Thoroughbred Financial Services LLC Has $947,000 Stock Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Thoroughbred Financial Services LLC grew its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 357.5% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 11,839 shares of the financial services provider’s stock after purchasing an additional 9,251 shares during the quarter. Thoroughbred Financial Services LLC’s holdings in Pinnacle Financial Partners were worth $947,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the stock. Verdence Capital Advisors LLC increased its position in shares of Pinnacle Financial Partners by 2.9% during the 1st quarter. Verdence Capital Advisors LLC now owns 4,497 shares of the financial services provider’s stock worth $386,000 after purchasing an additional 126 shares during the last quarter. Versant Capital Management Inc boosted its stake in shares of Pinnacle Financial Partners by 44.5% during the 2nd quarter. Versant Capital Management Inc now owns 432 shares of the financial services provider’s stock worth $35,000 after acquiring an additional 133 shares during the period. Covenant Partners LLC boosted its stake in shares of Pinnacle Financial Partners by 1.4% during the 4th 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 during the period. CANADA LIFE ASSURANCE Co boosted its stake in shares of Pinnacle Financial Partners by 0.3% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 57,459 shares of the financial services provider’s stock worth $4,930,000 after acquiring an additional 152 shares during the period. Finally, GAMMA Investing LLC boosted its stake in shares of Pinnacle Financial Partners by 26.7% during the 2nd quarter. GAMMA Investing LLC now owns 853 shares of the financial services provider’s stock worth $68,000 after acquiring an additional 180 shares during the period. Institutional investors and hedge funds own 87.40% of the company’s stock.

Wall Street Analysts Forecast Growth

PNFP has been the subject of several research analyst reports. Stephens reduced their target price on Pinnacle Financial Partners from $109.00 to $102.00 and set an “overweight” rating for the company in a research note on Thursday, May 23rd. JPMorgan Chase & Co. reduced their target price on Pinnacle Financial Partners from $108.00 to $105.00 and set an “overweight” rating for the company in a research note on Thursday, June 27th. Wells Fargo & Company lifted their target price on Pinnacle Financial Partners from $90.00 to $100.00 and gave the stock an “overweight” rating in a research note on Thursday, July 18th. Barclays lifted their target price on Pinnacle Financial Partners from $93.00 to $97.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 18th. Finally, Truist Financial lifted their target price on Pinnacle Financial Partners from $87.00 to $101.00 and gave the stock a “buy” rating in a research note on Thursday, July 18th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $99.00.

Pinnacle Financial Partners Stock Performance

PNFP opened at $94.91 on Monday. The business has a fifty day simple moving average of $92.00 and a 200 day simple moving average of $84.49. The company has a market capitalization of $7.33 billion, a PE ratio of 13.58 and a beta of 1.05. Pinnacle Financial Partners, Inc. has a 1 year low of $59.66 and a 1 year high of $99.90. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.90 and a quick ratio of 0.90.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its earnings results on Tuesday, July 16th. The financial services provider reported $1.63 earnings per share for the quarter, beating analysts’ consensus estimates of $1.60 by $0.03. The firm had revenue of $366.55 million during the quarter, compared to the consensus estimate 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 6.83 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Friday, August 2nd were given a dividend of $0.22 per share. The ex-dividend date was Friday, August 2nd. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.93%. Pinnacle Financial Partners’s payout ratio is 12.59%.

Pinnacle Financial Partners 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.