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

Venturi Wealth Management LLC boosted its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 20.2% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,676 shares of the financial services provider’s stock after purchasing an additional 450 shares during the quarter. Venturi Wealth Management LLC’s holdings in Pinnacle Financial Partners were worth $262,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Dimensional Fund Advisors LP increased its holdings 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 valued at $247,673,000 after buying an additional 292,401 shares during the last quarter. Principal Financial Group Inc. raised its position in shares of Pinnacle Financial Partners by 27.0% during the 3rd quarter. Principal Financial Group Inc. now owns 983,282 shares of the financial services provider’s stock worth $96,332,000 after acquiring an additional 208,938 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in Pinnacle Financial Partners by 0.7% during the second quarter. Bank of New York Mellon Corp now owns 721,005 shares of the financial services provider’s stock worth $57,709,000 after purchasing an additional 4,744 shares during the last quarter. Earnest Partners LLC boosted its holdings in Pinnacle Financial Partners by 0.8% in the second quarter. Earnest Partners LLC now owns 660,415 shares of the financial services provider’s stock valued at $52,860,000 after purchasing an additional 5,293 shares in the last quarter. Finally, Artemis Investment Management LLP increased its stake in Pinnacle Financial Partners by 2.9% in the second quarter. Artemis Investment Management LLP now owns 526,696 shares of the financial services provider’s stock valued at $42,157,000 after purchasing an additional 14,811 shares during the last quarter. Institutional investors and hedge funds own 87.40% of the company’s stock.

Pinnacle Financial Partners Trading Down 1.1 %

NASDAQ:PNFP opened at $124.80 on Thursday. Pinnacle Financial Partners, Inc. has a 12-month low of $68.92 and a 12-month high of $129.38. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.42. The stock’s 50 day simple moving average is $101.14 and its 200-day simple moving average is $90.58. The firm has a market cap of $9.64 billion, a P/E ratio of 23.73 and a beta of 1.04.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share (EPS) for the quarter, beating 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 company had revenue of $810.11 million for the quarter, compared to analysts’ expectations of $454.18 million. During the same period in the previous year, the company posted $1.79 EPS. Equities analysts anticipate that Pinnacle Financial Partners, Inc. will post 6.8 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 1st will be given a $0.22 dividend. The ex-dividend date of this dividend is Friday, November 1st. This represents a $0.88 dividend on an annualized basis and a yield of 0.71%. Pinnacle Financial Partners’s payout ratio is currently 16.73%.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on PNFP shares. Truist Financial boosted their price objective on shares of Pinnacle Financial Partners from $113.00 to $119.00 and gave the stock a “buy” rating in a research report on Monday, October 21st. Wells Fargo & Company upped their price objective on shares of Pinnacle Financial Partners from $100.00 to $104.00 and gave the company an “equal weight” rating in a research note on Thursday, October 17th. Piper Sandler cut Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and lifted their target price for the stock from $95.00 to $98.00 in a research report on Thursday, July 18th. Stephens upped their target price on Pinnacle Financial Partners from $108.00 to $120.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. Finally, Hovde Group lifted their price target on Pinnacle Financial Partners from $110.00 to $114.00 and gave the stock an “outperform” rating in a research report on Friday, September 27th. Five equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, Pinnacle Financial Partners has an average rating of “Moderate Buy” and an average target price of $106.60.

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.