Sanctuary Advisors LLC Takes Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Sanctuary Advisors LLC purchased a new position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) during the second quarter, HoldingsChannel.com reports. The institutional investor purchased 4,009 shares of the financial services provider’s stock, valued at approximately $322,000.

Several other large investors also recently made changes to their positions in PNFP. Norden Group LLC acquired a new position in Pinnacle Financial Partners in the first quarter valued at about $1,065,000. Jennison Associates LLC boosted its position in shares of Pinnacle Financial Partners by 2.4% during the first quarter. Jennison Associates LLC now owns 1,097,395 shares of the financial services provider’s stock worth $94,244,000 after buying an additional 26,216 shares during the period. Atria Investments Inc grew its stake in shares of Pinnacle Financial Partners by 40.9% during the 1st quarter. Atria Investments Inc now owns 43,241 shares of the financial services provider’s stock worth $3,713,000 after acquiring an additional 12,551 shares in the last quarter. Sei Investments Co. increased its stake in Pinnacle Financial Partners by 34.6% in the 1st quarter. Sei Investments Co. now owns 231,604 shares of the financial services provider’s stock valued at $19,890,000 after buying an additional 59,583 shares during the last quarter. Finally, Wasatch Advisors LP increased its position in shares of Pinnacle Financial Partners by 41.8% in the first quarter. Wasatch Advisors LP now owns 3,341,417 shares of the financial services provider’s stock valued at $286,961,000 after acquiring an additional 985,694 shares during the last quarter. Institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Stock Down 0.7 %

Pinnacle Financial Partners stock opened at $105.62 on Friday. The firm has a 50 day moving average price of $96.03 and a 200-day moving average price of $87.08. Pinnacle Financial Partners, Inc. has a twelve month low of $59.66 and a twelve month high of $107.13. The company has a market capitalization of $8.16 billion, a P/E ratio of 20.75 and a beta of 1.05. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.43.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.79 by $0.07. Pinnacle Financial Partners had a return on equity of 8.97% and a net margin of 13.93%. The business had revenue of $810.11 million for the quarter, compared to analysts’ expectations of $454.18 million. During the same quarter in the prior year, the firm posted $1.79 EPS. As a group, equities analysts predict that Pinnacle Financial Partners, Inc. will post 6.77 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 1st will be given a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 0.83%. The ex-dividend date is Friday, November 1st. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 17.29%.

Analysts Set New Price Targets

Several analysts have issued reports on PNFP shares. Piper Sandler lowered shares of Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and upped their price target for the stock from $95.00 to $98.00 in a research report on Thursday, July 18th. Hovde Group upped their price objective on Pinnacle Financial Partners from $110.00 to $114.00 and gave the company an “outperform” rating in a report on Friday, September 27th. Stephens raised their target price on shares of Pinnacle Financial Partners from $108.00 to $120.00 and gave the stock an “overweight” rating in a report on Thursday. Wells Fargo & Company boosted their price target on Pinnacle Financial Partners from $100.00 to $104.00 and gave the company an “equal weight” rating in a research note on Thursday. Finally, Citigroup boosted their price objective on shares of Pinnacle Financial Partners from $113.00 to $123.00 and gave the company a “buy” rating in a research report on Thursday. Five research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, Pinnacle Financial Partners presently has a consensus rating of “Moderate Buy” and an average target price of $106.00.

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.