, a price-to-earnings-growth ratio of 0.39 and a beta of 1.04. The company has a quick ratio of 0.90, a current 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 business’s fifty day simple moving average is $96.73.

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, topping 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. As a group, analysts anticipate that Pinnacle Financial Partners, Inc. will post 10.24 earnings per share 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 paid a dividend of $0.50 per share. The ex-dividend date of this dividend was Friday, May 1st. This represents a $2.00 dividend on an annualized basis and a yield of 2.0%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is currently 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.