Bank of New York Mellon Corp Purchases 640,967 Shares of Pinnacle Financial Partners, Inc. $PNFP

Bank of New York Mellon Corp raised its position in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) by 85.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,389,822 shares of the company’s stock after purchasing an additional 640,967 shares during the period. Bank of New York Mellon Corp owned approximately 1.79% of Pinnacle Financial Partners worth $119,719,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. raised its holdings in shares of Pinnacle Financial Partners by 1.6% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 7,377 shares of the company’s stock worth $704,000 after buying an additional 116 shares in the last quarter. Villanova Investment Management Co LLC boosted its stake in shares of Pinnacle Financial Partners by 0.4% in the 4th quarter. Villanova Investment Management Co LLC now owns 28,511 shares of the company’s stock valued at $2,720,000 after purchasing an additional 118 shares in the last quarter. Simplicity Wealth LLC grew its holdings in shares of Pinnacle Financial Partners by 1.5% during the 1st quarter. Simplicity Wealth LLC now owns 9,155 shares of the company’s stock valued at $789,000 after purchasing an additional 131 shares during the last quarter. Diversified Trust Co. grew its holdings in shares of Pinnacle Financial Partners by 0.3% during the 4th quarter. Diversified Trust Co. now owns 54,349 shares of the company’s stock valued at $5,185,000 after purchasing an additional 137 shares during the last quarter. Finally, Whittier Trust Co. increased its position in Pinnacle Financial Partners by 10.1% during the 4th quarter. Whittier Trust Co. now owns 1,521 shares of the company’s stock worth $145,000 after purchasing an additional 140 shares in the last quarter. Institutional investors and hedge funds own 87.40% of the company’s stock.

Analysts Set New Price Targets

PNFP has been the topic of a number of research reports. Piper Sandler reaffirmed an “overweight” rating on shares of Pinnacle Financial Partners in a research note on Wednesday, June 10th. Truist Financial raised their price objective on Pinnacle Financial Partners from $114.00 to $115.00 and gave the company a “buy” rating in a report on Monday, May 11th. TD Cowen lowered their target price on Pinnacle Financial Partners from $125.00 to $121.00 and set a “buy” rating for the company in a report on Monday, April 27th. Evercore reissued an “outperform” rating and set a $120.00 price target on shares of Pinnacle Financial Partners in a research note on Monday, July 6th. Finally, Barclays reduced 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. Three investment analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $116.89.

Pinnacle Financial Partners Stock Down 0.1%

PNFP stock opened at $100.94 on Monday. The firm has a market capitalization of $7.83 billion, a price-to-earnings ratio of 14.00, a price-to-earnings-growth 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. Pinnacle Financial Partners, Inc. has a 12-month low of $81.08 and a 12-month high of $119.85. The firm has a fifty day moving average price of $97.53.

Pinnacle Financial Partners (NYSE:PNFP) last issued its quarterly earnings results on Wednesday, April 22nd. The company reported $2.39 EPS for the quarter, beating analysts’ consensus estimates of $2.30 by $0.09. Pinnacle Financial Partners had a net margin of 15.02% and a return on equity of 10.61%. The business had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.20 billion. Research analysts expect that Pinnacle Financial Partners, Inc. will post 10.18 earnings per share for the current year.

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.