Thornburg Investment Management Inc. Has $15.46 Million Stock Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Key Points

• Thornburg Investment Management Inc. has reduced its ownership in Pinnacle Financial Partners by 7.2%, selling 11,275 shares during the first quarter, resulting in ownership of 145,820 shares valued at approximately $15.5 million.
• Pinnacle Financial Partners reported impressive quarterly earnings, with $2.00 earnings per share, surpassing analyst expectations and a 15.1% year-over-year revenue growth.
• The company announced a quarterly dividend of $0.24 per share, with an annualized yield of 1.05%, reflecting a dividend payout ratio of 12.73%.

Thornburg Investment Management Inc. decreased its holdings in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 7.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 145,820 shares of the financial services provider's stock after selling 11,275 shares during the period. Thornburg Investment Management Inc. owned approximately 0.19% of Pinnacle Financial Partners worth $15,463,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently made changes to their positions in the company. Golden State Wealth Management LLC purchased a new stake in Pinnacle Financial Partners during the first quarter valued at about $48,000. Kapitalo Investimentos Ltda purchased a new stake in shares of Pinnacle Financial Partners in the 4th quarter valued at approximately $78,000. UMB Bank n.a. grew its position in Pinnacle Financial Partners by 16.6% during the 1st quarter. UMB Bank n.a. now owns 858 shares of the financial services provider's stock worth $91,000 after purchasing an additional 122 shares in the last quarter. GAMMA Investing LLC raised its stake in Pinnacle Financial Partners by 51.7% during the 1st quarter. GAMMA Investing LLC now owns 1,616 shares of the financial services provider's stock valued at $171,000 after purchasing an additional 551 shares during the period. Finally, Blair William & Co. IL acquired a new stake in shares of Pinnacle Financial Partners in the fourth quarter worth $200,000. Institutional investors own 87.40% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on PNFP. Wells Fargo & Company lowered their target price on Pinnacle Financial Partners from $125.00 to $110.00 and set an "equal weight" rating on the stock in a research note on Friday, July 25th. Keefe, Bruyette & Woods lifted their target price on shares of Pinnacle Financial Partners from $115.00 to $130.00 and gave the company a "market perform" rating in a research note on Thursday, July 17th. Jefferies Financial Group lowered Pinnacle Financial Partners from a "buy" rating to a "hold" rating and cut their price objective for the stock from $145.00 to $110.00 in a report on Friday, July 25th. Truist Financial reaffirmed a "buy" rating and set a $127.00 price target (up from $123.00) on shares of Pinnacle Financial Partners in a research note on Friday, July 11th. Finally, Wall Street Zen upgraded Pinnacle Financial Partners from a "sell" rating to a "hold" rating in a report on Friday, July 18th. Seven equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $118.30.

Pinnacle Financial Partners Stock Performance

NASDAQ:PNFP traded down $2.28 during midday trading on Wednesday, reaching $90.01. The stock had a trading volume of 1,309,004 shares, compared to its average volume of 1,359,449. Pinnacle Financial Partners, Inc. has a 1-year low of $81.57 and a 1-year high of $131.91. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.89 and a quick ratio of 0.88. The stock has a market capitalization of $6.98 billion, a P/E ratio of 11.94 and a beta of 1.01. The firm's fifty day simple moving average is $108.93 and its 200-day simple moving average is $108.84.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last issued its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $2.00 earnings per share for the quarter, beating analysts' consensus estimates of $1.92 by $0.08. The firm had revenue of $504.99 million during the quarter, compared to the consensus estimate of $495.27 million. Pinnacle Financial Partners had a net margin of 18.69% and a return on equity of 9.60%. The business's revenue was up 15.1% on a year-over-year basis. During the same period in the prior year, the firm earned $1.63 EPS. On average, equities research analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Friday, August 1st will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 1.07%. The ex-dividend date is Friday, August 1st. Pinnacle Financial Partners's payout ratio is currently 12.73%.

About Pinnacle Financial Partners

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.