Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Shares Bought by Hsbc Holdings PLC

Hsbc Holdings PLC raised its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 14.6% during the 2nd quarter, Holdings Channel reports. The firm owned 4,818 shares of the financial services provider’s stock after buying an additional 613 shares during the quarter. Hsbc Holdings PLC’s holdings in Pinnacle Financial Partners were worth $386,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of PNFP. US Bancorp DE lifted its position in Pinnacle Financial Partners by 62.1% during the fourth quarter. US Bancorp DE now owns 7,041 shares of the financial services provider’s stock worth $614,000 after buying an additional 2,698 shares in the last quarter. Allianz Asset Management GmbH lifted its position in Pinnacle Financial Partners by 10.2% during the fourth quarter. Allianz Asset Management GmbH now owns 78,913 shares of the financial services provider’s stock worth $6,883,000 after buying an additional 7,327 shares in the last quarter. Treasurer of the State of North Carolina lifted its position in Pinnacle Financial Partners by 1.0% during the fourth quarter. Treasurer of the State of North Carolina now owns 33,360 shares of the financial services provider’s stock worth $2,910,000 after buying an additional 320 shares in the last quarter. Campbell & CO Investment Adviser LLC purchased a new position in Pinnacle Financial Partners during the fourth quarter worth approximately $739,000. Finally, Rafferty Asset Management LLC lifted its position in Pinnacle Financial Partners by 46.3% during the fourth quarter. Rafferty Asset Management LLC now owns 111,012 shares of the financial services provider’s stock worth $9,682,000 after buying an additional 35,134 shares in the last quarter. 87.40% of the stock is owned by institutional investors and hedge funds.

Pinnacle Financial Partners Stock Performance

NASDAQ PNFP opened at $93.40 on Thursday. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.43. The business’s 50 day moving average is $94.16 and its two-hundred day moving average is $85.80. Pinnacle Financial Partners, Inc. has a 12-month low of $59.66 and a 12-month high of $100.76. The stock has a market capitalization of $7.21 billion, a price-to-earnings ratio of 13.36 and a beta of 1.05.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $1.63 earnings per share for the quarter, topping analysts’ consensus estimates of $1.60 by $0.03. The business had revenue of $366.55 million for the quarter, compared to analysts’ expectations of $426.40 million. Pinnacle Financial Partners had a return on equity of 8.97% and a net margin of 13.93%. Research analysts expect that Pinnacle Financial Partners, Inc. will post 6.8 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Friday, August 2nd were paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.94%. The ex-dividend date was Friday, August 2nd. Pinnacle Financial Partners’s dividend payout ratio is presently 12.59%.

Analyst Upgrades and Downgrades

PNFP has been the topic of a number of research analyst reports. Hovde Group lifted their target price on Pinnacle Financial Partners from $110.00 to $114.00 and gave the company an “outperform” rating in a research report on Friday, September 27th. Wells Fargo & Company downgraded Pinnacle Financial Partners from an “overweight” rating to an “equal weight” rating and set a $100.00 target price on the stock. in a research report on Tuesday. Piper Sandler downgraded Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and lifted their target price for the company from $95.00 to $98.00 in a research report on Thursday, July 18th. Truist Financial lifted their target price on Pinnacle Financial Partners from $101.00 to $113.00 and gave the company a “buy” rating in a research report on Friday, September 20th. Finally, Citigroup lifted their target price on Pinnacle Financial Partners from $93.00 to $113.00 and gave the company a “buy” rating in a research report on Thursday, July 18th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $102.10.

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.