Envestnet Asset Management Inc. Has $20.08 Million Stock Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Envestnet Asset Management Inc. lifted its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 2.0% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 250,832 shares of the financial services provider’s stock after buying an additional 4,853 shares during the quarter. Envestnet Asset Management Inc. owned about 0.32% of Pinnacle Financial Partners worth $20,077,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in PNFP. Oppenheimer Asset Management Inc. raised its stake in shares of Pinnacle Financial Partners by 19.6% in the second quarter. Oppenheimer Asset Management Inc. now owns 121,986 shares of the financial services provider’s stock worth $9,764,000 after acquiring an additional 19,963 shares during the last quarter. Thoroughbred Financial Services LLC increased its holdings in shares of Pinnacle Financial Partners by 357.5% in the second quarter. Thoroughbred Financial Services LLC now owns 11,839 shares of the financial services provider’s stock valued at $947,000 after purchasing an additional 9,251 shares in the last quarter. Cornercap Investment Counsel Inc. raised its position in Pinnacle Financial Partners by 2.2% in the 2nd quarter. Cornercap Investment Counsel Inc. now owns 14,522 shares of the financial services provider’s stock worth $1,162,000 after purchasing an additional 313 shares during the last quarter. Pier Capital LLC lifted its holdings in Pinnacle Financial Partners by 16.5% during the 2nd quarter. Pier Capital LLC now owns 111,797 shares of the financial services provider’s stock worth $8,948,000 after buying an additional 15,797 shares in the last quarter. Finally, Ellerson Group Inc. ADV boosted its position in Pinnacle Financial Partners by 1.2% in the 2nd quarter. Ellerson Group Inc. ADV now owns 23,395 shares of the financial services provider’s stock valued at $1,873,000 after buying an additional 285 shares during the last quarter. Institutional investors and hedge funds own 87.40% of the company’s stock.

Pinnacle Financial Partners Price Performance

Shares of PNFP stock opened at $99.75 on Tuesday. The firm has a market capitalization of $7.70 billion, a price-to-earnings ratio of 14.27 and a beta of 1.05. Pinnacle Financial Partners, Inc. has a 12-month low of $59.66 and a 12-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. The firm has a fifty day moving average of $93.89 and a 200-day moving average of $85.13.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly 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 return on equity of 8.97% and a net margin of 13.93%. The company had revenue of $366.55 million for the quarter, compared to analyst estimates of $426.40 million. On average, equities research analysts forecast that Pinnacle Financial Partners, Inc. will post 6.83 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on PNFP. JPMorgan Chase & Co. dropped their target price on Pinnacle Financial Partners from $108.00 to $105.00 and set an “overweight” rating for the company in a research report on Thursday, June 27th. Piper Sandler downgraded shares of Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and upped their target price for the company from $95.00 to $98.00 in a research report on Thursday, July 18th. Barclays raised their target price on shares of Pinnacle Financial Partners from $93.00 to $97.00 and gave the company an “equal weight” rating in a research note on Thursday, July 18th. Truist Financial boosted their price target 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. Finally, Wells Fargo & Company raised their price objective on shares of Pinnacle Financial Partners from $90.00 to $100.00 and gave the company an “overweight” rating in a research note on Thursday, July 18th. One research analyst has rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $100.20.

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.