Y Intercept Hong Kong Ltd Takes Position in Pinnacle Financial Partners, Inc. $PNFP

Key Points

• Y Intercept Hong Kong Ltd opened a new position in Pinnacle Financial Partners during the first quarter, buying 11,337 shares valued at about $977,000.
• Pinnacle Financial Partners reported better-than-expected quarterly results, with EPS of $2.39 versus estimates of $2.30 and revenue of $1.22 billion versus $1.20 billion expected.
• Analysts remain mostly positive on PNFP, with a Moderate Buy consensus and an average price target of $116.89; the stock recently traded around $100.45 and also pays a quarterly dividend of $0.50 per share.

Y Intercept Hong Kong Ltd bought a new position in Pinnacle Financial Partners, Inc. (NYSE:PNFP - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 11,337 shares of the company's stock, valued at approximately $977,000.

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

Pinnacle Financial Partners Trading Up 0.1%

Shares of Pinnacle Financial Partners stock traded up $0.08 during trading on Friday, reaching $100.45. The company's stock had a trading volume of 591,479 shares, compared to its average volume of 1,264,027. The stock has a 50-day moving average of $97.33. The firm 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 debt-to-equity ratio of 0.42, a current ratio of 0.90 and a quick ratio of 0.90. 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 issued its quarterly earnings data on Wednesday, April 22nd. The company reported $2.39 EPS for the quarter, topping analysts' consensus estimates of $2.30 by $0.09. The firm had revenue of $1.22 billion for the quarter, compared to analyst estimates 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, sell-side analysts anticipate that Pinnacle Financial Partners, Inc. will post 10.19 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The business 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%.

Analyst Ratings Changes

PNFP has been the subject of a number of recent analyst reports. Evercore reiterated an "outperform" rating and set a $120.00 target price on shares of Pinnacle Financial Partners in a research report on Monday, July 6th. Truist Financial boosted their price target on shares of Pinnacle Financial Partners from $114.00 to $115.00 and gave the company a "buy" rating in a research report on Monday, May 11th. Weiss Ratings raised shares of Pinnacle Financial Partners from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Friday, June 26th. Piper Sandler reaffirmed an "overweight" rating on shares of Pinnacle Financial Partners in a report on Wednesday, June 10th. Finally, Benchmark assumed coverage on shares of Pinnacle Financial Partners in a research note on Wednesday, June 24th. They issued a "buy" rating and a $132.00 target price for the company. Three equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company 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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