CIBC Asset Management Inc Buys New Stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

CIBC Asset Management Inc acquired a new stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 2,295 shares of the financial services provider’s stock, valued at approximately $225,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. OneDigital Investment Advisors LLC raised its holdings in Pinnacle Financial Partners by 1.3% in the third quarter. OneDigital Investment Advisors LLC now owns 6,646 shares of the financial services provider’s stock valued at $651,000 after acquiring an additional 88 shares in the last quarter. Blue Trust Inc. increased its holdings in shares of Pinnacle Financial Partners by 10.6% in the 3rd quarter. Blue Trust Inc. now owns 1,315 shares of the financial services provider’s stock worth $129,000 after acquiring an additional 126 shares during the period. Versant Capital Management Inc raised its holdings in shares of Pinnacle Financial Partners by 44.5% during the second quarter. Versant Capital Management Inc now owns 432 shares of the financial services provider’s stock valued at $35,000 after buying an additional 133 shares during the last quarter. Strategic Blueprint LLC grew its position in Pinnacle Financial Partners by 3.4% in the 3rd quarter. Strategic Blueprint LLC now owns 4,025 shares of the financial services provider’s stock valued at $394,000 after buying an additional 133 shares in the last quarter. Finally, GAMMA Investing LLC boosted its holdings in shares of Pinnacle Financial Partners by 16.5% in the third quarter. GAMMA Investing LLC now owns 994 shares of the financial services provider’s stock valued at $97,000 after acquiring an additional 141 shares in the last quarter. 87.40% of the stock is owned by hedge funds and other institutional investors.

Pinnacle Financial Partners Stock Up 3.0 %

PNFP stock opened at $126.18 on Friday. Pinnacle Financial Partners, Inc. has a twelve month low of $70.23 and a twelve month high of $129.38. The company has a market cap of $9.75 billion, a PE ratio of 23.35 and a beta of 1.04. The business’s 50-day simple moving average is $105.31 and its 200 day simple moving average is $92.56. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.42.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its earnings results on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share for the quarter, beating analysts’ consensus estimates of $1.79 by $0.07. The business had revenue of $810.11 million for the quarter, compared to analysts’ expectations of $454.18 million. Pinnacle Financial Partners had a net margin of 13.97% and a return on equity of 8.89%. During the same quarter in the previous year, the firm posted $1.79 earnings per share. On average, research analysts anticipate that Pinnacle Financial Partners, Inc. will post 6.8 earnings per share for the current year.

Pinnacle Financial Partners Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 1st will be paid a dividend of $0.22 per share. The ex-dividend date of this dividend is Friday, November 1st. This represents a $0.88 annualized dividend and a yield of 0.70%. Pinnacle Financial Partners’s dividend payout ratio is 16.73%.

Analyst Ratings Changes

A number of brokerages have weighed in on PNFP. Truist Financial upped their price target on shares of Pinnacle Financial Partners from $113.00 to $119.00 and gave the company a “buy” rating in a report on Monday, October 21st. Hovde Group downgraded Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 price objective for the company. in a research note on Monday, November 18th. Stephens boosted their price target on shares of Pinnacle Financial Partners from $108.00 to $120.00 and gave the company an “overweight” rating in a report on Thursday, October 17th. 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 research report on Thursday, October 17th. Finally, Wells Fargo & Company raised their price objective on Pinnacle Financial Partners from $100.00 to $104.00 and gave the company an “equal weight” rating in a research note on Thursday, October 17th. Six equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, Pinnacle Financial Partners presently has an average rating of “Hold” and a consensus target price of $108.70.

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.