1,219,465 Shares in Pinnacle Financial Partners, Inc. $PNFP Acquired by Norges Bank

Norges Bank purchased a new position in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 1,219,465 shares of the company’s stock, valued at approximately $116,349,000. Norges Bank owned 1.57% of Pinnacle Financial Partners as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Goldman Sachs Group Inc. increased 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 worth $69,060,000 after buying an additional 37,989 shares during the last quarter. Focus Partners Wealth boosted its holdings in Pinnacle Financial Partners by 13.9% in the first quarter. Focus Partners Wealth now owns 4,755 shares of the company’s stock valued at $504,000 after acquiring an additional 581 shares during the last quarter. Amundi grew 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 period. Jump Financial LLC purchased a new stake in Pinnacle Financial Partners during the second quarter valued at about $229,000. Finally, Cerity Partners LLC increased its stake in Pinnacle Financial Partners by 4.2% during the second quarter. Cerity Partners LLC now owns 26,061 shares of the company’s stock worth $2,877,000 after acquiring an additional 1,039 shares during the last quarter. Institutional investors and hedge funds own 87.40% of the company’s stock.

Pinnacle Financial Partners Price Performance

Shares of PNFP opened at $96.42 on Friday. Pinnacle Financial Partners, Inc. has a 12 month low of $81.08 and a 12 month high of $120.46. The stock’s 50-day moving average is $94.26. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.90 and a current ratio of 0.90. The firm has a market capitalization of $7.48 billion, a PE ratio of 13.37, a PEG ratio of 0.35 and a beta of 1.04.

Pinnacle Financial Partners (NYSE:PNFP) last posted its earnings results on Wednesday, April 22nd. The company reported $2.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.30 by $0.09. The business had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.20 billion. Pinnacle Financial Partners had a return on equity of 10.61% and a net margin of 15.02%. On average, research analysts anticipate that Pinnacle Financial Partners, Inc. will post 10.34 earnings per share for the current year.

Pinnacle Financial Partners Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Friday, May 1st were given a $0.50 dividend. The ex-dividend date of this dividend was Friday, May 1st. This represents a $2.00 annualized dividend and a yield of 2.1%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 27.74%.

Wall Street Analyst Weigh In

PNFP has been the topic of a number of research reports. Stephens raised their price objective on Pinnacle Financial Partners from $95.00 to $109.00 and gave the stock an “equal weight” rating in a report on Thursday, April 30th. Wall Street Zen upgraded Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a report on Tuesday, May 12th. Robert W. Baird started coverage on shares of Pinnacle Financial Partners in a research report on Tuesday, May 19th. They set an “outperform” rating and a $115.00 target price for the company. Barclays cut their price target 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. Finally, Weiss Ratings initiated coverage on shares of Pinnacle Financial Partners in a research report on Monday, March 9th. They set a “hold (c+)” rating on the stock. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and seven have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $115.18.

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.