Barlow Wealth Partners Inc. Grows Stock Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Barlow Wealth Partners Inc. boosted its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 2.6% during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 150,559 shares of the financial services provider’s stock after buying an additional 3,811 shares during the period. Pinnacle Financial Partners makes up approximately 1.9% of Barlow Wealth Partners Inc.’s holdings, making the stock its 25th largest holding. Barlow Wealth Partners Inc. owned approximately 0.19% of Pinnacle Financial Partners worth $14,311,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Versant Capital Management Inc increased its stake in shares of 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 valued at $35,000 after buying an additional 133 shares during the period. GAMMA Investing LLC boosted its holdings in Pinnacle Financial Partners by 16.5% in the third quarter. GAMMA Investing LLC now owns 994 shares of the financial services provider’s stock worth $97,000 after acquiring an additional 141 shares in the last quarter. Covenant Partners LLC boosted its holdings in Pinnacle Financial Partners by 1.4% in the fourth quarter. Covenant Partners LLC now owns 10,699 shares of the financial services provider’s stock worth $933,000 after acquiring an additional 149 shares in the last quarter. CANADA LIFE ASSURANCE Co raised its stake in shares of Pinnacle Financial Partners by 0.3% in 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. Finally, Duncan Williams Asset Management LLC raised its stake in shares of Pinnacle Financial Partners by 1.5% in the third quarter. Duncan Williams Asset Management LLC now owns 12,828 shares of the financial services provider’s stock worth $1,257,000 after purchasing an additional 195 shares during the last quarter. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Analysts Set New Price Targets

PNFP has been the subject of several recent research reports. Citigroup lifted their price target 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. JPMorgan Chase & Co. decreased their price target on Pinnacle Financial Partners from $108.00 to $105.00 and set an “overweight” rating on the stock in a research note on Thursday, June 27th. Truist Financial boosted their price objective on Pinnacle Financial Partners from $101.00 to $113.00 and gave the company a “buy” rating in a report on Friday, September 20th. Piper Sandler downgraded Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and boosted their price objective for the company from $95.00 to $98.00 in a report on Thursday, July 18th. Finally, Wells Fargo & Company downgraded Pinnacle Financial Partners from an “overweight” rating to an “equal weight” rating and set a $100.00 price target on the stock. in a report on Tuesday, October 1st. Five equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $102.10.

Pinnacle Financial Partners Price Performance

Pinnacle Financial Partners stock traded up $1.07 during mid-day trading on Wednesday, hitting $95.04. 7,956 shares of the company were exchanged, compared to its average volume of 461,211. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.90 and a quick ratio of 0.90. The business’s 50 day simple moving average is $93.97 and its two-hundred day simple moving average is $86.18. The company has a market capitalization of $7.34 billion, a P/E ratio of 13.44 and a beta of 1.05. Pinnacle Financial Partners, Inc. has a 12-month low of $59.66 and a 12-month high of $100.76.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $1.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.60 by $0.03. Pinnacle Financial Partners had a return on equity of 8.97% and a net margin of 13.93%. The business had revenue of $366.55 million for the quarter, compared to analysts’ expectations of $426.40 million. 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 company also recently announced a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 2nd were issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 0.93%. The ex-dividend date of this dividend was Friday, August 2nd. Pinnacle Financial Partners’s payout ratio is currently 12.59%.

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.