Wedbush Securities Inc. Makes New Investment in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Wedbush Securities Inc. acquired a new position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) in the second quarter, Holdings Channel reports. The fund acquired 2,584 shares of the financial services provider’s stock, valued at approximately $207,000.

Other institutional investors have also added to or reduced their stakes in the company. Oak Thistle LLC bought a new position in shares of Pinnacle Financial Partners during the 2nd quarter valued at approximately $314,000. Cahaba Wealth Management Inc. grew its position in shares of Pinnacle Financial Partners by 10.8% during the 2nd quarter. Cahaba Wealth Management Inc. now owns 21,429 shares of the financial services provider’s stock valued at $1,715,000 after acquiring an additional 2,092 shares during the period. Arizona State Retirement System grew its position in shares of Pinnacle Financial Partners by 2.3% during the 2nd quarter. Arizona State Retirement System now owns 21,577 shares of the financial services provider’s stock valued at $1,727,000 after acquiring an additional 478 shares during the period. TD Asset Management Inc grew its position in shares of Pinnacle Financial Partners by 5.2% during the 2nd quarter. TD Asset Management Inc now owns 39,350 shares of the financial services provider’s stock valued at $3,150,000 after acquiring an additional 1,948 shares during the period. Finally, Wolverine Asset Management LLC bought a new position in shares of Pinnacle Financial Partners during the 2nd quarter valued at approximately $940,000. 87.40% of the stock is owned by institutional investors.

Pinnacle Financial Partners Stock Performance

NASDAQ PNFP opened at $94.91 on Monday. Pinnacle Financial Partners, Inc. has a 1 year low of $59.66 and a 1 year high of $99.90. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.90 and a quick ratio of 0.90. The stock has a market capitalization of $7.33 billion, a PE ratio of 13.58 and a beta of 1.05. The company’s 50 day simple moving average is $92.00 and its two-hundred day simple moving average is $84.49.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $1.63 earnings per share for the quarter, beating the consensus estimate of $1.60 by $0.03. The firm had revenue of $366.55 million for the quarter, compared to analysts’ expectations of $426.40 million. Pinnacle Financial Partners had a net margin of 13.93% and a return on equity of 8.97%. Analysts predict that Pinnacle Financial Partners, Inc. will post 6.83 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Friday, August 2nd were given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 0.93%. The ex-dividend date was Friday, August 2nd. Pinnacle Financial Partners’s dividend payout ratio (DPR) is currently 12.59%.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the stock. Piper Sandler downgraded shares of Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and increased their target price for the company 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 $93.00 to $113.00 and gave the stock a “buy” rating in a report on Thursday, July 18th. JPMorgan Chase & Co. cut their price objective on shares of Pinnacle Financial Partners from $108.00 to $105.00 and set an “overweight” rating for the company in a report on Thursday, June 27th. Truist Financial raised their price objective on shares of Pinnacle Financial Partners from $87.00 to $101.00 and gave the stock a “buy” rating in a report on Thursday, July 18th. Finally, Barclays raised their price objective on shares of Pinnacle Financial Partners from $93.00 to $97.00 and gave the stock an “equal weight” rating in a report on Thursday, July 18th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $99.00.

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.