EverSource Wealth Advisors LLC Boosts Stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

EverSource Wealth Advisors LLC raised its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 1.3% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 17,876 shares of the financial services provider’s stock after buying an additional 221 shares during the period. EverSource Wealth Advisors LLC’s holdings in Pinnacle Financial Partners were worth $1,431,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PNFP. Rise Advisors LLC bought a new position in shares of Pinnacle Financial Partners during the first quarter worth about $26,000. International Assets Investment Management LLC bought a new position in shares of Pinnacle Financial Partners during the second quarter worth about $29,000. Versant Capital Management Inc lifted its position in shares of Pinnacle Financial Partners by 44.5% during the second quarter. Versant Capital Management Inc now owns 432 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 133 shares during the last quarter. ICA Group Wealth Management LLC bought a new position in shares of Pinnacle Financial Partners during the fourth quarter worth about $44,000. Finally, Mather Group LLC. bought a new position in shares of Pinnacle Financial Partners during the first quarter worth about $65,000. 87.40% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on PNFP shares. Wells Fargo & Company increased their price target on shares of Pinnacle Financial Partners from $90.00 to $100.00 and gave the stock an “overweight” rating in a research report on Thursday, July 18th. Truist Financial increased their price objective on shares of Pinnacle Financial Partners from $101.00 to $113.00 and gave the stock a “buy” rating in a research note on Friday. Citigroup increased their price objective on shares of Pinnacle Financial Partners from $93.00 to $113.00 and gave the stock a “buy” rating in a research note on Thursday, July 18th. Barclays increased their price objective on shares of Pinnacle Financial Partners from $93.00 to $97.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 18th. Finally, JPMorgan Chase & Co. dropped 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 note on Thursday, June 27th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, Pinnacle Financial Partners currently has a consensus rating of “Hold” and an average price target of $100.20.

Pinnacle Financial Partners Price Performance

Shares of NASDAQ PNFP opened at $99.99 on Monday. Pinnacle Financial Partners, Inc. has a twelve month low of $59.66 and a twelve month 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 firm has a 50-day moving average of $93.67 and a two-hundred day moving average of $85.03. The company has a market capitalization of $7.72 billion, a price-to-earnings ratio of 14.30 and a beta of 1.05.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $1.63 EPS for the quarter, beating analysts’ consensus estimates of $1.60 by $0.03. The company had revenue of $366.55 million during the quarter, compared to analyst estimates of $426.40 million. Pinnacle Financial Partners had a net margin of 13.93% and a return on equity of 8.97%. As a group, analysts expect that Pinnacle Financial Partners, Inc. will post 6.83 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

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

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.