Earnest Partners LLC Boosts Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Earnest Partners LLC grew its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 0.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 660,415 shares of the financial services provider’s stock after acquiring an additional 5,293 shares during the period. Earnest Partners LLC’s holdings in Pinnacle Financial Partners were worth $52,860,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. Rise Advisors LLC bought a new position in shares of Pinnacle Financial Partners during the 1st quarter valued at approximately $26,000. International Assets Investment Management LLC bought a new position in shares of Pinnacle Financial Partners in the second quarter worth approximately $29,000. Versant Capital Management Inc increased its stake in shares of Pinnacle Financial Partners by 44.5% in the second quarter. Versant Capital Management Inc now owns 432 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 133 shares in the last quarter. ICA Group Wealth Management LLC bought a new stake in shares of Pinnacle Financial Partners during the 4th quarter valued at $44,000. Finally, Mather Group LLC. bought a new stake in shares of Pinnacle Financial Partners during the 1st quarter valued at $65,000. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have issued reports on PNFP. Citigroup increased their price target on Pinnacle Financial Partners from $93.00 to $113.00 and gave the stock a “buy” rating in a research note on Thursday, July 18th. Barclays increased their target price on Pinnacle Financial Partners from $93.00 to $97.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 18th. JPMorgan Chase & Co. lowered their price target on Pinnacle Financial Partners from $108.00 to $105.00 and set an “overweight” rating on the stock in a report on Thursday, June 27th. Wells Fargo & Company increased their price objective on shares of Pinnacle Financial Partners from $90.00 to $100.00 and gave the company an “overweight” rating in a report on Thursday, July 18th. Finally, Truist Financial lifted their price objective on shares of Pinnacle Financial Partners from $101.00 to $113.00 and gave the company a “buy” rating in a research report on Friday, September 20th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, Pinnacle Financial Partners has an average rating of “Hold” and an average price target of $100.20.

Pinnacle Financial Partners Stock Up 1.0 %

Shares of PNFP opened at $96.47 on Friday. 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 $7.45 billion, a price-to-earnings ratio of 13.80 and a beta of 1.05. Pinnacle Financial Partners, Inc. has a 1 year low of $59.66 and a 1 year high of $100.76. The business’s 50 day simple moving average is $94.11 and its 200-day simple moving average is $85.38.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $1.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.60 by $0.03. Pinnacle Financial Partners had a net margin of 13.93% and a return on equity of 8.97%. The company had revenue of $366.55 million for the quarter, compared to the consensus estimate of $426.40 million. As a group, equities analysts expect that Pinnacle Financial Partners, Inc. will post 6.81 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 2nd were issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.91%. The ex-dividend date was Friday, August 2nd. Pinnacle Financial Partners’s payout ratio is 12.59%.

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.