Charles Schwab Investment Management Inc. Has $90.14 Million Stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Charles Schwab Investment Management Inc. raised its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 1.1% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 920,088 shares of the financial services provider’s stock after acquiring an additional 9,856 shares during the period. Charles Schwab Investment Management Inc.’s holdings in Pinnacle Financial Partners were worth $90,141,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Victory Capital Management Inc. boosted its stake in Pinnacle Financial Partners by 17.9% during the 3rd quarter. Victory Capital Management Inc. now owns 186,612 shares of the financial services provider’s stock valued at $18,282,000 after purchasing an additional 28,327 shares during the period. Atria Investments Inc boosted its position in shares of Pinnacle Financial Partners by 40.9% in the first quarter. Atria Investments Inc now owns 43,241 shares of the financial services provider’s stock valued at $3,713,000 after acquiring an additional 12,551 shares during the period. B. Metzler seel. Sohn & Co. Holding AG acquired a new stake in shares of Pinnacle Financial Partners in the third quarter worth $3,606,000. Pier Capital LLC increased its position in Pinnacle Financial Partners by 16.5% during the second quarter. Pier Capital LLC now owns 111,797 shares of the financial services provider’s stock worth $8,948,000 after acquiring an additional 15,797 shares during the period. Finally, Edgestream Partners L.P. raised its stake in Pinnacle Financial Partners by 1,017.9% during the 2nd quarter. Edgestream Partners L.P. now owns 71,064 shares of the financial services provider’s stock valued at $5,688,000 after purchasing an additional 64,707 shares during the last quarter. 87.40% of the stock is owned by institutional investors and hedge funds.

Pinnacle Financial Partners Stock Down 1.2 %

PNFP opened at $128.25 on Wednesday. The firm has a market cap of $9.91 billion, a price-to-earnings ratio of 24.38 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. The firm’s 50-day simple moving average is $107.27 and its 200-day simple moving average is $93.63. Pinnacle Financial Partners, Inc. has a twelve month low of $70.32 and a twelve month high of $131.91.

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 for the quarter, topping the consensus estimate of $1.79 by $0.07. Pinnacle Financial Partners had a net margin of 13.97% and a return on equity of 8.89%. The firm had revenue of $810.11 million for the quarter, compared to analysts’ expectations of $454.18 million. During the same period in the prior year, the firm earned $1.79 earnings per share. Equities research analysts anticipate that Pinnacle Financial Partners, Inc. will post 6.8 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The firm also recently disclosed 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 of this dividend is Friday, November 1st. This represents a $0.88 annualized dividend and a yield of 0.69%. Pinnacle Financial Partners’s payout ratio is 16.73%.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on PNFP shares. Stephens boosted their price objective on shares of Pinnacle Financial Partners from $108.00 to $120.00 and gave the stock an “overweight” rating in a report on Thursday, October 17th. 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, October 17th. Barclays raised their price objective on Pinnacle Financial Partners from $101.00 to $108.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 17th. Hovde Group cut Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 price objective on the stock. in a research report on Monday, November 18th. Finally, Citigroup raised their target price on Pinnacle Financial Partners from $113.00 to $123.00 and gave the stock a “buy” rating in a research report on Thursday, October 17th. Six investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, Pinnacle Financial Partners currently has an average rating of “Hold” and an average price target 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.