Montgomery Investment Management Inc. Takes Position in Pinnacle Financial Partners, Inc. $PNFP

Montgomery Investment Management Inc. purchased a new stake in Pinnacle Financial Partners, Inc. (NYSE:PNFP) in the first quarter, Holdings Channel reports. The firm purchased 24,918 shares of the company’s stock, valued at approximately $2,146,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. AQR Capital Management LLC raised 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 valued at $306,474,000 after purchasing an additional 3,085,867 shares in the last quarter. Nomura Holdings Inc. purchased a new position in shares of Pinnacle Financial Partners during the third quarter valued at $187,822,000. Alyeska Investment Group L.P. bought a new stake in shares of Pinnacle Financial Partners in the fourth quarter valued at about $159,545,000. Norges Bank bought a new stake in shares of Pinnacle Financial Partners in the fourth quarter valued at about $116,349,000. Finally, Wellington Management Group LLP raised its holdings in shares of 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 acquiring an additional 910,367 shares in the last quarter. Institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Price Performance

Shares of PNFP stock opened at $101.15 on Friday. The company’s 50-day moving average is $96.73. Pinnacle Financial Partners, Inc. has a 1-year low of $81.08 and a 1-year 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. The company has a market capitalization of $7.85 billion, a P/E ratio of 14.03, a P/E/G ratio of 0.39 and a beta of 1.04.

Pinnacle Financial Partners (NYSE:PNFP) last announced its earnings results on Wednesday, April 22nd. The company reported $2.39 EPS for the quarter, topping analysts’ consensus estimates of $2.30 by $0.09. The business had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.20 billion. Pinnacle Financial Partners had a net margin of 15.02% and a return on equity of 10.61%. On average, analysts anticipate that Pinnacle Financial Partners, Inc. will post 10.24 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Friday, May 1st were given a $0.50 dividend. The ex-dividend date of this dividend was Friday, May 1st. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.0%. Pinnacle Financial Partners’s payout ratio is presently 27.74%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on PNFP. TD Cowen dropped their target price on shares of Pinnacle Financial Partners from $125.00 to $121.00 and set a “buy” rating on the stock in a report on Monday, April 27th. Truist Financial boosted their price target on shares of Pinnacle Financial Partners from $114.00 to $115.00 and gave the company a “buy” rating in a report on Monday, May 11th. Evercore reaffirmed an “outperform” rating and issued a $115.00 price target on shares of Pinnacle Financial Partners in a research report on Wednesday, April 29th. JPMorgan Chase & Co. dropped their price objective on shares of Pinnacle Financial Partners from $120.00 to $115.00 and set an “overweight” rating on the stock in a research note on Wednesday, June 10th. Finally, Benchmark started coverage on shares of Pinnacle Financial Partners in a report on Wednesday. They set 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 given a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $116.06.

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.