MV Capital Management Inc. Acquires Shares of 11,570 Pinnacle Financial Partners, Inc. $PNFP

MV Capital Management Inc. bought a new position in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 11,570 shares of the company’s stock, valued at approximately $1,104,000.

Several other hedge funds also recently made changes to their positions in the business. Brown Brothers Harriman & Co. acquired a new stake in shares of Pinnacle Financial Partners in the third quarter valued at approximately $26,000. High Point Wealth Management LLC acquired a new stake in Pinnacle Financial Partners during the fourth quarter worth approximately $27,000. BOKF NA grew its position in Pinnacle Financial Partners by 1,204.5% during the third quarter. BOKF NA now owns 287 shares of the company’s stock worth $27,000 after buying an additional 265 shares in the last quarter. Activest Wealth Management bought a new position in Pinnacle Financial Partners during the 4th quarter worth $28,000. Finally, CIBC Private Wealth Group LLC increased its stake in Pinnacle Financial Partners by 175.6% during the 4th quarter. CIBC Private Wealth Group LLC now owns 339 shares of the company’s stock worth $32,000 after acquiring an additional 216 shares during the period. 87.40% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. Stephens upped their target price on Pinnacle Financial Partners from $95.00 to $109.00 and gave the company an “equal weight” rating in a research report on Thursday, April 30th. Wall Street Zen upgraded Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research report on Tuesday, May 12th. UBS Group boosted their price target 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 began coverage on shares of Pinnacle Financial Partners in a research report on Tuesday, May 19th. They set an “outperform” rating and a $115.00 price objective for the company. Finally, Barclays cut their price objective on shares of Pinnacle Financial Partners from $135.00 to $130.00 and set an “overweight” rating for the company in a research report on Tuesday, April 7th. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned 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 an average target price of $114.88.

Pinnacle Financial Partners Stock Performance

Shares of PNFP stock opened at $96.27 on Friday. The firm has a fifty day simple moving average of $96.18. The firm has a market cap of $7.47 billion, a P/E ratio of 13.35, a PEG ratio of 0.37 and a beta of 1.04. Pinnacle Financial Partners, Inc. has a fifty-two week low of $81.08 and a fifty-two week high of $120.46. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.90 and a current ratio of 0.90.

Pinnacle Financial Partners (NYSE:PNFP) last posted its quarterly earnings results on Wednesday, April 22nd. The company reported $2.39 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 company had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.20 billion. On average, equities analysts predict that Pinnacle Financial Partners, Inc. will post 10.25 EPS for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Friday, May 1st were issued 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 dividend payout ratio is 27.74%.

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.