State of Alaska Department of Revenue raised its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP – Free Report) by 7.2% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 8,892 shares of the financial services provider’s stock after acquiring an additional 600 shares during the period. State of Alaska Department of Revenue’s holdings in Pinnacle Financial Partners were worth $871,000 at the end of the most recent quarter.
Several other large investors have also modified their holdings of the stock. Wealth Enhancement Advisory Services LLC grew its holdings in Pinnacle Financial Partners by 15.1% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 19,477 shares of the financial services provider’s stock valued at $1,908,000 after purchasing an additional 2,552 shares during the period. Values First Advisors Inc. purchased a new stake in shares of Pinnacle Financial Partners during the 3rd quarter valued at $49,000. Ausbil Investment Management Ltd increased its holdings in shares of Pinnacle Financial Partners by 40.1% during the 3rd quarter. Ausbil Investment Management Ltd now owns 8,072 shares of the financial services provider’s stock worth $791,000 after buying an additional 2,310 shares during the last quarter. International Assets Investment Management LLC increased its holdings in shares of Pinnacle Financial Partners by 9,804.4% during the 3rd quarter. International Assets Investment Management LLC now owns 36,151 shares of the financial services provider’s stock worth $3,542,000 after buying an additional 35,786 shares during the last quarter. Finally, Signaturefd LLC increased its holdings in shares of Pinnacle Financial Partners by 4.4% during the 3rd quarter. Signaturefd LLC now owns 5,190 shares of the financial services provider’s stock worth $508,000 after buying an additional 218 shares during the last quarter. 87.40% of the stock is currently owned by hedge funds and other institutional investors.
Pinnacle Financial Partners Trading Up 2.4 %
Shares of NASDAQ PNFP opened at $106.34 on Wednesday. The business has a 50 day simple moving average of $98.72 and a 200 day simple moving average of $89.12. Pinnacle Financial Partners, Inc. has a 52 week low of $63.77 and a 52 week high of $108.43. The stock has a market cap of $8.21 billion, a price-to-earnings ratio of 20.22 and a beta of 1.04. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.90 and a current ratio of 0.90.
Pinnacle Financial Partners Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 1st will be given a $0.22 dividend. The ex-dividend date is Friday, November 1st. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.83%. Pinnacle Financial Partners’s dividend payout ratio is currently 16.73%.
Wall Street Analysts Forecast Growth
A number of analysts have recently commented on PNFP shares. Piper Sandler downgraded Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and upped their price objective for the stock from $95.00 to $98.00 in a report on Thursday, July 18th. 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 report on Thursday, October 17th. Barclays lifted their price objective on Pinnacle Financial Partners from $101.00 to $108.00 and gave the stock an “equal weight” rating in a report on Thursday, October 17th. Truist Financial upped their price target on Pinnacle Financial Partners from $113.00 to $119.00 and gave the company a “buy” rating in a report on Monday, October 21st. Finally, Citigroup lifted their price target on Pinnacle Financial Partners from $113.00 to $123.00 and gave the company a “buy” rating in a report on Thursday, October 17th. Five equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, Pinnacle Financial Partners presently has an average rating of “Moderate Buy” and an average price target of $106.60.
View Our Latest Analysis on PNFP
Pinnacle Financial Partners 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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