277,799 Shares in Pinnacle Financial Partners, Inc. $PNFP Purchased by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. purchased a new stake in Pinnacle Financial Partners, Inc. (NYSE:PNFP) during the first quarter, HoldingsChannel.com reports. The firm purchased 277,799 shares of the company’s stock, valued at approximately $23,930,000.

Several other hedge funds have also recently bought and sold shares of the stock. AQR Capital Management LLC increased its position in Pinnacle Financial Partners by 63.1% during the 4th quarter. AQR Capital Management LLC now owns 5,330,170 shares of the company’s stock worth $508,551,000 after buying an additional 2,062,504 shares during the period. State Street Corp raised its stake in Pinnacle Financial Partners by 5.5% in the 4th quarter. State Street Corp now owns 3,451,939 shares of the company’s stock worth $329,350,000 after purchasing an additional 179,819 shares in the last quarter. Wellington Management Group LLP boosted its holdings in Pinnacle Financial Partners by 42.2% in the 4th 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 period. Dimensional Fund Advisors LP grew its position in shares of Pinnacle Financial Partners by 4.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,790,636 shares of the company’s stock worth $266,268,000 after purchasing an additional 110,465 shares in the last quarter. Finally, Invesco Ltd. increased its holdings in shares of Pinnacle Financial Partners by 9.6% during the fourth quarter. Invesco Ltd. now owns 2,188,080 shares of the company’s stock worth $208,765,000 after purchasing an additional 191,292 shares during the period. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Pinnacle Financial Partners Trading Down 0.4%

PNFP stock opened at $100.10 on Tuesday. The business has a 50-day moving average of $97.35. Pinnacle Financial Partners, Inc. has a 12 month low of $81.08 and a 12 month high of $119.98. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.90 and a quick ratio of 0.90. The company has a market capitalization of $7.76 billion, a PE ratio of 13.88, a P/E/G ratio of 0.40 and a beta of 1.04.

Pinnacle Financial Partners (NYSE:PNFP) last announced its quarterly earnings results 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 company had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.20 billion. Pinnacle Financial Partners had a net margin of 15.02% and a return on equity of 10.61%. As a group, equities analysts predict that Pinnacle Financial Partners, Inc. will post 10.19 EPS for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Friday, May 1st were issued a dividend of $0.50 per share. The ex-dividend date was Friday, May 1st. This represents a $2.00 annualized dividend and a dividend yield of 2.0%. Pinnacle Financial Partners’s dividend payout ratio is 27.74%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on PNFP. Truist Financial increased their price target on Pinnacle Financial Partners from $114.00 to $115.00 and gave the stock a “buy” rating in a research report on Monday, May 11th. Robert W. Baird initiated coverage on Pinnacle Financial Partners in a research report on Tuesday, May 19th. They set an “outperform” rating and a $115.00 target price for the company. Citigroup raised their price target on Pinnacle Financial Partners from $122.00 to $126.00 and gave the stock a “buy” rating in a research report on Thursday, June 25th. Benchmark assumed coverage on Pinnacle Financial Partners in a research note on Wednesday, June 24th. They issued a “buy” rating and a $132.00 price target for the company. Finally, Piper Sandler reaffirmed an “overweight” rating on shares of Pinnacle Financial Partners in a research report on Wednesday, June 10th. Three analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, Pinnacle Financial Partners currently has a consensus rating of “Moderate Buy” and an average target price of $116.89.

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.