Pictet Asset Management Holding SA Has $6.75 Million Position in Pinnacle Financial Partners, Inc. $PNFP

Pictet Asset Management Holding SA boosted its position in Pinnacle Financial Partners, Inc. (NYSE:PNFP) by 21.1% in the 1st quarter, HoldingsChannel.com reports. The firm owned 78,470 shares of the company’s stock after buying an additional 13,695 shares during the period. Pictet Asset Management Holding SA’s holdings in Pinnacle Financial Partners were worth $6,751,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Yousif Capital Management LLC increased its position in Pinnacle Financial Partners by 92.4% during the fourth quarter. Yousif Capital Management LLC now owns 46,456 shares of the company’s stock worth $4,519,000 after acquiring an additional 22,306 shares during the period. Northwestern Mutual Wealth Management Co. boosted its holdings in Pinnacle Financial Partners by 122.9% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 16,188 shares of the company’s stock valued at $1,544,000 after purchasing an additional 8,927 shares during the period. Hudson Bay Capital Management LP bought a new stake in Pinnacle Financial Partners in the 3rd quarter valued at about $1,128,000. Private Management Group Inc. grew its position in shares of Pinnacle Financial Partners by 96.4% during the 3rd quarter. Private Management Group Inc. now owns 245,160 shares of the company’s stock worth $22,994,000 after purchasing an additional 120,311 shares in the last quarter. Finally, Focus Partners Advisor Solutions LLC acquired a new position in shares of Pinnacle Financial Partners during the 3rd quarter worth approximately $1,051,000. 87.40% of the stock is owned by institutional investors and hedge funds.

Pinnacle Financial Partners Trading Down 0.1%

NYSE PNFP opened at $99.40 on Friday. 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 firm has a market cap of $7.71 billion, a price-to-earnings ratio of 13.79, a price-to-earnings-growth ratio of 0.38 and a beta of 1.04. The stock’s 50 day moving average price is $97.13. Pinnacle Financial Partners, Inc. has a 1 year low of $81.08 and a 1 year high of $120.46.

Pinnacle Financial Partners (NYSE:PNFP) last announced its quarterly earnings data on Wednesday, April 22nd. The company reported $2.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.30 by $0.09. Pinnacle Financial Partners had a net margin of 15.02% and a return on equity of 10.61%. The business had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.20 billion. On average, equities research analysts forecast that Pinnacle Financial Partners, Inc. will post 10.23 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. TD Cowen dropped 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 research report on Monday, April 27th. Benchmark began coverage on Pinnacle Financial Partners in a research report on Wednesday, June 24th. They set a “buy” rating and a $132.00 price target on the stock. Evercore restated an “outperform” rating and set a $115.00 price objective on shares of Pinnacle Financial Partners in a research note on Wednesday, April 29th. Truist Financial lifted their price objective on Pinnacle Financial Partners from $114.00 to $115.00 and gave the company a “buy” rating in a report on Monday, May 11th. Finally, Weiss Ratings upgraded Pinnacle Financial Partners from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, June 26th. Three research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $116.61.

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.