BloombergSen Inc. Cuts Holdings in Pinnacle Financial Partners, Inc. $PNFP

Key Points

• BloombergSen Inc. cut its stake in Pinnacle Financial Partners by 10.3% in the fourth quarter, selling 92,127 shares and leaving it with 801,131 shares valued at about $76.4 million.
• Pinnacle Financial Partners reported stronger-than-expected quarterly results, with EPS of $2.39 beating estimates and revenue of $1.22 billion topping forecasts. The company also posted a 10.61% return on equity and a 15.02% net margin.
• The company announced a quarterly dividend of $0.50 per share, payable May 29, for an annualized payout of $2.00 and a yield of 2.1%. Analysts remain moderately positive overall, with an average price target of $115.18.

BloombergSen Inc. trimmed its stake in Pinnacle Financial Partners, Inc. (NYSE:PNFP - Free Report) by 10.3% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 801,131 shares of the company's stock after selling 92,127 shares during the period. Pinnacle Financial Partners accounts for about 5.6% of BloombergSen Inc.'s investment portfolio, making the stock its 9th largest position. BloombergSen Inc. owned approximately 1.03% of Pinnacle Financial Partners worth $76,436,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in PNFP. Global Retirement Partners LLC grew its holdings in Pinnacle Financial Partners by 222.4% in the 4th quarter. Global Retirement Partners LLC now owns 1,583 shares of the company's stock valued at $151,000 after buying an additional 1,092 shares during the last quarter. IFP Advisors Inc grew its holdings in Pinnacle Financial Partners by 64.5% in the 4th quarter. IFP Advisors Inc now owns 640 shares of the company's stock valued at $61,000 after buying an additional 251 shares during the last quarter. Covestor Ltd grew its holdings in Pinnacle Financial Partners by 81.7% in the 4th quarter. Covestor Ltd now owns 614 shares of the company's stock valued at $58,000 after buying an additional 276 shares during the last quarter. PNC Financial Services Group Inc. grew its holdings in Pinnacle Financial Partners by 3.2% in the 4th quarter. PNC Financial Services Group Inc. now owns 5,097 shares of the company's stock valued at $486,000 after buying an additional 158 shares during the last quarter. Finally, Handelsbanken Fonder AB grew its holdings in shares of Pinnacle Financial Partners by 1.6% during the 4th quarter. Handelsbanken Fonder AB now owns 19,195 shares of the company's stock worth $1,831,000 after purchasing an additional 300 shares in the last quarter. 87.40% of the stock is owned by institutional investors.

Pinnacle Financial Partners Trading Down 0.2%

NYSE PNFP opened at $97.12 on Friday. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.42. The company has a market capitalization of $7.53 billion, a P/E ratio of 13.47, a PEG ratio of 0.37 and a beta of 1.06. Pinnacle Financial Partners, Inc. has a 12 month low of $81.08 and a 12 month high of $120.46. The firm has a 50-day moving average of $91.84.

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 the consensus estimate of $2.30 by $0.09. Pinnacle Financial Partners had a return on equity of 10.61% and a net margin of 15.02%.The firm had revenue of $1.22 billion during the quarter, compared to analysts' expectations of $1.20 billion. As a group, sell-side analysts predict that Pinnacle Financial Partners, Inc. will post 10.34 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 29th. Shareholders of record on Friday, May 1st will be paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date is Friday, May 1st. Pinnacle Financial Partners's dividend payout ratio (DPR) is 27.74%.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. Barclays decreased their price objective 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. 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 report on Tuesday. They set an "outperform" rating and a $115.00 price objective on the stock. Piper Sandler lifted their price objective on Pinnacle Financial Partners from $120.00 to $122.00 and gave the stock an "overweight" rating in a report on Wednesday, January 28th. Finally, JPMorgan Chase & Co. raised their target price on Pinnacle Financial Partners from $105.00 to $120.00 and gave the stock an "overweight" rating in a research report on Friday, April 24th. Two analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat, Pinnacle Financial Partners has an average rating of "Moderate Buy" and an average price target of $115.18.

About Pinnacle Financial Partners

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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