Bank of New York Mellon Corp Trims Stock Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Bank of New York Mellon Corp lessened its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 3.2% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 597,444 shares of the financial services provider's stock after selling 19,847 shares during the quarter. Bank of New York Mellon Corp owned about 0.77% of Pinnacle Financial Partners worth $63,353,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Impax Asset Management Group plc bought a new stake in shares of Pinnacle Financial Partners during the 1st quarter worth $7,423,000. OneDigital Investment Advisors LLC increased its position in shares of Pinnacle Financial Partners by 10.9% during the 1st quarter. OneDigital Investment Advisors LLC now owns 6,471 shares of the financial services provider's stock valued at $686,000 after purchasing an additional 636 shares during the last quarter. Barlow Wealth Partners Inc. lifted its holdings in Pinnacle Financial Partners by 2.4% in the 1st quarter. Barlow Wealth Partners Inc. now owns 181,128 shares of the financial services provider's stock worth $18,163,000 after buying an additional 4,258 shares during the period. Principal Financial Group Inc. boosted its stake in Pinnacle Financial Partners by 3.9% in the 1st quarter. Principal Financial Group Inc. now owns 881,347 shares of the financial services provider's stock worth $93,458,000 after purchasing an additional 32,975 shares in the last quarter. Finally, Teacher Retirement System of Texas grew its holdings in shares of Pinnacle Financial Partners by 452.0% in the first quarter. Teacher Retirement System of Texas now owns 17,691 shares of the financial services provider's stock worth $1,876,000 after acquiring an additional 14,486 shares during the period. Institutional investors own 87.40% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on PNFP shares. Hovde Group upgraded Pinnacle Financial Partners from a "market perform" rating to an "outperform" rating and set a $111.00 target price on the stock in a research report on Wednesday, April 16th. Jefferies Financial Group assumed coverage on Pinnacle Financial Partners in a report on Wednesday, May 21st. They issued a "buy" rating and a $135.00 price objective on the stock. Truist Financial reissued a "buy" rating and issued a $127.00 target price (up previously from $123.00) on shares of Pinnacle Financial Partners in a research report on Friday. UBS Group reaffirmed a "neutral" rating and set a $121.00 price objective on shares of Pinnacle Financial Partners in a research report on Wednesday, July 9th. Finally, Barclays upped their price target on Pinnacle Financial Partners from $125.00 to $140.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. Four equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $124.82.

Pinnacle Financial Partners Price Performance

Shares of NASDAQ:PNFP traded down $4.03 during midday trading on Tuesday, reaching $115.01. 533,415 shares of the company's stock traded hands, compared to its average volume of 507,342. The company has a fifty day simple moving average of $108.98 and a two-hundred day simple moving average of $109.30. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.89 and a current ratio of 0.89. The company has a market cap of $8.92 billion, a P/E ratio of 18.61 and a beta of 1.01. Pinnacle Financial Partners, Inc. has a 1 year low of $81.57 and a 1 year high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last released its quarterly earnings results on Monday, April 14th. The financial services provider reported $1.90 EPS for the quarter, topping the consensus estimate of $1.82 by $0.08. Pinnacle Financial Partners had a return on equity of 9.29% and a net margin of 15.98%. The business had revenue of $475.37 million during the quarter, compared to analysts' expectations of $478.11 million. During the same quarter in the prior year, the business earned $1.53 earnings per share. Equities analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Profile

Pinnacle Financial Partners, Inc, together with its subsidiaries, operates as the bank holding company for Pinnacle Bank that provides various banking products and services to individuals, businesses, and professional entities in the United States. The company accepts various deposits, including savings, noninterest-bearing and interest-bearing checking, money market, and certificate of deposit accounts; and provides treasury management services, which includes online wire origination, enhanced ACH origination services, positive pay, zero balance and sweep accounts, automated bill pay services, electronic receivables processing, lockbox processing, and merchant card acceptance services.