Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Shares Bought by Evergreen Capital Management LLC

Evergreen Capital Management LLC lifted its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 9.9% in the second quarter, Holdings Channel reports. The institutional investor owned 2,664 shares of the financial services provider’s stock after acquiring an additional 240 shares during the quarter. Evergreen Capital Management LLC’s holdings in Pinnacle Financial Partners were worth $213,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Steel Grove Capital Advisors LLC raised its position in Pinnacle Financial Partners by 7.4% in the second quarter. Steel Grove Capital Advisors LLC now owns 12,073 shares of the financial services provider’s stock valued at $966,000 after purchasing an additional 834 shares during the period. EverSource Wealth Advisors LLC grew its position in Pinnacle Financial Partners by 1.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 17,876 shares of the financial services provider’s stock valued at $1,431,000 after acquiring an additional 221 shares in the last quarter. Sei Investments Co. grew its position in Pinnacle Financial Partners by 15.8% in the 2nd quarter. Sei Investments Co. now owns 268,208 shares of the financial services provider’s stock valued at $21,467,000 after acquiring an additional 36,604 shares in the last quarter. King Luther Capital Management Corp increased its stake in Pinnacle Financial Partners by 6.2% during the second quarter. King Luther Capital Management Corp now owns 75,392 shares of the financial services provider’s stock worth $6,034,000 after purchasing an additional 4,413 shares during the period. Finally, Intech Investment Management LLC acquired a new stake in shares of Pinnacle Financial Partners during the second quarter worth about $368,000. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Stock Up 0.2 %

PNFP stock opened at $96.67 on Friday. The stock has a market cap of $7.47 billion, a P/E ratio of 13.83 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. Pinnacle Financial Partners, Inc. has a twelve month low of $59.66 and a twelve month high of $100.76. The company’s 50 day moving average is $94.18 and its two-hundred day moving average is $85.48.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly 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 analysts’ expectations of $426.40 million. Pinnacle Financial Partners had a net margin of 13.93% and a return on equity of 8.97%. Research analysts expect that Pinnacle Financial Partners, Inc. will post 6.81 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 2nd were paid 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 yield of 0.91%. Pinnacle Financial Partners’s dividend payout ratio is presently 12.59%.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on PNFP. Truist Financial lifted their price objective on shares of Pinnacle Financial Partners from $101.00 to $113.00 and gave the company a “buy” rating in a report on Friday, September 20th. Hovde Group upped their price objective on Pinnacle Financial Partners from $110.00 to $114.00 and gave the stock an “outperform” rating in a research report on Friday. Piper Sandler lowered Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and lifted their target price for the company from $95.00 to $98.00 in a report on Thursday, July 18th. JPMorgan Chase & Co. lowered 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. Finally, Wells Fargo & Company upped their target price on shares of Pinnacle Financial Partners from $90.00 to $100.00 and gave the stock an “overweight” 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 issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $102.10.

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.