Dimensional Fund Advisors LP Boosts Stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Dimensional Fund Advisors LP grew its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 10.4% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,094,498 shares of the financial services provider’s stock after purchasing an additional 292,401 shares during the period. Dimensional Fund Advisors LP owned approximately 4.01% of Pinnacle Financial Partners worth $247,673,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Principal Securities Inc. acquired a new position in Pinnacle Financial Partners in the fourth quarter valued at about $60,000. Norges Bank purchased a new position in shares of Pinnacle Financial Partners during the 4th quarter worth approximately $83,461,000. PNC Financial Services Group Inc. increased its holdings in Pinnacle Financial Partners by 16.5% in the 4th quarter. PNC Financial Services Group Inc. now owns 4,373 shares of the financial services provider’s stock valued at $381,000 after purchasing an additional 618 shares during the last quarter. Coldstream Capital Management Inc. raised its position in Pinnacle Financial Partners by 19.5% in the fourth quarter. Coldstream Capital Management Inc. now owns 6,550 shares of the financial services provider’s stock valued at $571,000 after purchasing an additional 1,067 shares during the period. Finally, Corient Private Wealth LLC lifted its stake in Pinnacle Financial Partners by 10.1% during the fourth quarter. Corient Private Wealth LLC now owns 12,440 shares of the financial services provider’s stock worth $1,085,000 after purchasing an additional 1,138 shares in the last quarter. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

Pinnacle Financial Partners Stock Up 1.3 %

Pinnacle Financial Partners stock opened at $97.36 on Thursday. The stock has a market cap of $7.52 billion, a PE ratio of 13.93 and a beta of 1.05. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.90 and a quick ratio of 0.90. The stock’s fifty day moving average is $93.07 and its two-hundred day moving average is $84.78. Pinnacle Financial Partners, Inc. has a 1-year low of $59.66 and a 1-year high of $100.68.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its earnings results on Tuesday, July 16th. The financial services provider reported $1.63 earnings per share for the quarter, topping the consensus estimate of $1.60 by $0.03. The business had revenue of $366.55 million for the quarter, compared to analyst estimates of $426.40 million. Pinnacle Financial Partners had a return on equity of 8.97% and a net margin of 13.93%. On average, sell-side analysts expect that Pinnacle Financial Partners, Inc. will post 6.83 EPS for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Friday, August 2nd were given a dividend of $0.22 per share. The ex-dividend date of this dividend was Friday, August 2nd. This represents a $0.88 annualized dividend and a dividend yield of 0.90%. Pinnacle Financial Partners’s dividend payout ratio is presently 12.59%.

Analyst Upgrades and Downgrades

PNFP has been the topic of several research analyst reports. Citigroup boosted their price objective on Pinnacle Financial Partners from $93.00 to $113.00 and gave the company a “buy” rating in a report on Thursday, July 18th. JPMorgan Chase & Co. reduced 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 report on Thursday, June 27th. Truist Financial lifted their price objective on shares of Pinnacle Financial Partners from $87.00 to $101.00 and gave the company a “buy” rating in a report on Thursday, July 18th. Wells Fargo & Company increased their target price on shares of Pinnacle Financial Partners from $90.00 to $100.00 and gave the stock an “overweight” rating in a report on Thursday, July 18th. Finally, Piper Sandler downgraded shares of 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 note on Thursday, July 18th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, Pinnacle Financial Partners has an average rating of “Hold” and an average price target of $99.00.

Pinnacle Financial Partners Company 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.