Jackson Thornton Wealth Management LLC Makes New $467,000 Investment in Pinnacle Financial Partners, Inc. $PNFP

Jackson Thornton Wealth Management LLC purchased a new stake in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) in the first quarter, HoldingsChannel.com reports. The fund purchased 5,050 shares of the company’s stock, valued at approximately $467,000.

A number of other institutional investors and hedge funds have also modified their holdings of the company. AQR Capital Management LLC raised its holdings in Pinnacle Financial Partners by 1,697.4% during the third quarter. AQR Capital Management LLC now owns 3,267,666 shares of the company’s stock worth $306,474,000 after purchasing an additional 3,085,867 shares during the last quarter. Nomura Holdings Inc. purchased a new position in shares of Pinnacle Financial Partners in the third quarter valued at $187,822,000. Alyeska Investment Group L.P. acquired a new position in shares of Pinnacle Financial Partners during the 4th quarter worth $159,545,000. Norges Bank purchased a new stake in shares of Pinnacle Financial Partners in the 4th quarter worth about $116,349,000. Finally, Wellington Management Group LLP grew its stake in Pinnacle Financial Partners by 42.2% in the 4th quarter. Wellington Management Group LLP now owns 3,067,116 shares of the company’s stock valued at $292,634,000 after acquiring an additional 910,367 shares during the last quarter. Institutional investors and hedge funds own 87.40% of the company’s stock.

Pinnacle Financial Partners Stock Up 0.6%

Shares of NYSE:PNFP opened at $100.87 on Wednesday. The stock has a market capitalization of $7.82 billion, a P/E ratio of 13.99, a P/E/G ratio of 0.38 and a beta of 1.04. The firm has a fifty day simple moving average of $97.25. Pinnacle Financial Partners, Inc. has a 52 week low of $81.08 and a 52 week high of $120.46. 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 issued its quarterly earnings results on Wednesday, April 22nd. The company reported $2.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 analyst estimates of $1.20 billion. Sell-side analysts expect that Pinnacle Financial Partners, Inc. will post 10.26 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Stockholders 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 annualized dividend and a dividend yield of 2.0%. Pinnacle Financial Partners’s payout ratio is currently 27.74%.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. UBS Group increased their price target on shares of Pinnacle Financial Partners from $110.00 to $120.00 and gave the company a “buy” rating in a research report on Friday, April 24th. Barclays cut their price objective on Pinnacle Financial Partners from $135.00 to $130.00 and set an “overweight” rating for the company in a research report on Tuesday, April 7th. Piper Sandler reiterated an “overweight” rating on shares of Pinnacle Financial Partners in a report on Wednesday, June 10th. Weiss Ratings raised Pinnacle Financial Partners from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, June 26th. Finally, Citigroup boosted their price target on Pinnacle Financial Partners from $122.00 to $126.00 and gave the stock a “buy” rating in a report on Thursday, June 25th. Three equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $116.89.

About Pinnacle Financial Partners

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.