Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Stock Holdings Lifted by Independence Bank of Kentucky

Independence Bank of Kentucky lifted its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 54.7% in the 3rd quarter, Holdings Channel reports. The fund owned 6,420 shares of the financial services provider’s stock after buying an additional 2,270 shares during the period. Independence Bank of Kentucky’s holdings in Pinnacle Financial Partners were worth $629,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Rise Advisors LLC acquired a new position in Pinnacle Financial Partners during the first quarter valued at $26,000. International Assets Investment Management LLC bought a new stake in Pinnacle Financial Partners in the second quarter worth $29,000. Versant Capital Management Inc increased its holdings in shares of 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 valued at $35,000 after acquiring an additional 133 shares during the last quarter. UMB Bank n.a. raised its holdings in Pinnacle Financial Partners by 83.4% in the 3rd quarter. UMB Bank n.a. now owns 497 shares of the financial services provider’s stock worth $49,000 after acquiring an additional 226 shares during the period. Finally, Quarry LP increased its stake in shares of Pinnacle Financial Partners by 3,500.0% in the second quarter. Quarry LP now owns 756 shares of the financial services provider’s stock worth $61,000 after purchasing an additional 735 shares during the period. Institutional investors and hedge funds own 87.40% of the company’s stock.

Pinnacle Financial Partners Trading Up 3.0 %

PNFP stock opened at $98.69 on Friday. Pinnacle Financial Partners, Inc. has a 1-year low of $59.66 and a 1-year high of $100.76. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.43. The business’s 50 day moving average is $94.05 and its 200-day moving average is $86.32. The firm has a market cap of $7.62 billion, a P/E ratio of 19.39 and a beta of 1.05.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $1.63 earnings per share for the quarter, topping the consensus estimate of $1.60 by $0.03. Pinnacle Financial Partners had a net margin of 13.93% and a return on equity of 8.97%. The firm had revenue of $366.55 million for the quarter, compared to analysts’ expectations of $426.40 million. Equities analysts anticipate that Pinnacle Financial Partners, Inc. will post 6.8 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Friday, August 2nd were given a dividend of $0.22 per share. The ex-dividend date of this dividend was Friday, August 2nd. This represents a $0.88 dividend on an annualized basis and a yield of 0.89%. Pinnacle Financial Partners’s payout ratio is presently 17.29%.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Wells Fargo & Company downgraded Pinnacle Financial Partners from an “overweight” rating to an “equal weight” rating and set a $100.00 target price for the company. in a research note on Tuesday, October 1st. Barclays raised their price objective on shares of Pinnacle Financial Partners from $97.00 to $101.00 and gave the stock an “equal weight” rating in a research note on Friday, September 27th. Truist Financial upped their target price on shares of Pinnacle Financial Partners from $101.00 to $113.00 and gave the company a “buy” rating in a research note on Friday, September 20th. JPMorgan Chase & Co. decreased their price target on shares of Pinnacle Financial Partners from $108.00 to $105.00 and set an “overweight” rating on the stock in a research report on Thursday, June 27th. Finally, Hovde Group upped their price objective on shares of Pinnacle Financial Partners from $110.00 to $114.00 and gave the company an “outperform” rating in a research report on Friday, September 27th. Five equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $102.10.

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.