Pinnacle Financial Partners, Inc. $PNFP Shares Purchased by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA lifted its holdings in Pinnacle Financial Partners, Inc. (NYSE:PNFP) by 192.9% in the fourth quarter, Holdings Channel reports. The firm owned 64,775 shares of the company’s stock after buying an additional 42,660 shares during the period. Pictet Asset Management Holding SA’s holdings in Pinnacle Financial Partners were worth $6,191,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. AQR Capital Management LLC lifted its position 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 acquiring an additional 3,085,867 shares during the period. Dimensional Fund Advisors LP lifted its position in Pinnacle Financial Partners by 6.5% during the 3rd quarter. Dimensional Fund Advisors LP now owns 2,680,171 shares of the company’s stock worth $251,376,000 after acquiring an additional 163,269 shares during the period. Wellington Management Group LLP lifted its position in Pinnacle Financial Partners by 51.1% during the 3rd quarter. Wellington Management Group LLP now owns 2,156,749 shares of the company’s stock worth $202,281,000 after acquiring an additional 728,975 shares during the period. Nomura Holdings Inc. acquired a new stake in Pinnacle Financial Partners during the 3rd quarter worth about $187,822,000. Finally, Bank of America Corp DE lifted its position in Pinnacle Financial Partners by 66.8% during the 3rd quarter. Bank of America Corp DE now owns 828,944 shares of the company’s stock worth $77,747,000 after acquiring an additional 332,092 shares during the period. Institutional investors and hedge funds own 87.40% of the company’s stock.

Wall Street Analysts Forecast Growth

PNFP has been the subject of a number of research reports. DA Davidson initiated coverage on Pinnacle Financial Partners in a research report on Monday, January 5th. They set a “neutral” rating and a $110.00 price target for the company. Evercore reaffirmed an “outperform” rating and set a $115.00 price target on shares of Pinnacle Financial Partners in a research report on Wednesday. Barclays lowered their price target 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. TD Cowen lowered their price target on 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. Finally, Stephens boosted their price objective on Pinnacle Financial Partners from $95.00 to $109.00 and gave the company an “equal weight” rating in a report on Thursday. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and seven have given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $114.25.

Insider Activity

In related news, CFO Andrew J. Jr. Gregory acquired 1,000 shares of the firm’s stock in a transaction dated Thursday, February 12th. The stock was acquired at an average price of $94.52 per share, with a total value of $94,520.00. Following the acquisition, the chief financial officer directly owned 49,485 shares in the company, valued at $4,677,322.20. This represents a 2.06% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 1.30% of the stock is currently owned by company insiders.

Pinnacle Financial Partners Price Performance

Shares of PNFP stock opened at $98.74 on Monday. The stock has a market capitalization of $7.66 billion, a PE ratio of 13.69, a P/E/G ratio of 0.37 and a beta of 1.06. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.42. Pinnacle Financial Partners, Inc. has a 52-week low of $81.08 and a 52-week high of $120.46.

Pinnacle Financial Partners (NYSE:PNFP) last issued its quarterly earnings data on Wednesday, April 22nd. The company reported $2.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.30 by $0.09. The business had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.20 billion. Pinnacle Financial Partners had a return on equity of 10.61% and a net margin of 15.02%. As a group, sell-side analysts expect that Pinnacle Financial Partners, Inc. will post 10.38 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 29th. Stockholders of record on Friday, May 1st will be issued a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend is Friday, May 1st. Pinnacle Financial Partners’s payout ratio is 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.