Pathstone Holdings LLC Increases Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Pathstone Holdings LLC boosted its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 5.9% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 33,290 shares of the financial services provider’s stock after purchasing an additional 1,861 shares during the quarter. Pathstone Holdings LLC’s holdings in Pinnacle Financial Partners were worth $3,261,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently made changes to their positions in PNFP. Dimensional Fund Advisors LP raised its stake 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 purchasing an additional 292,401 shares in the last quarter. Principal Financial Group Inc. grew its position in Pinnacle Financial Partners by 27.0% in the third 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. Pinnacle Financial Partners Inc raised its position in Pinnacle Financial Partners by 0.8% during the third quarter. Pinnacle Financial Partners Inc now owns 793,255 shares of the financial services provider’s stock valued at $77,715,000 after purchasing an additional 6,445 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. Finally, Earnest Partners LLC boosted its holdings in shares of Pinnacle Financial Partners by 0.8% in the 2nd quarter. Earnest Partners LLC now owns 660,415 shares of the financial services provider’s stock worth $52,860,000 after purchasing an additional 5,293 shares in the last quarter. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Stock Performance

Shares of NASDAQ:PNFP opened at $126.18 on Monday. 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 company has a 50-day moving average price of $105.94 and a 200-day moving average price of $92.92. The company has a market cap of $9.75 billion, a price-to-earnings ratio of 23.99 and a beta of 1.04. Pinnacle Financial Partners, Inc. has a 12 month low of $70.23 and a 12 month high of $129.38.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share for the quarter, topping the consensus estimate of $1.79 by $0.07. Pinnacle Financial Partners had a return on equity of 8.89% and a net margin of 13.97%. The business had revenue of $810.11 million during the quarter, compared to analysts’ expectations of $454.18 million. During the same quarter last year, the business posted $1.79 EPS. As a group, equities analysts anticipate that Pinnacle Financial Partners, Inc. will post 6.8 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 1st will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 0.70%. The ex-dividend date of this dividend is Friday, November 1st. Pinnacle Financial Partners’s payout ratio is currently 16.73%.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on PNFP. Hovde Group downgraded Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 target price for the company. in a research report on Monday, November 18th. Wells Fargo & Company boosted their price objective on shares of Pinnacle Financial Partners from $100.00 to $104.00 and gave the stock an “equal weight” rating in a report on Thursday, October 17th. Truist Financial increased their target price on shares of Pinnacle Financial Partners from $113.00 to $119.00 and gave the company a “buy” rating in a report on Monday, October 21st. Stephens lifted their target price on shares of Pinnacle Financial Partners from $108.00 to $120.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. Finally, Citigroup upped their price target on shares of Pinnacle Financial Partners from $113.00 to $123.00 and gave the company a “buy” rating in a research report on Thursday, October 17th. Six research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $108.70.

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.