CWA Asset Management Group LLC Takes $203,000 Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

CWA Asset Management Group LLC bought a new stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 2,070 shares of the financial services provider’s stock, valued at approximately $203,000.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Dimensional Fund Advisors LP lifted its holdings in Pinnacle Financial Partners by 10.4% during 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 purchasing an additional 292,401 shares during the last quarter. Principal Financial Group Inc. lifted its stake in shares of Pinnacle Financial Partners by 27.0% during the 3rd quarter. Principal Financial Group Inc. now owns 983,282 shares of the financial services provider’s stock worth $96,332,000 after buying an additional 208,938 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Pinnacle Financial Partners by 0.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 721,005 shares of the financial services provider’s stock worth $57,709,000 after buying an additional 4,744 shares during the period. Earnest Partners LLC grew its stake in 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 valued at $52,860,000 after buying an additional 5,293 shares during the last quarter. Finally, Artemis Investment Management LLP raised its holdings in Pinnacle Financial Partners by 2.9% in the 2nd quarter. Artemis Investment Management LLP now owns 526,696 shares of the financial services provider’s stock valued at $42,157,000 after acquiring an additional 14,811 shares during the period. Institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Stock Down 1.1 %

PNFP stock opened at $124.80 on Thursday. The company has a market cap of $9.64 billion, a PE ratio of 23.73 and a beta of 1.04. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.42. Pinnacle Financial Partners, Inc. has a 52 week low of $68.92 and a 52 week high of $129.38. The business has a 50-day simple moving average of $101.14 and a 200 day simple moving average of $90.58.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued 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. The company had revenue of $810.11 million during the quarter, compared to the consensus estimate of $454.18 million. Pinnacle Financial Partners had a net margin of 13.97% and a return on equity of 8.89%. During the same quarter in the prior year, the firm posted $1.79 EPS. Sell-side analysts anticipate that Pinnacle Financial Partners, Inc. will post 6.8 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 1st will be issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.71%. The ex-dividend date is Friday, November 1st. Pinnacle Financial Partners’s dividend payout ratio is presently 16.73%.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. Stephens boosted their price objective on Pinnacle Financial Partners from $108.00 to $120.00 and gave the stock an “overweight” rating in a report on Thursday, October 17th. Citigroup upped their price objective on Pinnacle Financial Partners from $113.00 to $123.00 and gave the company a “buy” rating in a report on Thursday, October 17th. Wells Fargo & Company increased their price objective on Pinnacle Financial Partners from $100.00 to $104.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 17th. Piper Sandler downgraded shares of Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and upped their price target for the company from $95.00 to $98.00 in a research note on Thursday, July 18th. Finally, Truist Financial lifted their price objective on shares of Pinnacle Financial Partners from $113.00 to $119.00 and gave the stock a “buy” rating in a research note on Monday, October 21st. Five equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, Pinnacle Financial Partners has a consensus rating of “Moderate Buy” and an average price target of $106.60.

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.