Envestnet Asset Management Inc. Acquires 4,853 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Envestnet Asset Management Inc. grew its holdings in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 2.0% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 250,832 shares of the financial services provider’s stock after purchasing an additional 4,853 shares during the period. Envestnet Asset Management Inc.’s holdings in Pinnacle Financial Partners were worth $20,077,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the business. Verdence Capital Advisors LLC raised its holdings in Pinnacle Financial Partners by 2.9% during the first quarter. Verdence Capital Advisors LLC now owns 4,497 shares of the financial services provider’s stock worth $386,000 after acquiring an additional 126 shares in the last quarter. Versant Capital Management Inc boosted its holdings in shares of 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 buying an additional 133 shares during the last quarter. Covenant Partners LLC boosted its holdings in shares of Pinnacle Financial Partners by 1.4% in the 4th quarter. Covenant Partners LLC now owns 10,699 shares of the financial services provider’s stock valued at $933,000 after buying an additional 149 shares during the last quarter. CANADA LIFE ASSURANCE Co grew 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 valued at $4,930,000 after buying an additional 152 shares in the last quarter. Finally, GAMMA Investing LLC increased its holdings in Pinnacle Financial Partners by 26.7% during the second quarter. GAMMA Investing LLC now owns 853 shares of the financial services provider’s stock worth $68,000 after buying an additional 180 shares during the last quarter. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Piper Sandler lowered shares of Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and boosted their price objective for the stock from $95.00 to $98.00 in a research note on Thursday, July 18th. Truist Financial boosted their price target on Pinnacle Financial Partners from $101.00 to $113.00 and gave the stock a “buy” rating in a research report on Friday. Citigroup raised 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 boosted their target price on Pinnacle Financial Partners from $93.00 to $97.00 and gave the stock an “equal weight” rating in a report on Thursday, July 18th. Finally, JPMorgan Chase & Co. cut their price target on Pinnacle Financial Partners from $108.00 to $105.00 and set an “overweight” rating for the company in a report on Thursday, June 27th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $100.20.

Pinnacle Financial Partners Trading Down 0.2 %

Shares of Pinnacle Financial Partners stock opened at $99.75 on Tuesday. Pinnacle Financial Partners, Inc. has a 52-week low of $59.66 and a 52-week high of $100.76. The stock has a market cap of $7.70 billion, a PE ratio of 14.27 and a beta of 1.05. The firm has a 50-day moving average of $93.89 and a 200-day moving average of $85.13. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.90 and a current ratio of 0.90.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its earnings results on Tuesday, July 16th. The financial services provider reported $1.63 EPS for the quarter, topping the consensus estimate of $1.60 by $0.03. The company had revenue of $366.55 million for the quarter, compared to analysts’ expectations of $426.40 million. Pinnacle Financial Partners had a net margin of 13.93% and a return on equity of 8.97%. As a group, sell-side analysts forecast that Pinnacle Financial Partners, Inc. will post 6.83 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

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 of this dividend was Friday, August 2nd. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.88%. Pinnacle Financial Partners’s payout ratio is 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.