Resona Asset Management Co. Ltd. Makes New $3.71 Million Investment in Pinnacle Financial Partners, Inc. $PNFP

Key Points

• Resona Asset Management disclosed a new stake in Pinnacle Financial Partners, buying 43,283 shares valued at about $3.71 million in the first quarter.
• Institutional ownership remains heavy, with investors like AQR Capital Management, Nomura, Alyeska, Norges Bank, and Wellington Management making large additions or new purchases; institutions now hold 87.4% of the stock.
• Pinnacle Financial Partners reported solid quarterly results, beating EPS and revenue expectations, while analysts maintain a Moderate Buy consensus with an average price target of $116.89.

Resona Asset Management Co. Ltd. purchased a new stake in Pinnacle Financial Partners, Inc. (NYSE:PNFP - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 43,283 shares of the company's stock, valued at approximately $3,713,000. Resona Asset Management Co. Ltd. owned 0.06% of Pinnacle Financial Partners at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. AQR Capital Management LLC boosted its stake 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 buying an additional 3,085,867 shares during the period. Nomura Holdings Inc. bought a new position in Pinnacle Financial Partners in the 3rd quarter worth about $187,822,000. Alyeska Investment Group L.P. purchased a new stake in shares of Pinnacle Financial Partners in the 4th quarter valued at about $159,545,000. Norges Bank bought a new stake in shares of Pinnacle Financial Partners during the 4th quarter valued at about $116,349,000. Finally, Wellington Management Group LLP grew its holdings in shares of Pinnacle Financial Partners by 42.2% during the fourth quarter. Wellington Management Group LLP now owns 3,067,116 shares of the company's stock worth $292,634,000 after purchasing an additional 910,367 shares in the last quarter. Institutional investors own 87.40% of the company's stock.

Pinnacle Financial Partners Stock Down 0.0%

NYSE:PNFP opened at $100.45 on Monday. The firm has a fifty day moving average of $97.33. The company has a market capitalization of $7.79 billion, a PE ratio of 13.93, a P/E/G ratio of 0.40 and a beta of 1.04. 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 twelve month low of $81.08 and a twelve month high of $119.98.

Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) last released its quarterly earnings results on Wednesday, April 22nd. The company reported $2.39 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.30 by $0.09. The company had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.20 billion. Pinnacle Financial Partners had a net margin of 15.02% and a return on equity of 10.61%. On average, analysts expect that Pinnacle Financial Partners, Inc. will post 10.19 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Friday, May 1st were paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date was Friday, May 1st. Pinnacle Financial Partners's dividend payout ratio (DPR) is presently 27.74%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Evercore restated an "outperform" rating and issued a $120.00 price objective on shares of Pinnacle Financial Partners in a research report on Monday, July 6th. Robert W. Baird started 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 for the company. Stephens increased their price target on shares of Pinnacle Financial Partners from $95.00 to $109.00 and gave the stock an "equal weight" rating in a report on Thursday, April 30th. TD Cowen lowered 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. Finally, Benchmark started coverage on shares of Pinnacle Financial Partners in a report on Wednesday, June 24th. They set a "buy" rating and a $132.00 price objective for the company. Three analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, Pinnacle Financial Partners has a consensus rating of "Moderate Buy" and an average price target of $116.89.

Pinnacle Financial Partners 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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