Maverick Capital Ltd. Takes Position in Pinnacle Financial Partners, Inc. $PNFP

Key Points

• Maverick Capital initiated a position in Pinnacle Financial Partners, purchasing 16,023 shares worth approximately $1.38 million. Institutional investors collectively own 87.4% of PNFP’s outstanding stock.
• Pinnacle reported quarterly EPS of $2.50, beating analyst expectations of $2.46, while revenue came in at $1.24 billion, in line with estimates.
• The company declared a quarterly dividend of $0.50 per share, equivalent to a 1.9% annual yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $116.82.

Maverick Capital Ltd. acquired a new stake in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 16,023 shares of the company's stock, valued at approximately $1,380,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PNFP. AQR Capital Management LLC lifted its holdings in 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 purchasing an additional 3,085,867 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Pinnacle Financial Partners by 80.4% in the first quarter. Dimensional Fund Advisors LP now owns 5,035,295 shares of the company's stock worth $433,712,000 after purchasing an additional 2,244,659 shares in the last quarter. Nomura Holdings Inc. purchased a new stake in shares of Pinnacle Financial Partners in the third quarter worth $187,822,000. Alyeska Investment Group L.P. bought a new stake in shares of Pinnacle Financial Partners during the 4th quarter valued at $159,545,000. Finally, Norges Bank bought a new stake in shares of Pinnacle Financial Partners during the 4th quarter valued at $116,349,000. 87.40% of the stock is owned by hedge funds and other institutional investors.

Pinnacle Financial Partners Stock Performance

PNFP opened at $103.22 on Tuesday. The stock has a market capitalization of $8.01 billion, a PE ratio of 14.18, a price-to-earnings-growth ratio of 0.41 and a beta of 1.04. The company's fifty day moving average is $98.07. Pinnacle Financial Partners, Inc. has a fifty-two week low of $81.08 and a fifty-two week high of $107.00. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.73.

Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) last announced its quarterly earnings results on Wednesday, July 22nd. The company reported $2.50 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.46 by $0.04. The company had revenue of $1.24 billion for 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%. On average, equities research analysts forecast that Pinnacle Financial Partners, Inc. will post 10.18 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Friday, August 7th will be given a dividend of $0.50 per share. The ex-dividend date is Friday, August 7th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.9%. Pinnacle Financial Partners's dividend payout ratio (DPR) is presently 27.47%.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on PNFP. TD Cowen upped their target price on shares of Pinnacle Financial Partners from $116.00 to $119.00 and gave the stock a "buy" rating in a report on Monday. Citigroup raised their price target on Pinnacle Financial Partners from $122.00 to $126.00 and gave the company a "buy" rating in a report on Thursday, June 25th. UBS Group boosted their price objective on Pinnacle Financial Partners from $110.00 to $120.00 and gave the company a "buy" rating in a research report on Friday, April 24th. Truist Financial upped their price objective on Pinnacle Financial Partners from $114.00 to $115.00 and gave the stock a "buy" rating in a research note on Monday, May 11th. Finally, Barclays cut their target price on Pinnacle Financial Partners from $135.00 to $130.00 and set an "overweight" rating for the company in a research report on Tuesday, April 7th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $116.82.

Pinnacle Financial Partners Company 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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