Kestra Advisory Services LLC Grows Stock Position in Pinnacle Financial Partners, Inc. $PNFP

Key Points

• Kestra Advisory Services dramatically increased its stake in Pinnacle Financial Partners, boosting holdings by 4,809.1% in the first quarter to 20,029 shares worth about $1.73 million.
• Several other large institutional investors also raised their positions, and institutional ownership stands at 87.40% of the company’s shares.
• Pinnacle Financial Partners reported better-than-expected quarterly earnings, with EPS of $2.39 versus the $2.30 estimate and revenue of $1.22 billion, while analysts currently rate the stock Moderate Buy with an average target of $116.89.

Kestra Advisory Services LLC boosted its holdings in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP - Free Report) by 4,809.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 20,029 shares of the company's stock after buying an additional 19,621 shares during the quarter. Kestra Advisory Services LLC's holdings in Pinnacle Financial Partners were worth $1,725,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of PNFP. AQR Capital Management LLC lifted its position in Pinnacle Financial Partners by 63.1% during the fourth quarter. AQR Capital Management LLC now owns 5,330,170 shares of the company's stock valued at $508,551,000 after purchasing an additional 2,062,504 shares in the last quarter. State Street Corp increased its holdings in Pinnacle Financial Partners by 5.5% in the 4th quarter. State Street Corp now owns 3,451,939 shares of the company's stock worth $329,350,000 after acquiring an additional 179,819 shares in the last quarter. Wellington Management Group LLP boosted its holdings in Pinnacle Financial Partners by 42.2% in the 4th quarter. Wellington Management Group LLP now owns 3,067,116 shares of the company's stock worth $292,634,000 after buying an additional 910,367 shares during the period. Dimensional Fund Advisors LP raised its holdings in Pinnacle Financial Partners by 4.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,790,636 shares of the company's stock valued at $266,268,000 after acquiring an additional 110,465 shares during the period. Finally, Invesco Ltd. lifted its position in shares of Pinnacle Financial Partners by 9.6% in the fourth quarter. Invesco Ltd. now owns 2,188,080 shares of the company's stock valued at $208,765,000 after acquiring an additional 191,292 shares in the last quarter. Institutional investors own 87.40% of the company's stock.

Pinnacle Financial Partners Stock Performance

Shares of NYSE:PNFP opened at $99.49 on Tuesday. The stock's 50 day moving average is $97.58. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.42. Pinnacle Financial Partners, Inc. has a one year low of $81.08 and a one year high of $119.68. The stock has a market capitalization of $7.72 billion, a price-to-earnings ratio of 13.80, a PEG ratio of 0.40 and a beta of 1.04.

Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) last released its quarterly earnings results on Wednesday, April 22nd. The company reported $2.39 EPS for the quarter, topping 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 analyst estimates of $1.20 billion. Equities research analysts predict that Pinnacle Financial Partners, Inc. will post 10.18 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on PNFP shares. TD Cowen reduced their price objective on shares of Pinnacle Financial Partners from $125.00 to $121.00 and set a "buy" rating on the stock in a research report on Monday, April 27th. Weiss Ratings upgraded shares of Pinnacle Financial Partners from a "hold (c+)" rating to a "buy (b-)" rating in a report on Friday, June 26th. Barclays dropped their price objective on shares of Pinnacle Financial Partners from $135.00 to $130.00 and set an "overweight" rating for the company in a report on Tuesday, April 7th. Benchmark assumed coverage on shares of Pinnacle Financial Partners in a research note on Wednesday, June 24th. They set a "buy" rating and a $132.00 price target on the stock. Finally, UBS Group boosted their target price on shares of Pinnacle Financial Partners from $110.00 to $120.00 and gave the stock a "buy" rating in a report on Friday, April 24th. Three analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $116.89.

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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