Thornburg Investment Management Inc. Sells 5,915 Shares of Pinnacle Financial Partners, Inc. $PNFP

Thornburg Investment Management Inc. reduced its position in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) by 4.1% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 138,594 shares of the company’s stock after selling 5,915 shares during the quarter. Thornburg Investment Management Inc. owned about 0.18% of Pinnacle Financial Partners worth $13,223,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. State Street Corp raised its holdings in Pinnacle Financial Partners by 5.5% during the 4th quarter. State Street Corp now owns 3,451,939 shares of the company’s stock valued at $329,350,000 after buying an additional 179,819 shares during the period. AQR Capital Management LLC raised its holdings in Pinnacle Financial Partners by 1,697.4% during the 3rd quarter. AQR Capital Management LLC now owns 3,267,666 shares of the company’s stock valued at $306,474,000 after buying an additional 3,085,867 shares during the period. Dimensional Fund Advisors LP raised its holdings in Pinnacle Financial Partners by 4.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,790,636 shares of the company’s stock valued at $266,268,000 after buying an additional 110,465 shares during the period. Wellington Management Group LLP raised its holdings in Pinnacle Financial Partners by 51.1% during the 3rd quarter. Wellington Management Group LLP now owns 2,156,749 shares of the company’s stock valued at $202,281,000 after buying an additional 728,975 shares during the period. Finally, Nomura Holdings Inc. purchased a new stake in Pinnacle Financial Partners during the 3rd quarter valued at $187,822,000. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Analyst Upgrades and Downgrades

PNFP has been the topic of several recent research reports. Weiss Ratings restated a “hold (c+)” rating on shares of Pinnacle Financial Partners in a report on Thursday, June 4th. Barclays decreased their price target on Pinnacle Financial Partners from $135.00 to $130.00 and set an “overweight” rating on the stock in a report on Tuesday, April 7th. JPMorgan Chase & Co. decreased their price target on Pinnacle Financial Partners from $120.00 to $115.00 and set an “overweight” rating on the stock in a report on Wednesday, June 10th. Robert W. Baird initiated coverage on Pinnacle Financial Partners in a report on Tuesday, May 19th. They set an “outperform” rating and a $115.00 price target on the stock. Finally, UBS Group increased their price target on Pinnacle Financial Partners from $110.00 to $120.00 and gave the company a “buy” rating in a report on Friday, April 24th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat, Pinnacle Financial Partners currently has an average rating of “Moderate Buy” and an average target price of $114.88.

Pinnacle Financial Partners Stock Down 0.2%

PNFP stock opened at $96.17 on Monday. 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 stock has a fifty day simple moving average of $95.49. Pinnacle Financial Partners, Inc. has a twelve month low of $81.08 and a twelve month high of $120.46. The stock has a market capitalization of $7.46 billion, a price-to-earnings ratio of 13.34, a price-to-earnings-growth ratio of 0.37 and a beta of 1.04.

Pinnacle Financial Partners (NYSE:PNFP) last released its earnings results on Wednesday, April 22nd. The company reported $2.39 earnings per share 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 business had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.20 billion. Research analysts expect that Pinnacle Financial Partners, Inc. will post 10.25 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 29th. Shareholders 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 yield of 2.1%. Pinnacle Financial Partners’s dividend payout ratio (DPR) 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.