Hsbc Holdings PLC Invests $2.57 Million in Pinnacle Financial Partners, Inc. $PNFP

Key Points

• HSBC Holdings PLC disclosed a new first-quarter stake in Pinnacle Financial Partners, buying 29,894 shares valued at about $2.57 million.
• Pinnacle Financial Partners posted better-than-expected quarterly earnings, reporting $2.50 per share versus the $2.46 consensus estimate, while revenue matched forecasts at $1.24 billion.
• Analysts remain generally positive on the stock, with a Moderate Buy consensus and an average target price of $116.65; several firms recently raised their price targets.

Hsbc Holdings PLC purchased a new stake in Pinnacle Financial Partners, Inc. (NYSE:PNFP - Free Report) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 29,894 shares of the company's stock, valued at approximately $2,574,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Brown Brothers Harriman & Co. purchased a new position in shares of Pinnacle Financial Partners during the 3rd quarter worth $26,000. High Point Wealth Management LLC purchased a new position in Pinnacle Financial Partners during the fourth quarter worth about $27,000. BOKF NA boosted its holdings in Pinnacle Financial Partners by 1,204.5% in the 3rd quarter. BOKF NA now owns 287 shares of the company's stock valued at $27,000 after purchasing an additional 265 shares during the last quarter. Activest Wealth Management purchased a new stake in shares of Pinnacle Financial Partners in the 4th quarter valued at approximately $28,000. Finally, CIBC Private Wealth Group LLC increased its holdings in shares of Pinnacle Financial Partners by 175.6% during the 4th quarter. CIBC Private Wealth Group LLC now owns 339 shares of the company's stock worth $32,000 after buying an additional 216 shares during the last quarter. Institutional investors and hedge funds own 87.40% of the company's stock.

Pinnacle Financial Partners Stock Performance

Shares of PNFP opened at $102.53 on Friday. The stock's 50-day simple moving average is $97.90. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.94 and a quick ratio of 0.90. Pinnacle Financial Partners, Inc. has a 1 year low of $81.08 and a 1 year high of $107.00. The firm has a market capitalization 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 (NYSE:PNFP - Get Free Report) last announced its earnings results on Wednesday, July 22nd. The company reported $2.50 earnings per share for the quarter, topping the consensus estimate of $2.46 by $0.04. Pinnacle Financial Partners had a net margin of 15.40% and a return on equity of 10.93%. The firm had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. On average, sell-side analysts predict that Pinnacle Financial Partners, Inc. will post 10.18 earnings per share for the current year.

Analyst Ratings Changes

Several research analysts recently weighed in on the company. Stephens increased their price objective on 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 raised their price objective on Pinnacle Financial Partners from $114.00 to $115.00 and gave the stock a "buy" rating in a research report on Monday, May 11th. Piper Sandler boosted their price objective on shares of Pinnacle Financial Partners from $122.00 to $123.00 and gave the company an "overweight" rating in a report on Friday. UBS Group lifted their price target on shares of Pinnacle Financial Partners from $110.00 to $120.00 and gave the company a "buy" rating in a research report on Friday, April 24th. Finally, Robert W. Baird assumed coverage on shares of Pinnacle Financial Partners in a research note on Tuesday, May 19th. They issued an "outperform" rating and a $115.00 price target on the stock. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have assigned a Hold rating to the company. Based on data from 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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