Crossmark Global Holdings Inc. Grows Stock Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Crossmark Global Holdings Inc. grew its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 38.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,874 shares of the financial services provider’s stock after purchasing an additional 1,631 shares during the period. Crossmark Global Holdings Inc.’s holdings in Pinnacle Financial Partners were worth $576,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Dimensional Fund Advisors LP boosted its stake in Pinnacle Financial Partners by 10.4% in 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 buying an additional 292,401 shares in the last quarter. Swedbank AB purchased a new stake in shares of Pinnacle Financial Partners in the 1st quarter valued at $21,470,000. Principal Financial Group Inc. boosted its stake in shares of Pinnacle Financial Partners by 27.0% in the 3rd quarter. Principal Financial Group Inc. now owns 983,282 shares of the financial services provider’s stock valued at $96,332,000 after purchasing an additional 208,938 shares in the last quarter. Lee Danner & Bass Inc. bought a new position in shares of Pinnacle Financial Partners during the 2nd quarter valued at $16,092,000. Finally, Stieven Capital Advisors L.P. purchased a new position in Pinnacle Financial Partners in the 1st quarter worth $6,003,000. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. Citigroup raised their price objective 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 raised their price target 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. Truist Financial lifted their price target 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. Hovde Group increased their price objective on Pinnacle Financial Partners from $110.00 to $114.00 and gave the company an “outperform” rating in a research note on Friday, September 27th. Finally, Wells Fargo & Company lifted 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 note on Thursday, October 17th. Five analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $106.60.

Pinnacle Financial Partners Stock Performance

Shares of PNFP stock opened at $123.99 on Friday. The firm has a market capitalization of $9.58 billion, a price-to-earnings ratio of 23.57 and a beta of 1.04. The stock has a fifty day moving average of $102.23 and a 200 day moving average of $91.05. Pinnacle Financial Partners, Inc. has a 52 week low of $70.03 and a 52 week high of $129.38. 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) last posted 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 net margin of 13.97% and a return on equity of 8.89%. The firm had revenue of $810.11 million during the quarter, compared to analysts’ expectations of $454.18 million. During the same period last year, the company posted $1.79 EPS. As a group, research analysts expect that Pinnacle Financial Partners, Inc. will post 6.8 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

The company 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. The ex-dividend date of this dividend is Friday, November 1st. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.71%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 16.73%.

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.