Procyon Advisors LLC Buys Shares of 5,915 Pinnacle Financial Partners, Inc. $PNFP

Procyon Advisors LLC purchased a new stake in Pinnacle Financial Partners, Inc. (NYSE:PNFP) during the first quarter, according to its most recent filing with the SEC. The firm purchased 5,915 shares of the company’s stock, valued at approximately $510,000.

Other large investors have also recently made changes to their positions in the company. Brown Brothers Harriman & Co. bought a new position in Pinnacle Financial Partners in the third quarter worth about $26,000. BOKF NA boosted its holdings in shares of Pinnacle Financial Partners by 1,204.5% in the 3rd quarter. BOKF NA now owns 287 shares of the company’s stock valued at $27,000 after buying an additional 265 shares in the last quarter. High Point Wealth Management LLC bought a new stake in shares of Pinnacle Financial Partners in the 4th quarter valued at about $27,000. Activest Wealth Management bought a new stake in shares of Pinnacle Financial Partners in the 4th quarter valued at about $28,000. Finally, CIBC Private Wealth Group LLC grew its position 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 worth $32,000 after buying an additional 216 shares during the last quarter. 87.40% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms recently commented on PNFP. Piper Sandler reiterated an “overweight” rating on shares of Pinnacle Financial Partners in a research note on Wednesday, June 10th. Benchmark initiated coverage on Pinnacle Financial Partners in a research report on Wednesday, June 24th. They set a “buy” rating and a $132.00 target price on the stock. Barclays cut their price objective on shares of Pinnacle Financial Partners from $135.00 to $130.00 and set an “overweight” rating on the stock in a report on Tuesday, April 7th. UBS Group increased their price objective on shares of Pinnacle Financial Partners from $110.00 to $120.00 and gave the company a “buy” rating in a research report on Friday, April 24th. Finally, Evercore reiterated an “outperform” rating and issued a $120.00 target price on shares of Pinnacle Financial Partners in a research note on Monday, July 6th. Three research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat.com, Pinnacle Financial Partners currently has an average rating of “Moderate Buy” and a consensus price target of $116.89.

Pinnacle Financial Partners Stock Up 0.5%

Pinnacle Financial Partners stock opened at $100.66 on Wednesday. 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 52 week low of $81.08 and a 52 week high of $119.85. The firm has a market capitalization of $7.81 billion, a P/E ratio of 13.96, a price-to-earnings-growth ratio of 0.40 and a beta of 1.04. The business’s 50-day moving average price is $97.38.

Pinnacle Financial Partners (NYSE:PNFP) last issued its quarterly earnings results on Wednesday, April 22nd. The company reported $2.39 earnings per share for the quarter, topping the consensus estimate 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 company had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.20 billion. Research analysts anticipate that Pinnacle Financial Partners, Inc. will post 10.18 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

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

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.