&Partners Buys 890 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

&Partners raised its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 8.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 11,724 shares of the financial services provider’s stock after buying an additional 890 shares during the quarter. &Partners’ holdings in Pinnacle Financial Partners were worth $938,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. Fifth Third Wealth Advisors LLC bought a new stake in Pinnacle Financial Partners in the second quarter valued at $188,000. First Citizens Bank & Trust Co. grew its holdings in shares of Pinnacle Financial Partners by 10.5% in the 2nd quarter. First Citizens Bank & Trust Co. now owns 7,347 shares of the financial services provider’s stock worth $588,000 after purchasing an additional 699 shares during the last quarter. Raymond James Financial Services Advisors Inc. increased its position in shares of Pinnacle Financial Partners by 2.5% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 171,629 shares of the financial services provider’s stock worth $13,737,000 after purchasing an additional 4,187 shares in the last quarter. Leeward Investments LLC MA lifted its holdings in Pinnacle Financial Partners by 2.3% during the 2nd quarter. Leeward Investments LLC MA now owns 350,369 shares of the financial services provider’s stock valued at $28,044,000 after purchasing an additional 7,736 shares during the last quarter. Finally, Raymond James & Associates boosted its position in Pinnacle Financial Partners by 0.4% in the second quarter. Raymond James & Associates now owns 203,716 shares of the financial services provider’s stock valued at $16,305,000 after buying an additional 904 shares in the last quarter. Institutional investors and hedge funds own 87.40% of the company’s stock.

Pinnacle Financial Partners Stock Up 4.9 %

PNFP traded up $4.64 during trading on Friday, reaching $98.46. 81,647 shares of the stock were exchanged, compared to its average volume of 451,549. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.90 and a current ratio of 0.90. The stock’s 50 day moving average price is $86.00 and its two-hundred day moving average price is $82.97. Pinnacle Financial Partners, Inc. has a twelve month low of $59.66 and a twelve month high of $99.48. The stock has a market cap of $7.61 billion, a P/E ratio of 13.83 and a beta of 1.07.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its earnings results on Tuesday, July 16th. The financial services provider reported $1.63 EPS for the quarter, topping the consensus estimate of $1.60 by $0.03. Pinnacle Financial Partners had a return on equity of 8.97% and a net margin of 13.93%. The company had revenue of $366.55 million during the quarter, compared to the consensus estimate of $426.40 million. Equities analysts expect that Pinnacle Financial Partners, Inc. will post 6.83 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 30th. Shareholders of record on Friday, August 2nd will be given a dividend of $0.22 per share. The ex-dividend date of this dividend is Friday, August 2nd. This represents a $0.88 annualized dividend and a yield of 0.89%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 12.59%.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on PNFP shares. Piper Sandler cut shares of Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and lifted their target price for the company from $95.00 to $98.00 in a research note on Thursday, July 18th. Citigroup boosted their price objective 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. Wells Fargo & Company lifted their price target on Pinnacle Financial Partners from $90.00 to $100.00 and gave the company an “overweight” rating in a report on Thursday, July 18th. JPMorgan Chase & Co. decreased their price objective on shares of Pinnacle Financial Partners from $108.00 to $105.00 and set an “overweight” rating on the stock in a report on Thursday, June 27th. Finally, Barclays upped their target price on shares of Pinnacle Financial Partners from $93.00 to $97.00 and gave the company an “equal weight” rating in a research report on Thursday, July 18th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, Pinnacle Financial Partners has an average rating of “Hold” and an average price target of $99.00.

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.