Twin Capital Management Inc. Takes $900,000 Position in Pinnacle Financial Partners, Inc. $PNFP

Key Points

• Twin Capital Management opened a new position in Pinnacle Financial Partners, buying 10,450 shares worth about $900,000 in the first quarter.
• The stock rose 3.2% to $103.05, and the company now has a market value of about $7.99 billion. Its shares trade at a P/E of 14.29, with a 52-week range of $81.08 to $119.85.
• Pinnacle beat quarterly earnings expectations, reporting $2.39 EPS versus $2.30 expected, while revenue came in at $1.22 billion. Analysts remain constructive, with several recent price-target raises and an average rating of Moderate Buy.

Twin Capital Management Inc. acquired a new stake in Pinnacle Financial Partners, Inc. (NYSE:PNFP - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 10,450 shares of the company's stock, valued at approximately $900,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Brown Brothers Harriman & Co. purchased a new position in shares of Pinnacle Financial Partners in the third quarter worth $26,000. High Point Wealth Management LLC purchased a new stake in Pinnacle Financial Partners during the 4th quarter valued at $27,000. BOKF NA boosted its position in Pinnacle Financial Partners by 1,204.5% during the 3rd quarter. BOKF NA now owns 287 shares of the company's stock valued at $27,000 after buying an additional 265 shares during the period. Activest Wealth Management bought a new stake in Pinnacle Financial Partners in the 4th quarter worth $28,000. Finally, CIBC Private Wealth Group LLC grew its holdings in Pinnacle Financial Partners by 175.6% in the 4th quarter. CIBC Private Wealth Group LLC now owns 339 shares of the company's stock worth $32,000 after acquiring an additional 216 shares during the last quarter. Institutional investors own 87.40% of the company's stock.

Pinnacle Financial Partners Stock Up 3.2%

Shares of PNFP stock opened at $103.05 on Friday. The stock has a market capitalization of $7.99 billion, a PE ratio of 14.29, a price-to-earnings-growth ratio of 0.40 and a beta of 1.04. The business has a fifty day moving average price of $97.47. Pinnacle Financial Partners, Inc. has a twelve month low of $81.08 and a twelve month high of $119.85. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.90 and a current ratio of 0.90.

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 (EPS) for the quarter, topping analysts' consensus estimates of $2.30 by $0.09. Pinnacle Financial Partners had a return on equity of 10.61% and a net margin of 15.02%.The business had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.20 billion. Equities research analysts expect that Pinnacle Financial Partners, Inc. will post 10.18 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Friday, May 1st were paid a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 1.9%. The ex-dividend date was Friday, May 1st. Pinnacle Financial Partners's dividend payout ratio (DPR) is presently 27.74%.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. JPMorgan Chase & Co. upped their price objective on shares of Pinnacle Financial Partners from $115.00 to $125.00 and gave the company an "overweight" rating in a research note on Wednesday, July 1st. Evercore reissued an "outperform" rating and issued a $120.00 target price on shares of Pinnacle Financial Partners in a research note on Monday, July 6th. Robert W. Baird assumed coverage on Pinnacle Financial Partners in a research report on Tuesday, May 19th. They set an "outperform" rating and a $115.00 price target for the company. Citigroup increased their price objective on Pinnacle Financial Partners from $122.00 to $126.00 and gave the stock a "buy" rating in a report on Thursday, June 25th. Finally, Benchmark started coverage on Pinnacle Financial Partners in a research report on Wednesday, June 24th. They issued a "buy" rating and a $132.00 price objective on the stock. Three investment 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. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $116.89.

Pinnacle Financial Partners Company 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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