29,894 Shares in Pinnacle Financial Partners, Inc. $PNFP Acquired by Hsbc Holdings PLC

Hsbc Holdings PLC acquired a new position in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) in the 1st quarter, according to its most recent disclosure with the SEC. The fund acquired 29,894 shares of the company’s stock, valued at approximately $2,574,000.

Several other large investors have also recently bought and sold shares of the business. AQR Capital Management LLC lifted its holdings in Pinnacle Financial Partners by 1,697.4% during the 3rd quarter. AQR Capital Management LLC now owns 3,267,666 shares of the company’s stock worth $306,474,000 after buying an additional 3,085,867 shares during the last quarter. Nomura Holdings Inc. acquired a new stake in shares of Pinnacle Financial Partners during the 3rd quarter worth about $187,822,000. Alyeska Investment Group L.P. purchased a new stake in Pinnacle Financial Partners during the fourth quarter worth approximately $159,545,000. Norges Bank acquired a new position in Pinnacle Financial Partners in the fourth quarter valued at approximately $116,349,000. Finally, Wellington Management Group LLP increased its stake in Pinnacle Financial Partners by 42.2% in the fourth quarter. Wellington Management Group LLP now owns 3,067,116 shares of the company’s stock valued at $292,634,000 after purchasing an additional 910,367 shares during the last quarter. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Trading Up 2.7%

NYSE:PNFP opened at $102.53 on Friday. The firm has a market capitalization of $7.95 billion, a price-to-earnings ratio of 14.08, a P/E/G ratio of 0.41 and a beta of 1.04. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.90 and a current ratio of 0.94. The company has a 50 day moving average of $97.90. Pinnacle Financial Partners, Inc. has a 12-month low of $81.08 and a 12-month high of $107.00.

Pinnacle Financial Partners (NYSE:PNFP) last posted its quarterly earnings data on Wednesday, July 22nd. The company reported $2.50 earnings per share for the quarter, beating analysts’ consensus estimates of $2.46 by $0.04. The firm had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. Pinnacle Financial Partners had a net margin of 15.40% and a return on equity of 10.93%. Research analysts forecast that Pinnacle Financial Partners, Inc. will post 10.18 EPS for the current fiscal year.

Analysts Set New Price Targets

PNFP has been the topic of several research analyst reports. Truist Financial lifted their price target on shares of Pinnacle Financial Partners from $114.00 to $115.00 and gave the stock a “buy” rating in a research note on Monday, May 11th. TD Cowen dropped their price target on Pinnacle Financial Partners from $125.00 to $121.00 and set a “buy” rating on the stock in a research note on Monday, April 27th. Evercore reiterated an “outperform” rating and issued a $120.00 price objective on shares of Pinnacle Financial Partners in a research note on Monday, July 6th. Citigroup raised their target price on shares of Pinnacle Financial Partners from $122.00 to $126.00 and gave the stock a “buy” rating in a research report on Thursday, June 25th. Finally, Robert W. Baird started coverage on shares of Pinnacle Financial Partners in a research report on Tuesday, May 19th. They issued an “outperform” rating and a $115.00 price target for the company. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $116.65.

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.