Creative Planning Has $1.83 Million Stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Creative Planning lifted its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 9.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 18,710 shares of the financial services provider’s stock after purchasing an additional 1,614 shares during the period. Creative Planning’s holdings in Pinnacle Financial Partners were worth $1,833,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC raised its stake in shares of Pinnacle Financial Partners by 35.0% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 16,875 shares of the financial services provider’s stock worth $1,449,000 after buying an additional 4,371 shares during the last quarter. State of Michigan Retirement System raised its stake in shares of Pinnacle Financial Partners by 1.6% during the first quarter. State of Michigan Retirement System now owns 18,727 shares of the financial services provider’s stock worth $1,608,000 after buying an additional 300 shares during the last quarter. Norden Group LLC bought a new stake in shares of Pinnacle Financial Partners during the first quarter worth approximately $1,065,000. Diversify Advisory Services LLC bought a new stake in shares of Pinnacle Financial Partners during the first quarter worth approximately $330,000. Finally, BNP Paribas Financial Markets raised its stake in shares of Pinnacle Financial Partners by 28.9% during the first quarter. BNP Paribas Financial Markets now owns 7,229 shares of the financial services provider’s stock worth $621,000 after buying an additional 1,622 shares during the last quarter. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Wells Fargo & Company boosted their price target on shares of Pinnacle Financial Partners from $100.00 to $104.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 17th. Citigroup boosted their price target on shares of Pinnacle Financial Partners from $113.00 to $123.00 and gave the stock a “buy” rating in a research note on Thursday, October 17th. Hovde Group boosted their price target on shares of Pinnacle Financial Partners from $110.00 to $114.00 and gave the stock an “outperform” rating in a research note on Friday, September 27th. Stephens upped their target price on shares of Pinnacle Financial Partners from $108.00 to $120.00 and gave the company an “overweight” rating in a research note on Thursday, October 17th. Finally, Truist Financial upped their target price on shares of Pinnacle Financial Partners from $113.00 to $119.00 and gave the company a “buy” rating in a research note on Monday, October 21st. Five investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $106.60.

Pinnacle Financial Partners Stock Up 3.2 %

Pinnacle Financial Partners stock opened at $103.95 on Tuesday. The stock has a market capitalization of $8.03 billion, a PE ratio of 19.76 and a beta of 1.05. Pinnacle Financial Partners, Inc. has a twelve month low of $60.30 and a twelve month high of $107.13. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.42. The company has a 50 day moving average of $97.33 and a 200-day moving average of $87.85.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share for the quarter, beating the consensus estimate of $1.79 by $0.07. The company had revenue of $810.11 million during the quarter, compared to analysts’ expectations of $454.18 million. Pinnacle Financial Partners had a net margin of 13.97% and a return on equity of 8.89%. During the same quarter in the prior year, the company earned $1.79 earnings per share. On average, equities research analysts anticipate that Pinnacle Financial Partners, Inc. will post 6.83 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 1st will be issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 0.85%. The ex-dividend date of this dividend is Friday, November 1st. Pinnacle Financial Partners’s payout ratio is 16.73%.

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.