US Bancorp DE Purchases 1,049 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

US Bancorp DE raised its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 14.9% during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 8,100 shares of the financial services provider’s stock after acquiring an additional 1,049 shares during the period. US Bancorp DE’s holdings in Pinnacle Financial Partners were worth $794,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently bought and sold shares of the company. Sippican Capital Advisors lifted its stake in Pinnacle Financial Partners by 10.6% in the 3rd quarter. Sippican Capital Advisors now owns 9,215 shares of the financial services provider’s stock valued at $903,000 after acquiring an additional 880 shares in the last quarter. Strategic Blueprint LLC increased its position in shares of Pinnacle Financial Partners by 3.4% during the 3rd quarter. Strategic Blueprint LLC now owns 4,025 shares of the financial services provider’s stock worth $394,000 after purchasing an additional 133 shares during the last quarter. State of Alaska Department of Revenue increased its position in shares of Pinnacle Financial Partners by 7.2% during the 3rd quarter. State of Alaska Department of Revenue now owns 8,892 shares of the financial services provider’s stock worth $871,000 after purchasing an additional 600 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its position in shares of Pinnacle Financial Partners by 15.1% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 19,477 shares of the financial services provider’s stock worth $1,908,000 after purchasing an additional 2,552 shares during the last quarter. Finally, Values First Advisors Inc. acquired a new position in shares of Pinnacle Financial Partners during the 3rd quarter worth approximately $49,000. Institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Stock Up 1.7 %

PNFP opened at $121.06 on Friday. Pinnacle Financial Partners, Inc. has a 1-year low of $63.77 and a 1-year high of $122.96. The stock’s fifty day simple moving average is $100.03 and its 200 day simple moving average is $89.89. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.42. The stock has a market cap of $9.35 billion, a PE ratio of 23.02 and a beta of 1.04.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share for the quarter, topping the consensus estimate of $1.79 by $0.07. The firm had revenue of $810.11 million for the quarter, compared to analysts’ expectations of $454.18 million. Pinnacle Financial Partners had a return on equity of 8.89% and a net margin of 13.97%. During the same quarter last year, the business earned $1.79 EPS. As a group, research analysts expect that Pinnacle Financial Partners, Inc. will post 6.8 earnings per share for the current year.

Pinnacle Financial Partners Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 1st will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 0.73%. The ex-dividend date is Friday, November 1st. Pinnacle Financial Partners’s payout ratio is 16.73%.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Hovde Group boosted their price target on Pinnacle Financial Partners from $110.00 to $114.00 and gave the stock an “outperform” rating in a research report on Friday, September 27th. Stephens boosted their price target on Pinnacle Financial Partners from $108.00 to $120.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. Wells Fargo & Company boosted their price target on Pinnacle Financial Partners from $100.00 to $104.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 17th. Barclays boosted their price target on Pinnacle Financial Partners from $101.00 to $108.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 17th. Finally, Piper Sandler lowered Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and boosted their price target for the stock from $95.00 to $98.00 in a research report on Thursday, July 18th. Five investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $106.60.

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.