FMR LLC raised its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 11.6% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,716,416 shares of the financial services provider's stock after buying an additional 282,016 shares during the period. FMR LLC owned about 3.52% of Pinnacle Financial Partners worth $266,127,000 at the end of the most recent quarter.
A number of other hedge funds also recently made changes to their positions in the business. International Assets Investment Management LLC acquired a new position in Pinnacle Financial Partners in the 2nd quarter valued at about $29,000. Ashton Thomas Securities LLC acquired a new stake in Pinnacle Financial Partners during the 3rd quarter worth approximately $30,000. Versant Capital Management Inc boosted its stake in Pinnacle Financial Partners by 44.5% in the 2nd quarter. Versant Capital Management Inc now owns 432 shares of the financial services provider's stock valued at $35,000 after purchasing an additional 133 shares during the period. UMB Bank n.a. grew its holdings in Pinnacle Financial Partners by 83.4% in the 3rd quarter. UMB Bank n.a. now owns 497 shares of the financial services provider's stock valued at $49,000 after buying an additional 226 shares in the last quarter. Finally, Values First Advisors Inc. bought a new position in Pinnacle Financial Partners during the 3rd quarter worth $49,000. 87.40% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Several equities analysts recently commented on PNFP shares. Stephens upped their price target on shares of Pinnacle Financial Partners from $108.00 to $120.00 and gave the company an "overweight" rating in a research note on Thursday, October 17th. Hovde Group cut shares of Pinnacle Financial Partners from an "outperform" rating to a "market perform" rating and set a $135.00 target price on the stock. in a report on Monday, November 18th. Wells Fargo & Company boosted their price target on Pinnacle Financial Partners from $100.00 to $104.00 and gave the company an "equal weight" rating in a research note on Thursday, October 17th. Truist Financial raised their price objective on Pinnacle Financial Partners from $113.00 to $119.00 and gave the stock a "buy" rating in a research note on Monday, October 21st. Finally, Citigroup lifted their price objective on Pinnacle Financial Partners from $113.00 to $123.00 and gave the company a "buy" rating in a report on Thursday, October 17th. Six research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $108.70.
Check Out Our Latest Stock Report on PNFP
Pinnacle Financial Partners Price Performance
Shares of Pinnacle Financial Partners stock traded down $0.62 during trading on Monday, reaching $126.49. 203,114 shares of the company's stock were exchanged, compared to its average volume of 470,731. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.90 and a current ratio of 0.90. Pinnacle Financial Partners, Inc. has a 1-year low of $73.62 and a 1-year high of $131.91. The company has a market cap of $9.77 billion, a P/E ratio of 24.17 and a beta of 1.04. The firm's 50-day moving average price is $108.95 and its 200 day moving average price is $94.54.
Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last issued its earnings results on Tuesday, October 15th. The financial services provider reported $1.86 EPS for the quarter, topping the consensus estimate of $1.79 by $0.07. Pinnacle Financial Partners had a return on equity of 8.89% and a net margin of 13.97%. The firm had revenue of $810.11 million during the quarter, compared to the consensus estimate of $454.18 million. During the same quarter in the previous year, the firm earned $1.79 earnings per share. As a group, research analysts anticipate that Pinnacle Financial Partners, Inc. will post 6.8 earnings per share for the current year.
Pinnacle Financial Partners Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 1st were paid a dividend of $0.22 per share. The ex-dividend date of this dividend was Friday, November 1st. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.70%. Pinnacle Financial Partners's payout ratio is presently 16.73%.
About Pinnacle Financial Partners
(
Free Report)
Pinnacle Financial Partners, Inc, together with its subsidiaries, operates as the bank holding company for Pinnacle Bank that provides various banking products and services to individuals, businesses, and professional entities in the United States. The company accepts various deposits, including savings, noninterest-bearing and interest-bearing checking, money market, and certificate of deposit accounts; and provides treasury management services, which includes online wire origination, enhanced ACH origination services, positive pay, zero balance and sweep accounts, automated bill pay services, electronic receivables processing, lockbox processing, and merchant card acceptance services.
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