King Luther Capital Management Corp Raises Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

King Luther Capital Management Corp boosted its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 6.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 75,392 shares of the financial services provider’s stock after purchasing an additional 4,413 shares during the period. King Luther Capital Management Corp owned approximately 0.10% of Pinnacle Financial Partners worth $6,034,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of PNFP. Wasatch Advisors LP lifted its stake in shares of Pinnacle Financial Partners by 41.8% in the 1st quarter. Wasatch Advisors LP now owns 3,341,417 shares of the financial services provider’s stock valued at $286,961,000 after acquiring an additional 985,694 shares during the last quarter. Norges Bank purchased a new stake in shares of Pinnacle Financial Partners during the fourth quarter valued at approximately $83,461,000. Dimensional Fund Advisors LP grew its holdings in shares of Pinnacle Financial Partners by 10.4% in the second quarter. Dimensional Fund Advisors LP now owns 3,094,498 shares of the financial services provider’s stock worth $247,673,000 after purchasing an additional 292,401 shares during the last quarter. Swedbank AB bought a new stake in Pinnacle Financial Partners during the 1st quarter valued at $21,470,000. Finally, Lee Danner & Bass Inc. bought a new stake in Pinnacle Financial Partners in the 2nd quarter worth $16,092,000. 87.40% of the stock is owned by institutional investors.

Pinnacle Financial Partners Price Performance

Shares of NASDAQ:PNFP opened at $99.99 on Friday. The firm’s 50 day moving average price is $93.67 and its 200-day moving average price is $85.02. The stock has a market capitalization of $7.72 billion, a PE ratio of 14.30 and a beta of 1.05. Pinnacle Financial Partners, Inc. has a twelve month low of $59.66 and a twelve month high of $100.76. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.43.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its earnings results on Tuesday, July 16th. The financial services provider reported $1.63 EPS 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 analysts’ expectations of $426.40 million. Equities research analysts expect that Pinnacle Financial Partners, Inc. will post 6.83 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 2nd were paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.88%. The ex-dividend date was Friday, August 2nd. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 12.59%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on PNFP shares. Barclays increased their target price on shares of Pinnacle Financial Partners from $93.00 to $97.00 and gave the stock an “equal weight” rating in a report on Thursday, July 18th. Citigroup raised their price target on Pinnacle Financial Partners from $93.00 to $113.00 and gave the stock a “buy” rating in a research note on Thursday, July 18th. Truist Financial boosted their price objective on shares of Pinnacle Financial Partners from $101.00 to $113.00 and gave the company a “buy” rating in a research report on Friday. Wells Fargo & Company boosted their price target on shares of Pinnacle Financial Partners from $90.00 to $100.00 and gave the company an “overweight” rating in a research report on Thursday, July 18th. Finally, Piper Sandler downgraded shares of Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and increased their price target for the stock from $95.00 to $98.00 in a research note on Thursday, July 18th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $100.20.

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.