Swedbank AB Invests $4.12 Million in Pinnacle Financial Partners, Inc. $PNFP

Key Points

• Swedbank AB opened a new position in Pinnacle Financial Partners during the first quarter, buying 47,792 shares worth about $4.12 million.
• Pinnacle Financial Partners reported strong quarterly results, with EPS of $2.39 beating estimates and revenue of $1.22 billion topping expectations.
• Analysts remain broadly positive on the stock, with a consensus rating of Moderate Buy and an average price target of $116.89.

Swedbank AB bought a new stake in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP - Free Report) during the 1st quarter, according to its most recent filing with the SEC. The fund bought 47,792 shares of the company's stock, valued at approximately $4,117,000. Swedbank AB owned approximately 0.06% of Pinnacle Financial Partners as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. AQR Capital Management LLC boosted 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. Nomura Holdings Inc. acquired a new position in shares of Pinnacle Financial Partners in the 3rd quarter worth approximately $187,822,000. Alyeska Investment Group L.P. acquired a new position in shares of Pinnacle Financial Partners in the 4th quarter worth approximately $159,545,000. Norges Bank bought a new position in shares of Pinnacle Financial Partners during the 4th quarter worth approximately $116,349,000. Finally, Wellington Management Group LLP boosted its stake 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 valued at $292,634,000 after buying an additional 910,367 shares in the last quarter. Institutional investors and hedge funds own 87.40% of the company's stock.

Pinnacle Financial Partners Trading Up 0.1%

Shares of PNFP traded up $0.08 during mid-day trading on Friday, hitting $100.45. 591,479 shares of the company traded hands, compared to its average volume of 1,264,027. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.90 and a quick ratio of 0.90. The stock has a market capitalization of $7.79 billion, a PE ratio of 13.93, a price-to-earnings-growth ratio of 0.40 and a beta of 1.04. The business has a 50-day simple moving average of $97.33. Pinnacle Financial Partners, Inc. has a one year low of $81.08 and a one year high of $119.98.

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

Pinnacle Financial Partners Dividend Announcement

The company also recently declared 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 of this dividend was Friday, May 1st. Pinnacle Financial Partners's dividend payout ratio is 27.74%.

Analysts Set New Price Targets

A number of brokerages have weighed in on PNFP. UBS Group upped their price target 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. Evercore restated an "outperform" rating and issued a $120.00 target price on shares of Pinnacle Financial Partners in a research note on Monday. Weiss Ratings raised shares of Pinnacle Financial Partners from a "hold (c+)" rating to a "buy (b-)" rating in a report on Friday, June 26th. Piper Sandler reiterated an "overweight" rating on shares of Pinnacle Financial Partners in a research report on Wednesday, June 10th. Finally, JPMorgan Chase & Co. increased their price target on Pinnacle Financial Partners from $115.00 to $125.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 1st. Three analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and six have given a Hold rating to the company. According to MarketBeat, Pinnacle Financial Partners has an average rating of "Moderate Buy" and a consensus target price 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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