Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Shares Purchased by Simplicity Wealth LLC

Simplicity Wealth LLC raised its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 14.3% during the third quarter, Holdings Channel.com reports. The institutional investor owned 6,785 shares of the financial services provider’s stock after buying an additional 851 shares during the period. Simplicity Wealth LLC’s holdings in Pinnacle Financial Partners were worth $665,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Rise Advisors LLC purchased a new stake in shares of Pinnacle Financial Partners in the first quarter valued at $26,000. International Assets Investment Management LLC acquired a new position in Pinnacle Financial Partners in the 2nd quarter valued at about $29,000. Versant Capital Management Inc lifted its holdings in Pinnacle Financial Partners by 44.5% in the 2nd 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 in the last quarter. UMB Bank n.a. boosted its stake in shares of Pinnacle Financial Partners by 83.4% during the 3rd quarter. UMB Bank n.a. now owns 497 shares of the financial services provider’s stock worth $49,000 after purchasing an additional 226 shares during the last quarter. Finally, Quarry LP boosted its stake in shares of Pinnacle Financial Partners by 3,500.0% during the 2nd quarter. Quarry LP now owns 756 shares of the financial services provider’s stock worth $61,000 after purchasing an additional 735 shares during the last quarter. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Price Performance

PNFP stock opened at $98.69 on Monday. The company has a market cap of $7.62 billion, a PE ratio of 14.12 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. The stock has a 50-day moving average price of $94.25 and a two-hundred day moving average price of $86.45. 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 issued its earnings results on Tuesday, July 16th. The financial services provider reported $1.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.60 by $0.03. The business had revenue of $366.55 million during 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%. As a group, research analysts predict that Pinnacle Financial Partners, Inc. will post 6.8 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Friday, August 2nd were paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.89%. The ex-dividend date of this dividend was Friday, August 2nd. Pinnacle Financial Partners’s dividend payout ratio is presently 12.59%.

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. Piper Sandler downgraded shares of Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and upped their price objective for the company from $95.00 to $98.00 in a research note on Thursday, July 18th. JPMorgan Chase & Co. reduced 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. Citigroup lifted their price objective 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. Barclays upped their target price on Pinnacle Financial Partners from $97.00 to $101.00 and gave the company an “equal weight” rating in a research note on Friday, September 27th. Finally, Wells Fargo & Company lowered Pinnacle Financial Partners from an “overweight” rating to an “equal weight” rating and set a $100.00 price target on the stock. in a research note on Tuesday, October 1st. Five analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, Pinnacle Financial Partners has an average rating of “Moderate Buy” and an average price target of $102.10.

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.