Pinnacle Financial Partners, Inc. $PNFP Holdings Decreased by Legal & General Group Plc

Legal & General Group Plc decreased its holdings in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) by 10.9% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 106,545 shares of the company’s stock after selling 13,031 shares during the quarter. Legal & General Group Plc’s holdings in Pinnacle Financial Partners were worth $10,165,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Profund Advisors LLC grew its holdings in shares of Pinnacle Financial Partners by 4.6% during the third quarter. Profund Advisors LLC now owns 2,895 shares of the company’s stock valued at $272,000 after buying an additional 127 shares in the last quarter. Diversified Trust Co. grew its holdings 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 valued at $5,185,000 after buying an additional 137 shares in the last quarter. 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 valued at $145,000 after buying an additional 140 shares in the last quarter. PNC Financial Services Group Inc. grew its holdings in shares of Pinnacle Financial Partners by 3.2% during the fourth quarter. PNC Financial Services Group Inc. now owns 5,097 shares of the company’s stock valued at $486,000 after buying an additional 158 shares in the last quarter. Finally, Hunter Perkins Capital Management LLC grew its holdings in shares of Pinnacle Financial Partners by 1.3% during the fourth quarter. Hunter Perkins Capital Management LLC now owns 12,850 shares of the company’s stock valued at $1,226,000 after buying an additional 165 shares in the last quarter. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Price Performance

Shares of NYSE:PNFP opened at $96.42 on Friday. Pinnacle Financial Partners, Inc. has a fifty-two week low of $81.08 and a fifty-two week high of $120.46. The business has a 50-day moving average of $94.26. The firm has a market capitalization of $7.48 billion, a PE ratio of 13.37, a P/E/G ratio of 0.35 and a beta of 1.04. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.42.

Pinnacle Financial Partners (NYSE:PNFP) last announced its quarterly earnings results on Wednesday, April 22nd. The company reported $2.39 earnings per share 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 company had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.20 billion. As a group, research analysts expect that Pinnacle Financial Partners, Inc. will post 10.34 EPS for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Friday, May 1st were given a $0.50 dividend. The ex-dividend date of this dividend was Friday, May 1st. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.1%. Pinnacle Financial Partners’s payout ratio is currently 27.74%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on PNFP shares. Weiss Ratings started coverage on Pinnacle Financial Partners in a report on Monday, March 9th. They set a “hold (c+)” rating on the stock. Barclays lowered their target price on Pinnacle Financial Partners from $135.00 to $130.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 7th. 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. Robert W. Baird started coverage on Pinnacle Financial Partners in a research note on Tuesday, May 19th. They issued an “outperform” rating and a $115.00 target price on the stock. Finally, Stephens boosted their target price on Pinnacle Financial Partners from $95.00 to $109.00 and gave the company an “equal weight” rating in a research note on Thursday, April 30th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $115.18.

About Pinnacle Financial Partners

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.