Quadrant Capital Group LLC increased its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP – Free Report) by 97.7% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 2,859 shares of the financial services provider’s stock after buying an additional 1,413 shares during the quarter. Quadrant Capital Group LLC’s holdings in Pinnacle Financial Partners were worth $162,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Bank of New York Mellon Corp boosted its stake in Pinnacle Financial Partners by 0.3% during the 1st quarter. Bank of New York Mellon Corp now owns 741,029 shares of the financial services provider’s stock valued at $40,875,000 after purchasing an additional 2,216 shares during the last quarter. King Luther Capital Management Corp boosted its position in shares of Pinnacle Financial Partners by 1.0% during the first quarter. King Luther Capital Management Corp now owns 53,100 shares of the financial services provider’s stock valued at $2,929,000 after buying an additional 529 shares during the last quarter. Signaturefd LLC grew its holdings in Pinnacle Financial Partners by 318.3% during the first quarter. Signaturefd LLC now owns 2,790 shares of the financial services provider’s stock worth $154,000 after buying an additional 2,123 shares in the last quarter. Venturi Wealth Management LLC purchased a new stake in Pinnacle Financial Partners in the 1st quarter valued at $39,000. Finally, Portside Wealth Group LLC bought a new position in Pinnacle Financial Partners during the 2nd quarter valued at $2,408,000. Institutional investors own 82.91% of the company’s stock.
Wall Street Analyst Weigh In
Several analysts have recently commented on PNFP shares. Stephens reiterated an “overweight” rating and issued a $85.00 target price on shares of Pinnacle Financial Partners in a report on Wednesday, October 18th. StockNews.com initiated coverage on shares of Pinnacle Financial Partners in a research report on Thursday, October 5th. They set a “sell” rating on the stock. Jefferies Financial Group upgraded Pinnacle Financial Partners from an “underperform” rating to a “hold” rating and set a $71.00 target price on the stock in a research note on Tuesday, October 10th. Finally, JPMorgan Chase & Co. increased their price target on Pinnacle Financial Partners from $82.00 to $87.00 and gave the company an “overweight” rating in a research report on Thursday, October 5th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, Pinnacle Financial Partners has a consensus rating of “Moderate Buy” and an average target price of $80.17.
Pinnacle Financial Partners Trading Down 0.8 %
Shares of PNFP stock opened at $72.41 on Tuesday. Pinnacle Financial Partners, Inc. has a 12-month low of $43.31 and a 12-month high of $84.50. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.45. The company has a 50 day moving average of $66.20 and a 200-day moving average of $62.77. The firm has a market cap of $5.56 billion, a P/E ratio of 9.34 and a beta of 1.14.
Pinnacle Financial Partners (NASDAQ:PNFP – Get Free Report) last released its earnings results on Tuesday, October 17th. The financial services provider reported $1.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.71 by $0.08. Pinnacle Financial Partners had a return on equity of 10.10% and a net margin of 23.30%. The business had revenue of $408.04 million during the quarter, compared to the consensus estimate of $417.02 million. Sell-side analysts anticipate that Pinnacle Financial Partners, Inc. will post 6.99 earnings per share for the current year.
Pinnacle Financial Partners Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 24th. Shareholders of record on Friday, November 3rd will be issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 1.22%. The ex-dividend date is Thursday, November 2nd. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 11.35%.
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.
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