Dimensional Fund Advisors LP Boosts Stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Dimensional Fund Advisors LP lifted its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 10.4% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,094,498 shares of the financial services provider’s stock after purchasing an additional 292,401 shares during the quarter. Dimensional Fund Advisors LP’s holdings in Pinnacle Financial Partners were worth $247,673,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Rise Advisors LLC purchased a new position in shares of Pinnacle Financial Partners during the first quarter worth approximately $26,000. International Assets Investment Management LLC purchased a new position in Pinnacle Financial Partners during the 2nd quarter worth $29,000. Versant Capital Management Inc increased its stake in Pinnacle Financial Partners by 44.5% in the second 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. ICA Group Wealth Management LLC purchased a new stake in shares of Pinnacle Financial Partners in the fourth quarter valued at about $44,000. Finally, Principal Securities Inc. acquired a new stake in shares of Pinnacle Financial Partners during the fourth quarter worth about $60,000. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Trading Up 1.3 %

Shares of Pinnacle Financial Partners stock opened at $97.36 on Thursday. The company has a 50-day moving average of $93.07 and a two-hundred day moving average of $84.78. The stock has a market cap of $7.52 billion, a PE ratio of 13.93 and a beta of 1.05. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.43. Pinnacle Financial Partners, Inc. has a 12-month low of $59.66 and a 12-month high of $100.68.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $1.63 earnings per share for the quarter, beating the consensus estimate of $1.60 by $0.03. The firm had revenue of $366.55 million during the quarter, compared to the consensus estimate of $426.40 million. Pinnacle Financial Partners had a return on equity of 8.97% and a net margin of 13.93%. On average, research analysts anticipate that Pinnacle Financial Partners, Inc. will post 6.83 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Friday, August 2nd were paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 0.90%. The ex-dividend date was Friday, August 2nd. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 12.59%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. JPMorgan Chase & Co. dropped their price target on Pinnacle Financial Partners from $108.00 to $105.00 and set an “overweight” rating on the stock in a research report on Thursday, June 27th. Barclays upped their price target on Pinnacle Financial Partners from $93.00 to $97.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 18th. Truist Financial increased their price target on Pinnacle Financial Partners from $87.00 to $101.00 and gave the stock a “buy” rating in a report on Thursday, July 18th. Wells Fargo & Company upped their price objective on shares of Pinnacle Financial Partners from $90.00 to $100.00 and gave the stock an “overweight” rating in a research report on Thursday, July 18th. Finally, Piper Sandler cut Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and boosted their target price for the stock from $95.00 to $98.00 in a research report on Thursday, July 18th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, Pinnacle Financial Partners presently has a consensus rating of “Hold” and a consensus price target of $99.00.

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.