Gabelli Funds LLC Invests $7.90 Million in Pinnacle Financial Partners, Inc. $PNFP

Gabelli Funds LLC acquired a new stake in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) during the first quarter, HoldingsChannel reports. The fund acquired 91,731 shares of the company’s stock, valued at approximately $7,902,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PNFP. Goldman Sachs Group Inc. lifted its holdings in shares of Pinnacle Financial Partners by 6.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 651,268 shares of the company’s stock valued at $69,060,000 after buying an additional 37,989 shares during the period. Focus Partners Wealth grew its holdings in shares of Pinnacle Financial Partners by 13.9% in the first quarter. Focus Partners Wealth now owns 4,755 shares of the company’s stock worth $504,000 after acquiring an additional 581 shares during the period. Amundi increased its position in Pinnacle Financial Partners by 25,700.0% during the second quarter. Amundi now owns 4,386 shares of the company’s stock valued at $513,000 after acquiring an additional 4,369 shares during the last quarter. Jump Financial LLC purchased a new stake in Pinnacle Financial Partners during the second quarter valued at $229,000. Finally, Cerity Partners LLC lifted its holdings in Pinnacle Financial Partners by 4.2% in the second quarter. Cerity Partners LLC now owns 26,061 shares of the company’s stock valued at $2,877,000 after acquiring an additional 1,039 shares during the period. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Analyst Ratings Changes

Several brokerages have issued reports on PNFP. Citigroup raised their target price on Pinnacle Financial Partners from $122.00 to $126.00 and gave the stock a “buy” rating in a research report on Thursday, June 25th. Piper Sandler increased their price objective on shares of Pinnacle Financial Partners from $122.00 to $123.00 and gave the stock an “overweight” rating in a research note on Friday. Truist Financial boosted their target price 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. Benchmark decreased their price target on shares of Pinnacle Financial Partners from $132.00 to $125.00 and set a “buy” rating on the stock in a research report on Friday. Finally, Weiss Ratings upgraded shares of Pinnacle Financial Partners from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, June 26th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, Pinnacle Financial Partners has an average rating of “Moderate Buy” and a consensus target price of $116.82.

Pinnacle Financial Partners Trading Up 0.6%

NYSE PNFP opened at $103.22 on Tuesday. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.93 and a current ratio of 0.94. Pinnacle Financial Partners, Inc. has a 12 month low of $81.08 and a 12 month high of $107.00. The company has a market cap of $8.01 billion, a PE ratio of 14.18, a price-to-earnings-growth ratio of 0.41 and a beta of 1.04. The business’s 50 day moving average price is $98.07.

Pinnacle Financial Partners (NYSE:PNFP) last posted its quarterly earnings results on Wednesday, July 22nd. The company reported $2.50 earnings per share for the quarter, topping analysts’ consensus estimates of $2.46 by $0.04. The business had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.24 billion. Pinnacle Financial Partners had a net margin of 15.40% and a return on equity of 10.93%. Sell-side analysts forecast that Pinnacle Financial Partners, Inc. will post 10.18 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Friday, August 7th will be issued a $0.50 dividend. The ex-dividend date of this dividend is Friday, August 7th. This represents a $2.00 annualized dividend and a yield of 1.9%. Pinnacle Financial Partners’s dividend payout ratio is currently 27.47%.

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.