14,343 Shares in Pinnacle Financial Partners, Inc. $PNFP Purchased by Emerald Mutual Fund Advisers Trust

Key Points

• Emerald Mutual Fund Advisers Trust initiated a new position in Pinnacle Financial Partners, buying 14,343 shares valued at about $1.24 million in the first quarter.
• The bank reported better-than-expected quarterly results, posting EPS of $2.39 versus estimates of $2.30 and revenue of $1.22 billion versus expectations of $1.20 billion.
• Wall Street sentiment remains constructive, with multiple analysts raising price targets and the stock carrying a Moderate Buy consensus target of $116.89.

Emerald Mutual Fund Advisers Trust bought a new stake in Pinnacle Financial Partners, Inc. (NYSE:PNFP - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 14,343 shares of the company's stock, valued at approximately $1,236,000.

Several other large investors have also recently bought and sold shares of the stock. Yousif Capital Management LLC boosted its holdings in shares of Pinnacle Financial Partners by 92.4% in the fourth quarter. Yousif Capital Management LLC now owns 46,456 shares of the company's stock valued at $4,519,000 after acquiring an additional 22,306 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its holdings in Pinnacle Financial Partners by 122.9% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 16,188 shares of the company's stock worth $1,544,000 after purchasing an additional 8,927 shares in the last quarter. Hudson Bay Capital Management LP bought a new stake in Pinnacle Financial Partners during the third quarter worth approximately $1,128,000. M&T Bank Corp lifted its position in Pinnacle Financial Partners by 283.3% in the fourth quarter. M&T Bank Corp now owns 27,583 shares of the company's stock worth $2,632,000 after purchasing an additional 20,386 shares during the period. Finally, Wealth Enhancement Advisory Services LLC lifted its position in Pinnacle Financial Partners by 96.2% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 92,374 shares of the company's stock worth $9,032,000 after purchasing an additional 45,301 shares during the period. Institutional investors and hedge funds own 87.40% of the company's stock.

Pinnacle Financial Partners Trading Up 0.5%

Shares of PNFP opened at $100.66 on Wednesday. The business has a 50-day moving average of $97.38. 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 stock has a market cap of $7.81 billion, a PE ratio of 13.96, a P/E/G ratio of 0.40 and a beta of 1.04. Pinnacle Financial Partners, Inc. has a 1-year low of $81.08 and a 1-year high of $119.85.

Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) last posted its quarterly earnings data on Wednesday, April 22nd. The company reported $2.39 EPS for the quarter, beating analysts' consensus estimates of $2.30 by $0.09. Pinnacle Financial Partners had a net margin of 15.02% and a return on equity of 10.61%. The company had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.20 billion. On average, research analysts predict that Pinnacle Financial Partners, Inc. will post 10.18 earnings per share for the current year.

Pinnacle Financial Partners Dividend Announcement

The company 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 dividend on an annualized basis and a dividend yield of 2.0%. Pinnacle Financial Partners's payout ratio is currently 27.74%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on PNFP. JPMorgan Chase & Co. increased their price target on Pinnacle Financial Partners from $115.00 to $125.00 and gave the company an "overweight" rating in a research note on Wednesday, July 1st. UBS Group boosted their price objective on Pinnacle Financial Partners from $110.00 to $120.00 and gave the stock a "buy" rating in a research note on Friday, April 24th. Evercore restated an "outperform" rating and issued a $120.00 price objective on shares of Pinnacle Financial Partners in a report on Monday, July 6th. Stephens raised their target price on Pinnacle Financial Partners from $95.00 to $109.00 and gave the company an "equal weight" rating in a research note on Thursday, April 30th. Finally, Barclays lowered their target price on Pinnacle Financial Partners from $135.00 to $130.00 and set an "overweight" rating on the stock in a report on Tuesday, April 7th. Three research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $116.89.

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.

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