Bank of New York Mellon Corp Cuts Stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Bank of New York Mellon Corp reduced its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 3.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (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 Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Golden State Wealth Management LLC bought a new position in shares of Pinnacle Financial Partners during the 1st quarter valued at approximately $48,000. Kapitalo Investimentos Ltda bought a new stake in Pinnacle Financial Partners in the fourth quarter worth $78,000. UMB Bank n.a. lifted its position in Pinnacle Financial Partners by 16.6% in the first quarter. UMB Bank n.a. now owns 858 shares of the financial services provider's stock worth $91,000 after buying an additional 122 shares during the last quarter. GAMMA Investing LLC lifted its position in Pinnacle Financial Partners by 51.7% in the first quarter. GAMMA Investing LLC now owns 1,616 shares of the financial services provider's stock worth $171,000 after buying an additional 551 shares during the last quarter. Finally, Blair William & Co. IL bought a new stake in Pinnacle Financial Partners in the fourth quarter worth $200,000. 87.40% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on PNFP. UBS Group restated a "neutral" rating and issued a $121.00 price target on shares of Pinnacle Financial Partners in a research report on Wednesday. Keefe, Bruyette & Woods lowered their price target on Pinnacle Financial Partners from $130.00 to $115.00 and set a "market perform" rating for the company in a research report on Thursday, April 17th. Jefferies Financial Group began coverage on Pinnacle Financial Partners in a research report on Wednesday, May 21st. They issued a "buy" rating and a $135.00 price target for the company. JPMorgan Chase & Co. raised their price target on Pinnacle Financial Partners from $115.00 to $125.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 1st. Finally, Truist Financial raised their price target on Pinnacle Financial Partners from $123.00 to $127.00 and gave the stock a "buy" rating in a research report on Friday. Four equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $124.82.

Pinnacle Financial Partners Stock Performance

PNFP stock opened at $118.20 on Friday. The firm has a market cap of $9.17 billion, a price-to-earnings ratio of 19.13 and a beta of 1.01. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.37. Pinnacle Financial Partners, Inc. has a twelve month low of $81.57 and a twelve month high of $131.91. The business's fifty day simple moving average is $108.98 and its two-hundred day simple moving average is $109.38.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last announced its quarterly earnings results on Monday, April 14th. The financial services provider reported $1.90 EPS for the quarter, beating the consensus estimate of $1.82 by $0.08. The firm had revenue of $475.37 million for the quarter, compared to analyst estimates of $478.11 million. Pinnacle Financial Partners had a return on equity of 9.29% and a net margin of 15.98%. During the same quarter last year, the firm posted $1.53 earnings per share. Analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 30th. Stockholders of record on Friday, May 2nd were paid a dividend of $0.24 per share. The ex-dividend date of this dividend was Friday, May 2nd. This represents a $0.96 annualized dividend and a dividend yield of 0.81%. Pinnacle Financial Partners's dividend payout ratio is currently 15.53%.

Pinnacle Financial Partners Company 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.

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