Maverick Capital Ltd. Invests $1.38 Million in Pinnacle Financial Partners, Inc. $PNFP

Maverick Capital Ltd. acquired a new position in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) during the 1st quarter, Holdings Channel reports. The fund acquired 16,023 shares of the company’s stock, valued at approximately $1,380,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Yousif Capital Management LLC lifted its position in Pinnacle Financial Partners by 92.4% during the fourth quarter. Yousif Capital Management LLC now owns 46,456 shares of the company’s stock valued at $4,519,000 after purchasing an additional 22,306 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Pinnacle Financial Partners by 122.9% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 16,188 shares of the company’s stock valued at $1,544,000 after acquiring an additional 8,927 shares during the last quarter. M&T Bank Corp lifted its holdings in shares of Pinnacle Financial Partners by 283.3% in the 4th quarter. M&T Bank Corp now owns 27,583 shares of the company’s stock valued at $2,632,000 after acquiring an additional 20,386 shares during the last quarter. Impax Asset Management Group plc grew its position in Pinnacle Financial Partners by 21.0% in the fourth quarter. Impax Asset Management Group plc now owns 421,413 shares of the company’s stock worth $41,298,000 after acquiring an additional 73,176 shares in the last quarter. Finally, Anchor Investment Management LLC purchased a new position in Pinnacle Financial Partners in the first quarter worth about $1,156,000. 87.40% of the stock is currently owned by institutional investors.

Pinnacle Financial Partners Price Performance

Shares of NYSE:PNFP opened at $103.22 on Tuesday. Pinnacle Financial Partners, Inc. has a 1 year low of $81.08 and a 1 year high of $107.00. The company’s 50 day simple moving average is $98.07. The stock has a market capitalization of $8.01 billion, a price-to-earnings ratio of 14.18, a PEG ratio of 0.41 and a beta of 1.04. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.73.

Pinnacle Financial Partners (NYSE:PNFP) last issued its quarterly earnings results on Wednesday, July 22nd. The company reported $2.50 earnings per share for the quarter, topping the consensus estimate of $2.46 by $0.04. Pinnacle Financial Partners had a return on equity of 10.93% and a net margin of 15.40%.The firm had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. Equities research analysts expect that Pinnacle Financial Partners, Inc. will post 10.18 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

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

Analyst Upgrades and Downgrades

PNFP has been the topic of several analyst reports. DA Davidson boosted their price objective on Pinnacle Financial Partners from $109.00 to $112.00 and gave the stock a “neutral” rating in a research note on Friday. JPMorgan Chase & Co. lowered their price objective on Pinnacle Financial Partners from $125.00 to $120.00 and set an “overweight” rating for the company in a research note on Friday. Barclays dropped their target price on Pinnacle Financial Partners from $135.00 to $130.00 and set an “overweight” rating for the company in a report on Tuesday, April 7th. TD Cowen boosted their target price on Pinnacle Financial Partners from $116.00 to $119.00 and gave the company a “buy” rating in a research report on Monday. Finally, Robert W. Baird assumed coverage on Pinnacle Financial Partners in a report on Tuesday, May 19th. They set an “outperform” rating and a $115.00 price target on the stock. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $116.82.

Pinnacle Financial Partners 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.