6,830 Shares in Pinnacle Financial Partners, Inc. $PNFP Bought by Evolve Private Wealth LLC

Evolve Private Wealth LLC purchased a new stake in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) during the 1st quarter, HoldingsChannel reports. The firm purchased 6,830 shares of the company’s stock, valued at approximately $588,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. E. Ohman J or Asset Management AB acquired a new position in shares of Pinnacle Financial Partners in the first quarter worth about $301,000. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in shares of Pinnacle Financial Partners during the 1st quarter worth about $244,000. Rockefeller Capital Management L.P. grew its position in shares of Pinnacle Financial Partners by 53.9% during the 4th quarter. Rockefeller Capital Management L.P. now owns 1,099 shares of the company’s stock valued at $105,000 after acquiring an additional 385 shares during the period. Corient Private Wealth LLC increased its stake in shares of Pinnacle Financial Partners by 148.6% in the 4th quarter. Corient Private Wealth LLC now owns 16,740 shares of the company’s stock valued at $1,603,000 after purchasing an additional 10,007 shares in the last quarter. Finally, Wick Capital Partners LLC purchased a new position in shares of Pinnacle Financial Partners in the 4th quarter valued at about $203,000. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the company. JPMorgan Chase & Co. reduced their price target on Pinnacle Financial Partners from $120.00 to $115.00 and set an “overweight” rating for the company in a report on Wednesday, June 10th. Benchmark assumed coverage on Pinnacle Financial Partners in a research report on Wednesday. They issued a “buy” rating and a $132.00 price objective for the company. Wall Street Zen raised Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research note on Tuesday, May 12th. UBS Group upped their target price on Pinnacle Financial Partners from $110.00 to $120.00 and gave the stock a “buy” rating in a research note on Friday, April 24th. Finally, 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 target price on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat, Pinnacle Financial Partners currently has an average rating of “Moderate Buy” and an average target price of $116.06.

Pinnacle Financial Partners Price Performance

Shares of Pinnacle Financial Partners stock opened at $98.50 on Friday. The firm has a market capitalization of $7.64 billion, a PE ratio of 13.66, a P/E/G ratio of 0.37 and a beta of 1.04. The firm’s 50 day moving average price is $96.59. Pinnacle Financial Partners, Inc. has a 12 month low of $81.08 and a 12 month high of $120.46. 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 issued its quarterly earnings results 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 firm had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.20 billion. As a group, research analysts anticipate that Pinnacle Financial Partners, Inc. will post 10.25 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

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

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.