Royal Bank of Canada Grows Position in Pinnacle Financial Partners, Inc. $PNFP

Royal Bank of Canada grew its holdings in Pinnacle Financial Partners, Inc. (NYSE:PNFP) by 271.6% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 205,064 shares of the company’s stock after buying an additional 149,881 shares during the period. Royal Bank of Canada owned 0.26% of Pinnacle Financial Partners worth $17,665,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. AQR Capital Management LLC grew its stake 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 valued at $306,474,000 after acquiring an additional 3,085,867 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Pinnacle Financial Partners by 80.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 5,035,295 shares of the company’s stock worth $433,712,000 after purchasing an additional 2,244,659 shares in the last quarter. Nomura Holdings Inc. acquired a new position in shares of Pinnacle Financial Partners during the 3rd quarter worth approximately $187,822,000. Alyeska Investment Group L.P. acquired a new position in shares of Pinnacle Financial Partners during the 4th quarter worth approximately $159,545,000. Finally, Norges Bank purchased a new stake in shares of Pinnacle Financial Partners in the fourth quarter valued at approximately $116,349,000. 87.40% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PNFP has been the subject of several recent research reports. UBS Group increased their price target on Pinnacle Financial Partners from $110.00 to $120.00 and gave the company a “buy” rating in a report on Friday, April 24th. Citigroup upped their target price on Pinnacle Financial Partners from $122.00 to $126.00 and gave the company a “buy” rating in a report on Thursday, June 25th. Truist Financial raised their target price on Pinnacle Financial Partners from $115.00 to $118.00 and gave the stock a “buy” rating in a research note on Tuesday, July 28th. Benchmark lifted their price target on Pinnacle Financial Partners from $125.00 to $130.00 and gave the stock a “buy” rating in a report on Wednesday. Finally, Stephens set a $112.00 price objective on shares of Pinnacle Financial Partners in a report on Monday, July 27th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Pinnacle Financial Partners currently has a consensus rating of “Moderate Buy” and a consensus price target of $117.29.

Insider Activity

In other news, insider Robert A. Mccabe, Jr. bought 10,013 shares of the firm’s stock in a transaction that occurred on Friday, July 24th. The shares were purchased at an average price of $99.90 per share, with a total value of $1,000,298.70. Following the purchase, the insider owned 324,233 shares in the company, valued at approximately $32,390,876.70. The trade was a 3.19% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 1.30% of the company’s stock.

Pinnacle Financial Partners Stock Down 0.9%

NYSE:PNFP opened at $106.35 on Friday. Pinnacle Financial Partners, Inc. has a 52 week low of $81.08 and a 52 week high of $110.33. The company has a fifty day simple moving average of $99.55. The stock has a market capitalization of $8.25 billion, a P/E ratio of 14.61, a P/E/G ratio of 0.43 and a beta of 1.03. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.94 and a quick ratio of 0.93.

Pinnacle Financial Partners (NYSE:PNFP) last released its quarterly earnings results on Wednesday, July 22nd. The company reported $2.50 earnings per share for the quarter, topping analysts’ consensus estimates of $2.46 by $0.04. The business had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.24 billion. Pinnacle Financial Partners had a return on equity of 10.93% and a net margin of 15.40%. Sell-side analysts anticipate that Pinnacle Financial Partners, Inc. will post 10.19 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Friday, August 7th will be issued a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 1.9%. The ex-dividend date is Friday, August 7th. Pinnacle Financial Partners’s payout ratio is currently 27.47%.

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.