Sumitomo Mitsui Trust Group Inc. Takes $23.93 Million Position in Pinnacle Financial Partners, Inc. $PNFP

Key Points

• Sumitomo Mitsui Trust Group disclosed a new position in Pinnacle Financial Partners, buying 277,799 shares valued at about $23.93 million in the first quarter, giving it roughly 0.36% ownership.
• Pinnacle Financial Partners reported better-than-expected quarterly results, with EPS of $2.39 versus the $2.30 consensus and revenue of $1.22 billion versus expectations of $1.20 billion.
• The company also paid a quarterly dividend of $0.50 per share, representing an annualized dividend of $2.00 and a yield of about 2.0%.

Sumitomo Mitsui Trust Group Inc. acquired a new position in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 277,799 shares of the company's stock, valued at approximately $23,930,000. Sumitomo Mitsui Trust Group Inc. owned approximately 0.36% of Pinnacle Financial Partners as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Northwestern Mutual Wealth Management Co. increased its holdings in Pinnacle Financial Partners by 1.6% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 7,377 shares of the company's stock worth $704,000 after purchasing an additional 116 shares in the last quarter. Villanova Investment Management Co LLC lifted its holdings in shares of Pinnacle Financial Partners by 0.4% in the fourth quarter. Villanova Investment Management Co LLC now owns 28,511 shares of the company's stock valued at $2,720,000 after purchasing an additional 118 shares in the last quarter. Diversified Trust Co. boosted its position in shares of Pinnacle Financial Partners by 0.3% during the fourth quarter. Diversified Trust Co. now owns 54,349 shares of the company's stock worth $5,185,000 after buying an additional 137 shares during the period. Whittier Trust Co. grew its holdings in shares of Pinnacle Financial Partners by 10.1% during the fourth quarter. Whittier Trust Co. now owns 1,521 shares of the company's stock worth $145,000 after buying an additional 140 shares in the last quarter. Finally, Graham Capital Management L.P. grew its holdings in shares of Pinnacle Financial Partners by 0.7% during the fourth quarter. Graham Capital Management L.P. now owns 22,169 shares of the company's stock worth $2,115,000 after buying an additional 146 shares in the last quarter. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Pinnacle Financial Partners Price Performance

Pinnacle Financial Partners stock opened at $100.10 on Tuesday. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.42. The business's 50-day moving average price is $97.35. The firm has a market cap of $7.76 billion, a price-to-earnings ratio of 13.88, a PEG ratio of 0.40 and a beta of 1.04. Pinnacle Financial Partners, Inc. has a fifty-two week low of $81.08 and a fifty-two week high of $119.98.

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

Pinnacle Financial Partners Announces Dividend

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

Analyst Ratings Changes

Several research firms have commented on PNFP. UBS Group boosted their target price on Pinnacle Financial Partners from $110.00 to $120.00 and gave the company a "buy" rating in a research note on Friday, April 24th. Piper Sandler reissued an "overweight" rating on shares of Pinnacle Financial Partners in a research report on Wednesday, June 10th. Stephens increased their target price 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. Citigroup raised their target price on shares of Pinnacle Financial Partners from $122.00 to $126.00 and gave the company a "buy" rating in a research report on Thursday, June 25th. Finally, Truist Financial boosted their price target on shares of Pinnacle Financial Partners from $114.00 to $115.00 and gave the stock a "buy" rating in a research report on Monday, May 11th. Three analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat.com, the company currently has an average 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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