Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Shares Purchased by Ausbil Investment Management Ltd

Ausbil Investment Management Ltd raised its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 40.1% during the third quarter, HoldingsChannel.com reports. The firm owned 8,072 shares of the financial services provider’s stock after buying an additional 2,310 shares during the quarter. Ausbil Investment Management Ltd’s holdings in Pinnacle Financial Partners were worth $791,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the company. PNC Financial Services Group Inc. lifted its position in Pinnacle Financial Partners by 16.5% during the fourth quarter. PNC Financial Services Group Inc. now owns 4,373 shares of the financial services provider’s stock valued at $381,000 after buying an additional 618 shares in the last quarter. Park Avenue Securities LLC boosted its position in Pinnacle Financial Partners by 2.5% during the 1st quarter. Park Avenue Securities LLC now owns 9,988 shares of the financial services provider’s stock worth $858,000 after purchasing an additional 239 shares during the period. Wealth Enhancement Advisory Services LLC increased its holdings in Pinnacle Financial Partners by 35.0% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 16,875 shares of the financial services provider’s stock valued at $1,449,000 after purchasing an additional 4,371 shares in the last quarter. Independence Bank of Kentucky purchased a new position in Pinnacle Financial Partners in the first quarter valued at about $333,000. Finally, First Bank & Trust acquired a new position in shares of Pinnacle Financial Partners during the first quarter worth about $373,000. 87.40% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

PNFP has been the subject of a number of recent research reports. Wells Fargo & Company increased their target price 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. Truist Financial upped their target price on Pinnacle Financial Partners from $113.00 to $119.00 and gave the company a “buy” rating in a research report on Monday. Stephens lifted their target price on Pinnacle Financial Partners from $108.00 to $120.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. Barclays boosted their price objective on shares of Pinnacle Financial Partners from $101.00 to $108.00 and gave the company an “equal weight” rating in a research report on Thursday, October 17th. Finally, JPMorgan Chase & Co. cut their target price on Pinnacle Financial Partners from $108.00 to $105.00 and set an “overweight” rating on the stock in a research note on Thursday, June 27th. Five equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $106.60.

Pinnacle Financial Partners Price Performance

PNFP traded up $0.59 during midday trading on Thursday, reaching $102.51. 48,230 shares of the company’s stock were exchanged, compared to its average volume of 465,806. The firm has a market capitalization of $7.92 billion, a price-to-earnings ratio of 19.38 and a beta of 1.05. The business has a 50-day simple moving average of $96.87 and a two-hundred day simple moving average of $87.54. 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, Inc. has a one year low of $59.66 and a one year high of $107.13.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share for the quarter, topping analysts’ consensus estimates of $1.79 by $0.07. The business had revenue of $810.11 million during the quarter, compared to the consensus estimate 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 period in the previous year, the firm posted $1.79 earnings per share. As a group, research analysts predict that Pinnacle Financial Partners, Inc. will post 6.8 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

The company 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 dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 0.86%. The ex-dividend date is Friday, November 1st. Pinnacle Financial Partners’s dividend payout ratio (DPR) is currently 16.73%.

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.