Baron Wealth Management LLC Acquires New Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Baron Wealth Management LLC bought a new position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 2,075 shares of the financial services provider’s stock, valued at approximately $203,000.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. International Assets Investment Management LLC acquired a new stake in Pinnacle Financial Partners in the 2nd quarter valued at approximately $29,000. Ashton Thomas Securities LLC purchased a new stake in shares of Pinnacle Financial Partners in the 3rd quarter valued at $30,000. Versant Capital Management Inc lifted its stake in Pinnacle Financial Partners by 44.5% during the 2nd quarter. Versant Capital Management Inc now owns 432 shares of the financial services provider’s stock worth $35,000 after acquiring an additional 133 shares in the last quarter. UMB Bank n.a. boosted its holdings in Pinnacle Financial Partners by 83.4% during the 3rd quarter. UMB Bank n.a. now owns 497 shares of the financial services provider’s stock valued at $49,000 after acquiring an additional 226 shares during the period. Finally, Values First Advisors Inc. acquired a new position in Pinnacle Financial Partners in the 3rd quarter valued at about $49,000. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Pinnacle Financial Partners Trading Down 1.1 %

PNFP opened at $122.66 on Wednesday. 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, Inc. has a one year low of $70.03 and a one year high of $129.38. The company has a market cap of $9.48 billion, a P/E ratio of 23.32 and a beta of 1.04. The business’s 50-day simple moving average is $103.46 and its 200-day simple moving average is $91.86.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $1.86 EPS for the quarter, beating the consensus estimate of $1.79 by $0.07. The company had revenue of $810.11 million for the quarter, compared to analyst estimates 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 prior year, the firm posted $1.79 earnings per share. As a group, equities research analysts expect that Pinnacle Financial Partners, Inc. will post 6.8 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 1st will be paid a dividend of $0.22 per share. The ex-dividend date is Friday, November 1st. This represents a $0.88 annualized dividend and a yield of 0.72%. Pinnacle Financial Partners’s dividend payout ratio is currently 16.73%.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. Citigroup increased their price target 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. Stephens raised their price target on shares of Pinnacle Financial Partners from $108.00 to $120.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. 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 research report on Thursday, October 17th. Truist Financial lifted their target price 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, Barclays upped their price target 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. Six analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus 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.