Anchor Investment Management LLC Makes New Investment in Pinnacle Financial Partners, Inc. $PNFP

Anchor Investment Management LLC bought a new position in Pinnacle Financial Partners, Inc. (NYSE:PNFP - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 13,414 shares of the company's stock, valued at approximately $1,156,000.

Several other hedge funds and other institutional investors also recently modified their holdings of PNFP. AQR Capital Management LLC grew its position in shares of Pinnacle Financial Partners by 63.1% in the fourth quarter. AQR Capital Management LLC now owns 5,330,170 shares of the company's stock valued at $508,551,000 after purchasing an additional 2,062,504 shares in the last quarter. State Street Corp grew its stake in Pinnacle Financial Partners by 5.5% during the fourth quarter. State Street Corp now owns 3,451,939 shares of the company's stock valued at $329,350,000 after acquiring an additional 179,819 shares in the last quarter. Wellington Management Group LLP grew its stake in Pinnacle Financial Partners by 42.2% during 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. Dimensional Fund Advisors LP increased its holdings in 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 acquiring an additional 110,465 shares during the period. Finally, Invesco Ltd. increased its holdings in Pinnacle Financial Partners by 9.6% during the 4th quarter. Invesco Ltd. now owns 2,188,080 shares of the company's stock worth $208,765,000 after acquiring an additional 191,292 shares during the period. Institutional investors own 87.40% of the company's stock.

Pinnacle Financial Partners Price Performance

NYSE:PNFP opened at $100.45 on Monday. The company has a market cap of $7.79 billion, a P/E ratio of 13.93, a price-to-earnings-growth ratio of 0.40 and a beta of 1.04. The stock has a 50 day moving average price of $97.33. 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 1-year low of $81.08 and a 1-year high of $119.98.

Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) last issued its quarterly earnings results on Wednesday, April 22nd. The company reported $2.39 EPS for the quarter, beating analysts' consensus estimates of $2.30 by $0.09. The business had revenue of $1.22 billion for the quarter, compared to analysts' expectations 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, sell-side analysts anticipate that Pinnacle Financial Partners, Inc. will post 10.19 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

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

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Truist Financial raised 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. Piper Sandler restated an "overweight" rating on shares of Pinnacle Financial Partners in a research note on Wednesday, June 10th. Wall Street Zen raised Pinnacle Financial Partners from a "sell" rating to a "hold" rating in a report on Tuesday, May 12th. Robert W. Baird assumed coverage on Pinnacle Financial Partners in a research report on Tuesday, May 19th. They set an "outperform" rating and a $115.00 price target for the company. Finally, Benchmark initiated coverage on shares of Pinnacle Financial Partners in a research report on Wednesday, June 24th. They issued a "buy" rating and a $132.00 price objective on the stock. Three analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $116.89.

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.

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