2,584 Shares in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Bought by Wedbush Securities Inc.

Wedbush Securities Inc. acquired a new position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 2,584 shares of the financial services provider’s stock, valued at approximately $207,000.

Several other institutional investors also recently modified their holdings of the business. The Manufacturers Life Insurance Company lifted its holdings in Pinnacle Financial Partners by 1.7% in the fourth quarter. The Manufacturers Life Insurance Company now owns 900,251 shares of the financial services provider’s stock valued at $78,520,000 after buying an additional 15,203 shares during the period. Public Employees Retirement Association of Colorado lifted its holdings in Pinnacle Financial Partners by 389.5% in the fourth quarter. Public Employees Retirement Association of Colorado now owns 146,009 shares of the financial services provider’s stock valued at $12,735,000 after buying an additional 116,183 shares during the period. Duncan Williams Asset Management LLC acquired a new position in Pinnacle Financial Partners in the first quarter valued at $1,085,000. Eventide Asset Management LLC acquired a new position in Pinnacle Financial Partners in the fourth quarter valued at $7,051,000. Finally, Norden Group LLC acquired a new position in Pinnacle Financial Partners in the first quarter valued at $1,065,000. Institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Trading Up 3.0 %

PNFP opened at $94.91 on Monday. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.90 and a quick ratio of 0.90. Pinnacle Financial Partners, Inc. has a fifty-two week low of $59.66 and a fifty-two week high of $99.90. The firm has a market capitalization of $7.33 billion, a PE ratio of 13.58 and a beta of 1.05. The company’s 50-day moving average is $92.00 and its 200 day moving average is $84.49.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its earnings results on Tuesday, July 16th. The financial services provider reported $1.63 earnings per share for the quarter, topping analysts’ consensus estimates 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 company had revenue of $366.55 million for the quarter, compared to analyst estimates of $426.40 million. As a group, research analysts predict that Pinnacle Financial Partners, Inc. will post 6.83 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Friday, August 2nd were given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 0.93%. The ex-dividend date of this dividend was Friday, August 2nd. Pinnacle Financial Partners’s payout ratio is 12.59%.

Analyst Upgrades and Downgrades

PNFP has been the topic of several recent analyst reports. JPMorgan Chase & Co. dropped their target price 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. Barclays upped their price objective on shares of Pinnacle Financial Partners from $93.00 to $97.00 and gave the company an “equal weight” rating in a report on Thursday, July 18th. Wells Fargo & Company upped their price objective on shares of Pinnacle Financial Partners from $90.00 to $100.00 and gave the company an “overweight” rating in a report on Thursday, July 18th. Citigroup upped their price objective on shares of Pinnacle Financial Partners from $93.00 to $113.00 and gave the company a “buy” rating in a report on Thursday, July 18th. Finally, Truist Financial upped their price objective on shares of Pinnacle Financial Partners from $87.00 to $101.00 and gave the company a “buy” rating in a report on Thursday, July 18th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $99.00.

Pinnacle Financial Partners Company 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.