Fifth Third Bancorp Increases Holdings in Pinnacle Financial Partners, Inc. $PNFP

Fifth Third Bancorp increased its position in Pinnacle Financial Partners, Inc. (NYSE:PNFP) by 3,527.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 42,514 shares of the company’s stock after purchasing an additional 41,342 shares during the quarter. Fifth Third Bancorp owned approximately 0.05% of Pinnacle Financial Partners worth $3,662,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Brown Brothers Harriman & Co. purchased a new stake in shares of Pinnacle Financial Partners in the 3rd quarter worth $26,000. High Point Wealth Management LLC purchased a new position in shares of Pinnacle Financial Partners during the fourth quarter valued at $27,000. BOKF NA raised its holdings in shares of 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 in the last quarter. Activest Wealth Management bought a new stake in shares of Pinnacle Financial Partners in the fourth quarter valued at about $28,000. Finally, CIBC Private Wealth Group LLC lifted its stake in Pinnacle Financial Partners by 175.6% in the fourth 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 Ratings Changes

A number of research firms have commented on PNFP. Piper Sandler reissued an “overweight” rating on shares of Pinnacle Financial Partners in a research report on Wednesday, June 10th. UBS Group increased their price objective on shares of Pinnacle Financial Partners from $110.00 to $120.00 and gave the company a “buy” rating in a research note on Friday, April 24th. TD Cowen cut their price objective 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. 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. Finally, Barclays dropped their target price on Pinnacle Financial Partners from $135.00 to $130.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 7th. Three research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, Pinnacle Financial Partners presently has a consensus rating of “Moderate Buy” and a consensus price target of $116.89.

Pinnacle Financial Partners Trading Down 0.1%

NYSE PNFP opened at $100.94 on Monday. Pinnacle Financial Partners, Inc. has a 12-month low of $81.08 and a 12-month high of $119.85. The business has a fifty day moving average of $97.53. 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 stock has a market capitalization of $7.83 billion, a PE ratio of 14.00, a P/E/G ratio of 0.40 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 (EPS) for the quarter, beating the consensus estimate of $2.30 by $0.09. The firm had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.20 billion. Pinnacle Financial Partners had a return on equity of 10.61% and a net margin of 15.02%. As a group, sell-side analysts forecast that Pinnacle Financial Partners, Inc. will post 10.18 earnings per share for the current year.

Pinnacle Financial Partners 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.