Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Shares Acquired by Blue Trust Inc.

Blue Trust Inc. increased its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 10.6% during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 1,315 shares of the financial services provider’s stock after acquiring an additional 126 shares during the period. Blue Trust Inc.’s holdings in Pinnacle Financial Partners were worth $129,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Dimensional Fund Advisors LP boosted its position in Pinnacle Financial Partners by 10.4% in the 2nd 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. Swedbank AB purchased a new position in Pinnacle Financial Partners in the first quarter valued at about $21,470,000. Lee Danner & Bass Inc. acquired a new stake in Pinnacle Financial Partners during the 2nd quarter valued at approximately $16,092,000. Stieven Capital Advisors L.P. purchased a new stake in Pinnacle Financial Partners during the 1st quarter worth approximately $6,003,000. Finally, Edgestream Partners L.P. raised its position in shares of Pinnacle Financial Partners by 1,017.9% in the 2nd quarter. Edgestream Partners L.P. now owns 71,064 shares of the financial services provider’s stock valued at $5,688,000 after purchasing an additional 64,707 shares in the last quarter. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on PNFP. Piper Sandler downgraded shares of Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and raised their price target for the stock from $95.00 to $98.00 in a research report on Thursday, July 18th. Citigroup raised their price objective on shares of Pinnacle Financial Partners from $113.00 to $123.00 and gave the stock a “buy” rating in a report on Thursday, October 17th. Hovde Group upped their target price on shares of Pinnacle Financial Partners from $110.00 to $114.00 and gave the company an “outperform” rating in a research note on Friday, September 27th. Wells Fargo & Company lifted their price target on Pinnacle Financial Partners from $100.00 to $104.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 17th. Finally, Truist Financial boosted their price objective on Pinnacle Financial Partners from $113.00 to $119.00 and gave the company a “buy” rating in a report on Monday, October 21st. Five research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $106.60.

Pinnacle Financial Partners Price Performance

PNFP opened at $103.95 on Tuesday. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.42. The company’s 50-day moving average price is $97.33 and its 200 day moving average price is $87.85. Pinnacle Financial Partners, Inc. has a fifty-two week low of $60.30 and a fifty-two week high of $107.13. The firm has a market cap of $8.03 billion, a price-to-earnings ratio of 19.76 and a beta of 1.05.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $454.18 million. During the same period in the prior year, the firm earned $1.79 EPS. As a group, sell-side analysts expect that Pinnacle Financial Partners, Inc. will post 6.83 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 1st will be paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 0.85%. The ex-dividend date is Friday, November 1st. Pinnacle Financial Partners’s payout ratio is 16.73%.

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.