Reliant Investment Management LLC Acquires 6,287 Shares of Pinnacle Financial Partners, Inc. $PNFP

Reliant Investment Management LLC raised its holdings in Pinnacle Financial Partners, Inc. (NYSE:PNFP) by 11.5% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 60,757 shares of the company’s stock after acquiring an additional 6,287 shares during the period. Pinnacle Financial Partners makes up 2.5% of Reliant Investment Management LLC’s investment portfolio, making the stock its 21st largest position. Reliant Investment Management LLC’s holdings in Pinnacle Financial Partners were worth $5,234,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of PNFP. AQR Capital Management LLC grew its holdings in shares of 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 worth $306,474,000 after purchasing an additional 3,085,867 shares in the last quarter. Nomura Holdings Inc. bought a new position in shares of Pinnacle Financial Partners in the third quarter worth approximately $187,822,000. Alyeska Investment Group L.P. purchased a new stake in Pinnacle Financial Partners in the fourth quarter valued at approximately $159,545,000. Norges Bank purchased a new stake in Pinnacle Financial Partners in the fourth quarter valued at approximately $116,349,000. Finally, Wellington Management Group LLP lifted its position in Pinnacle Financial Partners by 42.2% during the fourth quarter. Wellington Management Group LLP now owns 3,067,116 shares of the company’s stock valued at $292,634,000 after purchasing an additional 910,367 shares during the last quarter. Institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Price Performance

Shares of NYSE PNFP opened at $100.79 on Thursday. The company has a market capitalization of $7.82 billion, a PE ratio of 13.98, a P/E/G ratio of 0.39 and a beta of 1.04. Pinnacle Financial Partners, Inc. has a one year low of $81.08 and a one year high of $120.46. The company’s 50 day simple moving average is $97.02. 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 (NYSE:PNFP) last announced its quarterly earnings data 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 net margin of 15.02% and a return on equity of 10.61%. The firm had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.20 billion. As a group, equities analysts expect that Pinnacle Financial Partners, Inc. will post 10.24 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Friday, May 1st were given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date was Friday, May 1st. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 27.74%.

Analysts Set New Price Targets

A number of research firms have commented on PNFP. 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. Citigroup lifted their price objective on shares of Pinnacle Financial Partners from $122.00 to $126.00 and gave the stock a “buy” rating in a report on Thursday, June 25th. Benchmark initiated coverage on shares of Pinnacle Financial Partners in a research report on Wednesday, June 24th. They issued a “buy” rating and a $132.00 target price for the company. Robert W. Baird assumed coverage on shares of Pinnacle Financial Partners in a research report on Tuesday, May 19th. They issued an “outperform” rating and a $115.00 target price for the company. Finally, Wall Street Zen raised Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research note on Tuesday, May 12th. Three 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 data from MarketBeat.com, Pinnacle Financial Partners presently has an average rating of “Moderate Buy” and an average target price of $116.61.

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.