Impax Asset Management Group plc Makes New $7.42 Million Investment in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Impax Asset Management Group plc purchased a new stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 70,000 shares of the financial services provider's stock, valued at approximately $7,423,000. Impax Asset Management Group plc owned 0.09% of Pinnacle Financial Partners as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Sage Mountain Advisors LLC grew its position in shares of Pinnacle Financial Partners by 0.3% in the 4th quarter. Sage Mountain Advisors LLC now owns 36,198 shares of the financial services provider's stock valued at $4,141,000 after acquiring an additional 99 shares during the period. Utah Retirement Systems grew its holdings in Pinnacle Financial Partners by 2.5% during the fourth quarter. Utah Retirement Systems now owns 4,090 shares of the financial services provider's stock worth $468,000 after purchasing an additional 100 shares during the period. Cahaba Wealth Management Inc. grew its holdings in Pinnacle Financial Partners by 1.7% during the fourth quarter. Cahaba Wealth Management Inc. now owns 6,625 shares of the financial services provider's stock worth $758,000 after purchasing an additional 113 shares during the period. Parallel Advisors LLC grew its holdings in Pinnacle Financial Partners by 5.7% during the first quarter. Parallel Advisors LLC now owns 2,143 shares of the financial services provider's stock worth $227,000 after purchasing an additional 116 shares during the period. Finally, Legacy Financial Advisors Inc. grew its holdings in Pinnacle Financial Partners by 5.3% during the fourth quarter. Legacy Financial Advisors Inc. now owns 2,414 shares of the financial services provider's stock worth $276,000 after purchasing an additional 122 shares during the period. Institutional investors and hedge funds own 87.40% of the company's stock.

Pinnacle Financial Partners Price Performance

Shares of PNFP stock traded up $0.83 during trading on Friday, hitting $117.83. The company had a trading volume of 381,903 shares, compared to its average volume of 510,446. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.89 and a current ratio of 0.89. The firm has a market capitalization of $9.14 billion, a P/E ratio of 19.07 and a beta of 1.01. The stock's 50-day moving average price is $107.34 and its 200 day moving average price is $109.16. Pinnacle Financial Partners, Inc. has a one year low of $76.75 and a one year high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last released its earnings results on Monday, April 14th. The financial services provider reported $1.90 earnings per share for the quarter, beating analysts' consensus estimates of $1.82 by $0.08. The firm had revenue of $475.37 million during the quarter, compared to the consensus estimate 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 period in the prior year, the company posted $1.53 EPS. Equities analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 30th. Investors of record on Friday, May 2nd were given 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 yield of 0.81%. Pinnacle Financial Partners's dividend payout ratio is 15.53%.

Analyst Ratings Changes

Several research analysts have recently commented on the company. JPMorgan Chase & Co. lifted their target price on Pinnacle Financial Partners from $115.00 to $125.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 1st. Barclays reduced their price objective on shares of Pinnacle Financial Partners from $135.00 to $125.00 and set an "overweight" rating for the company in a research report on Tuesday, April 8th. Truist Financial began coverage on shares of Pinnacle Financial Partners in a report on Tuesday, May 13th. They set a "buy" rating and a $123.00 target price for the company. Citigroup lifted their target price on shares of Pinnacle Financial Partners from $126.00 to $134.00 and gave the stock a "buy" rating in a report on Wednesday. Finally, Wells Fargo & Company reduced their price objective on Pinnacle Financial Partners from $125.00 to $105.00 and set an "equal weight" rating for the company in a report on Wednesday, April 9th. Four research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Pinnacle Financial Partners currently has an average rating of "Moderate Buy" and a consensus target price of $122.36.

About Pinnacle Financial Partners

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.