OneDigital Investment Advisors LLC Buys 88 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

OneDigital Investment Advisors LLC grew its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 1.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,646 shares of the financial services provider’s stock after buying an additional 88 shares during the period. OneDigital Investment Advisors LLC’s holdings in Pinnacle Financial Partners were worth $651,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of PNFP. Dimensional Fund Advisors LP increased 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 worth $247,673,000 after acquiring an additional 292,401 shares during the period. Swedbank AB bought a new position in shares of Pinnacle Financial Partners in the first quarter worth $21,470,000. Principal Financial Group Inc. raised its position in shares of Pinnacle Financial Partners by 27.0% in the third 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 in the last quarter. Lee Danner & Bass Inc. bought a new stake in Pinnacle Financial Partners during the second quarter valued at $16,092,000. Finally, Edgestream Partners L.P. grew its position in Pinnacle Financial Partners by 1,017.9% during the second quarter. Edgestream Partners L.P. now owns 71,064 shares of the financial services provider’s stock worth $5,688,000 after buying an additional 64,707 shares in the last quarter. 87.40% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have recently issued reports on PNFP shares. Citigroup lifted their price target on Pinnacle Financial Partners from $113.00 to $123.00 and gave the company a “buy” rating in a research report on Thursday, October 17th. Truist Financial boosted their price target 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. Hovde Group lowered shares of Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 price target on the stock. in a report on Monday. Barclays lifted their price objective on shares of Pinnacle Financial Partners from $101.00 to $108.00 and gave the stock an “equal weight” rating in a report on Thursday, October 17th. Finally, Wells Fargo & Company increased their target price on Pinnacle Financial Partners from $100.00 to $104.00 and gave the company an “equal weight” rating in a research note on Thursday, October 17th. Six equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $108.70.

Pinnacle Financial Partners Price Performance

PNFP opened at $122.66 on Wednesday. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.90 and a quick ratio of 0.90. The stock’s 50 day simple moving average is $103.46 and its 200 day simple moving average is $91.86. The firm has a market cap of $9.48 billion, a price-to-earnings ratio of 23.32 and a beta of 1.04. Pinnacle Financial Partners, Inc. has a 1 year low of $70.03 and a 1 year high of $129.38.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its earnings results on Tuesday, October 15th. The financial services provider reported $1.86 EPS for the quarter, topping the consensus estimate of $1.79 by $0.07. The company had revenue of $810.11 million for 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 period in the previous year, the firm earned $1.79 earnings per share. As a group, analysts predict that Pinnacle Financial Partners, Inc. will post 6.8 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 1st will be issued a dividend of $0.22 per share. The ex-dividend date is Friday, November 1st. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.72%. Pinnacle Financial Partners’s dividend payout ratio is currently 16.73%.

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.