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

Procyon Advisors LLC acquired a new stake in Pinnacle Financial Partners, Inc. (NYSE:PNFP) in the 1st quarter, HoldingsChannel reports. The fund acquired 5,915 shares of the company’s stock, valued at approximately $510,000.

A number of other hedge funds have also recently modified their holdings of the stock. Brown Brothers Harriman & Co. acquired a new stake in Pinnacle Financial Partners during the third quarter worth about $26,000. BOKF NA lifted its holdings in Pinnacle Financial Partners by 1,204.5% in the third quarter. BOKF NA now owns 287 shares of the company’s stock valued at $27,000 after acquiring an additional 265 shares during the period. High Point Wealth Management LLC acquired a new position in Pinnacle Financial Partners in the fourth quarter valued at approximately $27,000. Activest Wealth Management purchased a new stake in Pinnacle Financial Partners in the 4th quarter worth approximately $28,000. Finally, CIBC Private Wealth Group LLC boosted its position in 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 purchasing an additional 216 shares in the last quarter. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Price Performance

Shares of NYSE:PNFP opened at $100.66 on Wednesday. Pinnacle Financial Partners, Inc. has a 1 year low of $81.08 and a 1 year high of $119.85. The stock has a market cap of $7.81 billion, a price-to-earnings ratio of 13.96, a price-to-earnings-growth ratio of 0.40 and a beta of 1.04. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.42. The company’s 50 day simple moving average is $97.38.

Pinnacle Financial Partners (NYSE:PNFP) last issued its quarterly earnings results on Wednesday, April 22nd. The company reported $2.39 EPS for the quarter, topping the consensus estimate of $2.30 by $0.09. The company had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.20 billion. Pinnacle Financial Partners had a net margin of 15.02% and a return on equity of 10.61%. On average, sell-side analysts expect that Pinnacle Financial Partners, Inc. will post 10.18 earnings per share for the current 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 given a $0.50 dividend. The ex-dividend date was Friday, May 1st. This represents a $2.00 annualized dividend and a dividend yield of 2.0%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 27.74%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on PNFP shares. Wall Street Zen raised shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research note on Tuesday, May 12th. Piper Sandler reiterated an “overweight” rating on shares of Pinnacle Financial Partners in a research note on Wednesday, June 10th. Weiss Ratings raised shares of Pinnacle Financial Partners from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, June 26th. Citigroup raised their price target on shares of Pinnacle Financial Partners from $122.00 to $126.00 and gave the company a “buy” rating in a research report on Thursday, June 25th. Finally, UBS Group lifted their price objective on shares of Pinnacle Financial Partners from $110.00 to $120.00 and gave the company a “buy” rating in a report on Friday, April 24th. Three equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, Pinnacle Financial Partners has a consensus rating of “Moderate Buy” and an average price target of $116.89.

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.