Twin Capital Management Inc. Invests $900,000 in Pinnacle Financial Partners, Inc. $PNFP

Twin Capital Management Inc. purchased a new position in Pinnacle Financial Partners, Inc. (NYSE:PNFP) during the 1st quarter, Holdings Channel.com reports. The firm purchased 10,450 shares of the company’s stock, valued at approximately $900,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PNFP. AQR Capital Management LLC boosted its holdings in Pinnacle Financial Partners by 63.1% in the fourth quarter. AQR Capital Management LLC now owns 5,330,170 shares of the company’s stock worth $508,551,000 after acquiring an additional 2,062,504 shares in the last quarter. State Street Corp grew its stake in shares of Pinnacle Financial Partners by 5.5% in the fourth quarter. State Street Corp now owns 3,451,939 shares of the company’s stock worth $329,350,000 after acquiring an additional 179,819 shares during the last quarter. Wellington Management Group LLP increased its holdings in shares of Pinnacle Financial Partners by 42.2% during the fourth quarter. Wellington Management Group LLP now owns 3,067,116 shares of the company’s stock valued at $292,634,000 after acquiring an additional 910,367 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Pinnacle Financial Partners by 4.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,790,636 shares of the company’s stock worth $266,268,000 after purchasing an additional 110,465 shares during the last quarter. Finally, Invesco Ltd. raised its position in shares of Pinnacle Financial Partners by 9.6% in the 4th quarter. Invesco Ltd. now owns 2,188,080 shares of the company’s stock worth $208,765,000 after purchasing an additional 191,292 shares during the last quarter. Institutional investors own 87.40% of the company’s stock.

Analysts Set New Price Targets

PNFP has been the topic of several recent analyst reports. Piper Sandler reissued an “overweight” rating on shares of Pinnacle Financial Partners in a research report on Wednesday, June 10th. UBS Group lifted their target price on shares of Pinnacle Financial Partners from $110.00 to $120.00 and gave the stock a “buy” rating in a report on Friday, April 24th. Robert W. Baird assumed coverage on shares of Pinnacle Financial Partners in a research note on Tuesday, May 19th. They issued an “outperform” rating and a $115.00 target price on the stock. TD Cowen cut their price target on shares of Pinnacle Financial Partners from $125.00 to $121.00 and set a “buy” rating on the stock in a report on Monday, April 27th. Finally, Wall Street Zen raised shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research report on Tuesday, May 12th. Three analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, Pinnacle Financial Partners has a consensus rating of “Moderate Buy” and an average price target of $116.89.

Pinnacle Financial Partners Stock Up 3.2%

Pinnacle Financial Partners stock opened at $103.05 on Friday. Pinnacle Financial Partners, Inc. has a 52-week low of $81.08 and a 52-week high of $119.85. The company has a market cap of $7.99 billion, a P/E ratio of 14.29, a P/E/G ratio of 0.40 and a beta of 1.04. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.42. The company’s 50-day moving average price is $97.47.

Pinnacle Financial Partners (NYSE:PNFP) last posted its quarterly earnings data on Wednesday, April 22nd. The company reported $2.39 EPS for the quarter, topping the consensus estimate of $2.30 by $0.09. The firm 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%. Research analysts anticipate that Pinnacle Financial Partners, Inc. will post 10.18 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Friday, May 1st were paid a dividend of $0.50 per share. The ex-dividend date was Friday, May 1st. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.9%. Pinnacle Financial Partners’s payout ratio is 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.