First Trust Advisors LP Has $57.23 Million Stock Position in Pinnacle Financial Partners, Inc. $PNFP

First Trust Advisors LP boosted its holdings in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP - Free Report) by 3.8% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 664,345 shares of the company's stock after purchasing an additional 24,041 shares during the period. First Trust Advisors LP owned about 0.86% of Pinnacle Financial Partners worth $57,227,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the business. ABN Amro Investment Solutions acquired a new position in shares of Pinnacle Financial Partners during the 1st quarter worth $475,000. PNC Financial Services Group Inc. boosted its stake in Pinnacle Financial Partners by 105.9% in the first quarter. PNC Financial Services Group Inc. now owns 10,495 shares of the company's stock valued at $904,000 after buying an additional 5,398 shares in the last quarter. Oslo Pensjonsforsikring AS bought a new position in Pinnacle Financial Partners in the first quarter valued at about $339,000. Andra AP fonden bought a new position in Pinnacle Financial Partners in the first quarter valued at about $7,382,000. Finally, Harbor Advisors LLC acquired a new position in Pinnacle Financial Partners during the first quarter worth about $1,034,000. Institutional investors and hedge funds own 87.40% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Wall Street Zen raised shares of Pinnacle Financial Partners from a "sell" rating to a "hold" rating in a report on Tuesday, May 12th. Stephens upped their price objective on shares of Pinnacle Financial Partners from $95.00 to $109.00 and gave the stock an "equal weight" rating in a research report on Thursday, April 30th. Truist Financial increased their price objective on shares of Pinnacle Financial Partners from $114.00 to $115.00 and gave the company a "buy" rating in a research note on Monday, May 11th. JPMorgan Chase & Co. decreased their target price on shares of Pinnacle Financial Partners from $125.00 to $120.00 and set an "overweight" rating on the stock in a research note on Friday. Finally, Benchmark lowered their price target on shares of Pinnacle Financial Partners from $132.00 to $125.00 and set a "buy" rating for the company in a report on Friday. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $116.65.

Pinnacle Financial Partners Stock Performance

Shares of NYSE PNFP opened at $102.53 on Monday. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.93 and a current ratio of 0.94. Pinnacle Financial Partners, Inc. has a 52-week low of $81.08 and a 52-week high of $107.00. The company has a 50 day simple moving average of $97.90. The firm has a market cap of $7.95 billion, a PE ratio of 14.08, a P/E/G ratio of 0.41 and a beta of 1.04.

Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) last released its quarterly earnings results on Wednesday, July 22nd. The company reported $2.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.46 by $0.04. The firm had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. Pinnacle Financial Partners had a net margin of 15.40% and a return on equity of 10.93%. Analysts predict that Pinnacle Financial Partners, Inc. will post 10.18 earnings per share for the current fiscal year.

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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