Seneca House Advisors Takes Position in Pinnacle Financial Partners, Inc. $PNFP

Seneca House Advisors acquired a new stake in Pinnacle Financial Partners, Inc. (NYSE:PNFP) in the first quarter, Holdings Channel.com reports. The firm acquired 24,772 shares of the company’s stock, valued at approximately $2,134,000.

Several other hedge funds also recently bought and sold shares of the company. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its stake in Pinnacle Financial Partners by 97.6% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 37,719 shares of the company’s stock worth $3,249,000 after purchasing an additional 18,627 shares in the last quarter. Fifth Third Bancorp increased its holdings in shares of Pinnacle Financial Partners by 3,527.5% in the first quarter. Fifth Third Bancorp now owns 42,514 shares of the company’s stock worth $3,662,000 after purchasing an additional 41,342 shares during the period. Simplicity Wealth LLC increased its holdings in shares of Pinnacle Financial Partners by 1.5% in the first quarter. Simplicity Wealth LLC now owns 9,155 shares of the company’s stock worth $789,000 after purchasing an additional 131 shares during the period. Sequoia Financial Advisors LLC raised its position in shares of Pinnacle Financial Partners by 83.7% in the first quarter. Sequoia Financial Advisors LLC now owns 7,659 shares of the company’s stock worth $660,000 after buying an additional 3,489 shares in the last quarter. Finally, Hsbc Holdings PLC purchased a new stake in shares of Pinnacle Financial Partners in the first quarter worth $2,574,000. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Analysts Set New Price Targets

PNFP has been the subject of several recent analyst reports. UBS Group boosted their target price on Pinnacle Financial Partners from $110.00 to $120.00 and gave the stock a “buy” rating in a research report on Friday, April 24th. JPMorgan Chase & Co. raised their price target on Pinnacle Financial Partners from $115.00 to $125.00 and gave the company an “overweight” rating in a report on Wednesday, July 1st. Wall Street Zen upgraded Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research report on Tuesday, May 12th. Robert W. Baird began coverage on Pinnacle Financial Partners in a report on Tuesday, May 19th. They set an “outperform” rating and a $115.00 price objective for the company. Finally, Benchmark assumed coverage on shares of Pinnacle Financial Partners in a research report on Wednesday, June 24th. They issued a “buy” rating and a $132.00 price objective on the stock. Three investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $116.89.

Pinnacle Financial Partners Price Performance

NYSE PNFP traded up $0.08 during trading hours on Friday, reaching $100.45. 591,479 shares of the stock traded hands, compared to its average volume of 1,264,027. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.90 and a current ratio of 0.90. The firm has a 50 day moving average price of $97.33. Pinnacle Financial Partners, Inc. has a 1 year low of $81.08 and a 1 year high of $119.98. The firm has a market cap of $7.79 billion, a P/E ratio of 13.93, a price-to-earnings-growth ratio of 0.40 and a beta of 1.04.

Pinnacle Financial Partners (NYSE:PNFP) last announced its quarterly earnings data on Wednesday, April 22nd. The company reported $2.39 EPS for the quarter, beating the consensus estimate of $2.30 by $0.09. The firm had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.20 billion. Pinnacle Financial Partners had a return on equity of 10.61% and a net margin of 15.02%. On average, sell-side analysts forecast that Pinnacle Financial Partners, Inc. will post 10.19 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

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