Townsquare Capital LLC Has $916,000 Stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Townsquare Capital LLC boosted its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 6.6% during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 9,350 shares of the financial services provider’s stock after buying an additional 581 shares during the period. Townsquare Capital LLC’s holdings in Pinnacle Financial Partners were worth $916,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Dimensional Fund Advisors LP lifted its holdings in shares of Pinnacle Financial Partners by 10.4% in the second 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. FMR LLC lifted its stake in Pinnacle Financial Partners by 11.6% in the 3rd quarter. FMR LLC now owns 2,716,416 shares of the financial services provider’s stock valued at $266,127,000 after acquiring an additional 282,016 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position in Pinnacle Financial Partners by 20.5% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 1,015,033 shares of the financial services provider’s stock worth $99,443,000 after acquiring an additional 172,750 shares during the last quarter. Principal Financial Group Inc. grew 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 acquiring an additional 208,938 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Pinnacle Financial Partners by 1.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 920,088 shares of the financial services provider’s stock valued at $90,141,000 after purchasing an additional 9,856 shares during the last quarter. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on PNFP. 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. Truist Financial upped their target price on Pinnacle Financial Partners from $113.00 to $119.00 and gave the stock a “buy” rating in a report on Monday, October 21st. Barclays raised their price target on Pinnacle Financial Partners from $101.00 to $108.00 and gave the company an “equal weight” rating in a research note on Thursday, October 17th. Wells Fargo & Company upped their price objective 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, Citigroup boosted their target price 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. Six investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $108.70.

Pinnacle Financial Partners Trading Down 1.5 %

Shares of PNFP stock opened at $125.16 on Tuesday. The stock has a 50 day simple moving average of $109.45 and a 200 day simple moving average of $94.83. Pinnacle Financial Partners, Inc. has a 1 year low of $73.62 and a 1 year high of $131.91. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.42. The stock has a market cap of $9.67 billion, a P/E ratio of 23.79 and a beta of 1.04.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its earnings results on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share (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 analyst estimates 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 prior year, the firm posted $1.79 EPS. On average, research analysts predict that Pinnacle Financial Partners, Inc. will post 6.8 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 1st were given a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 0.70%. The ex-dividend date was Friday, November 1st. Pinnacle Financial Partners’s payout ratio is presently 16.73%.

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.