Picton Mahoney Asset Management Grows Stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Key Points

• Picton Mahoney Asset Management increased its stake in Pinnacle Financial Partners by 2.8% during the first quarter, now holding 163,579 shares worth over $17 million.
• Several analysts have upgraded their ratings for Pinnacle Financial Partners, with estimates for a price target rising to as high as $130.00, reflecting positive sentiment in the market.
• Pinnacle Financial Partners announced a quarterly dividend of $0.24, resulting in an annualized dividend yield of 1.05% and a payout ratio of 12.73%.

Picton Mahoney Asset Management boosted its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 2.8% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 163,579 shares of the financial services provider's stock after acquiring an additional 4,392 shares during the quarter. Picton Mahoney Asset Management owned 0.21% of Pinnacle Financial Partners worth $17,345,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Golden State Wealth Management LLC bought a new stake in shares of Pinnacle Financial Partners during the 1st quarter valued at about $48,000. Kapitalo Investimentos Ltda bought a new stake in Pinnacle Financial Partners during the fourth quarter valued at approximately $78,000. UMB Bank n.a. increased its holdings in Pinnacle Financial Partners by 16.6% during the first quarter. UMB Bank n.a. now owns 858 shares of the financial services provider's stock valued at $91,000 after buying an additional 122 shares during the last quarter. GAMMA Investing LLC raised its position in Pinnacle Financial Partners by 51.7% in the first quarter. GAMMA Investing LLC now owns 1,616 shares of the financial services provider's stock worth $171,000 after acquiring an additional 551 shares during the period. Finally, Blair William & Co. IL bought a new position in Pinnacle Financial Partners in the fourth quarter worth approximately $200,000. Hedge funds and other institutional investors own 87.40% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on PNFP shares. Hovde Group upgraded Pinnacle Financial Partners from a "market perform" rating to an "outperform" rating and set a $111.00 price objective for the company in a research note on Wednesday, April 16th. JPMorgan Chase & Co. boosted their price target on Pinnacle Financial Partners from $115.00 to $125.00 and gave the company an "overweight" rating in a report on Tuesday, July 1st. Keefe, Bruyette & Woods raised their price objective on Pinnacle Financial Partners from $115.00 to $130.00 and gave the stock a "market perform" rating in a research note on Thursday, July 17th. Truist Financial reaffirmed a "buy" rating and set a $127.00 price objective (up from $123.00) on shares of Pinnacle Financial Partners in a research report on Friday, July 11th. Finally, UBS Group reiterated a "neutral" rating and set a $121.00 price objective on shares of Pinnacle Financial Partners in a research note on Wednesday, July 9th. Five equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, Pinnacle Financial Partners presently has an average rating of "Moderate Buy" and an average price target of $122.10.

Pinnacle Financial Partners Stock Up 0.3%

NASDAQ PNFP opened at $91.85 on Tuesday. Pinnacle Financial Partners, Inc. has a 12 month low of $81.57 and a 12 month high of $131.91. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.34. The stock has a market cap of $7.12 billion, a PE ratio of 12.18 and a beta of 1.01. The stock's 50 day moving average is $109.28 and its 200 day moving average is $108.96.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last released its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $2.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.92 by $0.08. Pinnacle Financial Partners had a net margin of 18.69% and a return on equity of 9.60%. The firm had revenue of $504.99 million for the quarter, compared to analysts' expectations of $495.27 million. During the same quarter last year, the business posted $1.63 earnings per share. The company's revenue for the quarter was up 15.1% compared to the same quarter last year. Research analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Friday, August 1st will be paid a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 1.05%. The ex-dividend date is Friday, August 1st. Pinnacle Financial Partners's payout ratio is currently 12.73%.

Pinnacle Financial Partners Profile

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.

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