Gamco Investors INC. ET AL Takes Position in Pinnacle Financial Partners, Inc. $PNFP

Key Points

• Gamco Investors opened a new position in Pinnacle Financial Partners during the first quarter, buying 130,933 shares valued at about $11.3 million.
• Pinnacle Financial Partners shares rose 2.7% to $102.53, and the stock has traded between $81.08 and $107.00 over the past year.
• The company beat quarterly earnings expectations, reporting $2.50 EPS versus $2.46 expected, while analysts currently rate the stock a Moderate Buy with a consensus target of $116.65.

Gamco Investors INC. ET AL acquired a new position in Pinnacle Financial Partners, Inc. (NYSE:PNFP - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 130,933 shares of the company's stock, valued at approximately $11,279,000. Gamco Investors INC. ET AL owned about 0.17% of Pinnacle Financial Partners at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of PNFP. AQR Capital Management LLC raised its position in shares of Pinnacle Financial Partners by 1,697.4% during the third quarter. AQR Capital Management LLC now owns 3,267,666 shares of the company's stock valued at $306,474,000 after buying an additional 3,085,867 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Pinnacle Financial Partners by 80.4% during the first quarter. Dimensional Fund Advisors LP now owns 5,035,295 shares of the company's stock worth $433,712,000 after buying an additional 2,244,659 shares in the last quarter. Nomura Holdings Inc. acquired a new stake in Pinnacle Financial Partners during the third quarter worth about $187,822,000. Alyeska Investment Group L.P. bought a new position in Pinnacle Financial Partners during the fourth quarter valued at about $159,545,000. Finally, Norges Bank bought a new position in Pinnacle Financial Partners during the fourth quarter valued at about $116,349,000. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Pinnacle Financial Partners Trading Up 2.7%

Shares of PNFP opened at $102.53 on Friday. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.90 and a current ratio of 0.94. The firm has a market cap of $7.95 billion, a PE ratio of 14.08, a PEG ratio of 0.41 and a beta of 1.04. Pinnacle Financial Partners, Inc. has a 1 year low of $81.08 and a 1 year high of $107.00. The stock has a 50 day moving average of $97.90.

Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) last announced its quarterly earnings results on Wednesday, July 22nd. The company reported $2.50 EPS for the quarter, beating the consensus estimate of $2.46 by $0.04. Pinnacle Financial Partners had a return on equity of 10.93% and a net margin of 15.40%.The business had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. On average, sell-side analysts forecast that Pinnacle Financial Partners, Inc. will post 10.18 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

PNFP has been the subject of a number of research reports. Evercore reiterated an "outperform" rating and issued a $120.00 price objective on shares of Pinnacle Financial Partners in a research report on Monday, July 6th. Weiss Ratings upgraded shares of Pinnacle Financial Partners from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Friday, June 26th. Truist Financial boosted 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. TD Cowen dropped their price objective on shares of Pinnacle Financial Partners from $125.00 to $121.00 and set a "buy" rating for the company in a research note on Monday, April 27th. Finally, Benchmark reduced their price objective 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 equities research 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 company. According to MarketBeat.com, Pinnacle Financial Partners currently has a consensus rating of "Moderate Buy" and a consensus target price of $116.65.

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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