Caprock Group LLC raised its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP – Free Report) by 2.7% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 5,774 shares of the financial services provider’s stock after acquiring an additional 154 shares during the period. Caprock Group LLC’s holdings in Pinnacle Financial Partners were worth $566,000 as of its most recent SEC filing.
Other hedge funds also recently added to or reduced their stakes in the company. CANADA LIFE ASSURANCE Co raised its stake in shares of Pinnacle Financial Partners by 0.3% during the first quarter. CANADA LIFE ASSURANCE Co now owns 57,459 shares of the financial services provider’s stock worth $4,930,000 after purchasing an additional 152 shares during the last quarter. Earnest Partners LLC increased its stake in Pinnacle Financial Partners by 3.0% in the 1st quarter. Earnest Partners LLC now owns 655,122 shares of the financial services provider’s stock valued at $56,262,000 after buying an additional 19,353 shares during the period. Silvercrest Asset Management Group LLC raised its position in Pinnacle Financial Partners by 3.9% during the 1st quarter. Silvercrest Asset Management Group LLC now owns 93,754 shares of the financial services provider’s stock worth $8,052,000 after buying an additional 3,498 shares during the last quarter. Jacobs Levy Equity Management Inc. lifted its stake in shares of Pinnacle Financial Partners by 5.6% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 97,097 shares of the financial services provider’s stock worth $8,339,000 after acquiring an additional 5,158 shares during the period. Finally, B. Riley Wealth Advisors Inc. boosted its holdings in shares of Pinnacle Financial Partners by 28.2% in the first quarter. B. Riley Wealth Advisors Inc. now owns 3,412 shares of the financial services provider’s stock valued at $293,000 after acquiring an additional 751 shares in the last quarter. 87.40% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
PNFP has been the subject of several analyst reports. Truist Financial increased 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 increased their target price on Pinnacle Financial Partners from $101.00 to $108.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 17th. Citigroup lifted their price target on Pinnacle Financial Partners from $113.00 to $123.00 and gave the company a “buy” rating in a research note on Thursday, October 17th. Stephens increased their price objective on Pinnacle Financial Partners from $108.00 to $120.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. Finally, Wells Fargo & Company boosted their target price on shares of Pinnacle Financial Partners from $100.00 to $104.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 17th. Six research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $108.70.
Get Our Latest Research Report on PNFP
Pinnacle Financial Partners Trading Up 3.0 %
NASDAQ:PNFP opened at $126.18 on Friday. The company has a market capitalization of $9.75 billion, a PE ratio of 23.99 and a beta of 1.04. Pinnacle Financial Partners, Inc. has a 52-week low of $70.23 and a 52-week high of $129.38. The stock has a fifty day simple moving average of $105.31 and a 200-day simple moving average of $92.56. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.42.
Pinnacle Financial Partners (NASDAQ:PNFP – Get Free Report) last announced its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share (EPS) 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 company had revenue of $810.11 million for the quarter, compared to the consensus estimate of $454.18 million. During the same quarter in the prior year, the firm earned $1.79 earnings per share. On average, equities research analysts expect that Pinnacle Financial Partners, Inc. will post 6.8 earnings per share for the current fiscal year.
Pinnacle Financial Partners Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 1st will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 0.70%. The ex-dividend date of this dividend is Friday, November 1st. Pinnacle Financial Partners’s dividend payout ratio (DPR) 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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