Fmr LLC grew its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP – Free Report) by 11.6% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,716,416 shares of the financial services provider’s stock after acquiring an additional 282,016 shares during the quarter. Fmr LLC’s holdings in Pinnacle Financial Partners were worth $266,127,000 as of its most recent SEC filing.
Other large investors have also recently modified their holdings of the company. Dimensional Fund Advisors LP increased its stake 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 in the last quarter. Principal Financial Group Inc. increased its position in shares of Pinnacle Financial Partners by 27.0% during the third quarter. Principal Financial Group Inc. now owns 983,282 shares of the financial services provider’s stock valued at $96,332,000 after acquiring an additional 208,938 shares in the last quarter. Lee Danner & Bass Inc. purchased a new position in Pinnacle Financial Partners in the 2nd quarter worth approximately $16,092,000. The Manufacturers Life Insurance Company lifted its position in Pinnacle Financial Partners by 20.5% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 1,015,033 shares of the financial services provider’s stock valued at $99,443,000 after acquiring an additional 172,750 shares in the last quarter. Finally, Edgestream Partners L.P. boosted its stake in Pinnacle Financial Partners by 1,017.9% during 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 during the last quarter. Hedge funds and other institutional investors own 87.40% of the company’s stock.
Wall Street Analysts Forecast Growth
Several research analysts have recently weighed in on the company. Truist Financial boosted their price target on Pinnacle Financial Partners from $113.00 to $119.00 and gave the stock a “buy” rating in a research note on Monday, October 21st. Stephens upped their target price on shares of Pinnacle Financial Partners from $108.00 to $120.00 and gave the company an “overweight” rating in a research note on Thursday, October 17th. Citigroup lifted their price target on shares of Pinnacle Financial Partners from $113.00 to $123.00 and gave the stock a “buy” rating in a research note on Thursday, October 17th. Barclays increased their price objective on shares of Pinnacle Financial Partners from $101.00 to $108.00 and gave the company an “equal weight” rating in a research report on Thursday, October 17th. Finally, Hovde Group downgraded shares of Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 target price for the company. in a research report on Monday, November 18th. Six equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, Pinnacle Financial Partners presently has an average rating of “Hold” and a consensus price target of $108.70.
Pinnacle Financial Partners Trading Down 0.1 %
Shares of Pinnacle Financial Partners stock opened at $127.11 on Monday. Pinnacle Financial Partners, Inc. has a 1-year low of $72.23 and a 1-year high of $131.91. The company’s fifty day simple moving average is $108.95 and its 200-day simple moving average is $94.54. 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 has a market capitalization of $9.82 billion, a PE ratio of 24.17 and a beta of 1.04.
Pinnacle Financial Partners (NASDAQ:PNFP – Get Free Report) last released its earnings results on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share for the quarter, beating 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 return on equity of 8.89% and a net margin of 13.97%. During the same period in the previous year, the business earned $1.79 earnings per share. As a group, equities analysts anticipate 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 was paid on Friday, November 29th. Shareholders of record on Friday, November 1st were paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 0.69%. The ex-dividend date of this dividend was 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.
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