Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Shares Acquired by Principal Financial Group Inc.

Principal Financial Group Inc. increased its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 27.0% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 983,282 shares of the financial services provider's stock after buying an additional 208,938 shares during the quarter. Principal Financial Group Inc. owned about 1.27% of Pinnacle Financial Partners worth $96,332,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in PNFP. Dimensional Fund Advisors LP lifted its position in shares of Pinnacle Financial Partners by 10.4% during the second quarter. Dimensional Fund Advisors LP now owns 3,094,498 shares of the financial services provider's stock worth $247,673,000 after purchasing an additional 292,401 shares in the last quarter. Swedbank AB acquired a new position in shares of Pinnacle Financial Partners during the first quarter worth about $21,470,000. Lee Danner & Bass Inc. purchased a new position in Pinnacle Financial Partners in the second quarter worth approximately $16,092,000. Stieven Capital Advisors L.P. acquired a new stake in shares of Pinnacle Financial Partners in the 1st quarter valued at $6,003,000. Finally, Edgestream Partners L.P. grew its stake in shares of Pinnacle Financial Partners by 1,017.9% during the second quarter. Edgestream Partners L.P. now owns 71,064 shares of the financial services provider's stock worth $5,688,000 after purchasing an additional 64,707 shares in the last quarter. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

Pinnacle Financial Partners Stock Performance

Shares of NASDAQ PNFP traded up $2.02 during mid-day trading on Friday, hitting $121.06. 689,256 shares of the company were exchanged, compared to its average volume of 471,015. 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 firm has a market cap of $9.35 billion, a price-to-earnings ratio of 23.02 and a beta of 1.04. The stock has a 50 day simple moving average of $100.03 and a 200-day simple moving average of $89.89. Pinnacle Financial Partners, Inc. has a 1-year low of $63.77 and a 1-year high of $122.96.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last issued its earnings results on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share for the quarter, beating the consensus estimate of $1.79 by $0.07. Pinnacle Financial Partners had a net margin of 13.97% and a return on equity of 8.89%. The business had revenue of $810.11 million for 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. On average, sell-side analysts forecast that Pinnacle Financial Partners, Inc. will post 6.8 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 1st will be issued a $0.22 dividend. The ex-dividend date of this dividend is Friday, November 1st. This represents a $0.88 annualized dividend and a dividend yield of 0.73%. Pinnacle Financial Partners's dividend payout ratio is currently 16.73%.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Piper Sandler downgraded Pinnacle Financial Partners from an "overweight" rating to a "neutral" rating and lifted their price target for the stock from $95.00 to $98.00 in a report on Thursday, July 18th. Barclays raised their price objective on shares of Pinnacle Financial Partners from $101.00 to $108.00 and gave the stock an "equal weight" rating in a report on Thursday, October 17th. Hovde Group increased their target price on shares of Pinnacle Financial Partners from $110.00 to $114.00 and gave the company an "outperform" rating in a research report on Friday, September 27th. Citigroup boosted their price target on shares of Pinnacle Financial Partners from $113.00 to $123.00 and gave the company a "buy" rating in a research report on Thursday, October 17th. Finally, Stephens raised their price objective on Pinnacle Financial Partners from $108.00 to $120.00 and gave the stock an "overweight" rating in a report on Thursday, October 17th. Five research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Pinnacle Financial Partners presently has an average rating of "Moderate Buy" and an average price target of $106.60.

Pinnacle Financial Partners Company Profile

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.