The Manufacturers Life Insurance Company Has $99.44 Million Stock Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

The Manufacturers Life Insurance Company lifted its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 20.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,015,033 shares of the financial services provider's stock after acquiring an additional 172,750 shares during the period. The Manufacturers Life Insurance Company owned 1.31% of Pinnacle Financial Partners worth $99,443,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also made changes to their positions in the stock. International Assets Investment Management LLC acquired a new stake 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 third quarter valued at approximately $30,000. Versant Capital Management Inc boosted its holdings in Pinnacle Financial Partners by 44.5% during the second quarter. Versant Capital Management Inc now owns 432 shares of the financial services provider's stock worth $35,000 after buying an additional 133 shares in the last quarter. UMB Bank n.a. grew its position in Pinnacle Financial Partners by 83.4% in the third quarter. UMB Bank n.a. now owns 497 shares of the financial services provider's stock worth $49,000 after buying an additional 226 shares during the last quarter. Finally, Values First Advisors Inc. acquired a new stake in shares of Pinnacle Financial Partners during the 3rd quarter valued at $49,000. Institutional investors and hedge funds own 87.40% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Wells Fargo & Company increased their target price on Pinnacle Financial Partners from $100.00 to $104.00 and gave the company an "equal weight" rating in a report on Thursday, October 17th. Truist Financial raised their price target on shares of Pinnacle Financial Partners from $113.00 to $119.00 and gave the stock a "buy" rating in a report on Monday, October 21st. Barclays upped their price objective on shares of Pinnacle Financial Partners from $101.00 to $108.00 and gave the company an "equal weight" rating in a research note on Thursday, October 17th. Stephens lifted their target price 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. Finally, Hovde Group downgraded Pinnacle Financial Partners from an "outperform" rating to a "market perform" rating and set a $135.00 target price on the stock. in a research note on Monday, November 18th. Six research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $108.70.

Pinnacle Financial Partners Stock Performance

NASDAQ PNFP traded down $1.00 during midday trading on Wednesday, hitting $127.25. The company had a trading volume of 389,106 shares, compared to its average volume of 473,079. The firm has a fifty day simple moving average of $107.87 and a two-hundred day simple moving average of $93.87. Pinnacle Financial Partners, Inc. has a fifty-two week low of $70.32 and a fifty-two week high of $131.91. 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 stock has a market cap of $9.83 billion, a price-to-earnings ratio of 24.19 and a beta of 1.04.

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. The firm had revenue of $810.11 million during the quarter, compared to analysts' expectations of $454.18 million. Pinnacle Financial Partners had a return on equity of 8.89% and a net margin of 13.97%. During the same period last year, the business earned $1.79 earnings per share. Equities analysts forecast that Pinnacle Financial Partners, Inc. will post 6.8 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 1st will be issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 0.69%. The ex-dividend date is Friday, November 1st. Pinnacle Financial Partners's payout ratio is presently 16.73%.

About Pinnacle Financial Partners

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.