The Manufacturers Life Insurance Company Purchases 172,750 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

The Manufacturers Life Insurance Company boosted its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 20.5% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,015,033 shares of the financial services provider’s stock after buying an additional 172,750 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 1.31% of Pinnacle Financial Partners worth $99,443,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Ashton Thomas Securities LLC acquired a new position in Pinnacle Financial Partners during the 3rd quarter worth about $30,000. International Assets Investment Management LLC acquired a new position in Pinnacle Financial Partners during the 2nd quarter worth about $29,000. Versant Capital Management Inc lifted its holdings in Pinnacle Financial Partners by 44.5% during the 2nd quarter. Versant Capital Management Inc now owns 432 shares of the financial services provider’s stock worth $35,000 after buying an additional 133 shares during the period. UMB Bank n.a. lifted its holdings in Pinnacle Financial Partners by 83.4% during the 3rd quarter. UMB Bank n.a. now owns 497 shares of the financial services provider’s stock worth $49,000 after buying an additional 226 shares during the period. Finally, Values First Advisors Inc. acquired a new position in Pinnacle Financial Partners during the 3rd quarter worth about $49,000. 87.40% of the stock is owned by institutional investors and hedge funds.

Pinnacle Financial Partners Stock Performance

Shares of Pinnacle Financial Partners stock opened at $128.25 on Wednesday. Pinnacle Financial Partners, Inc. has a one year low of $70.32 and a one year high of $131.91. The firm has a market capitalization of $9.91 billion, a price-to-earnings ratio of 24.38 and a beta of 1.04. The business has a 50-day simple moving average of $107.27 and a 200 day simple moving average of $93.63. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.90 and a quick ratio of 0.90.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its earnings results on Tuesday, October 15th. The financial services provider reported $1.86 EPS for the quarter, beating analysts’ consensus estimates of $1.79 by $0.07. Pinnacle Financial Partners had a return on equity of 8.89% and a net margin of 13.97%. The business had revenue of $810.11 million during the quarter, compared to analyst estimates of $454.18 million. During the same period in the previous year, the company posted $1.79 EPS. On average, research analysts anticipate that Pinnacle Financial Partners, Inc. will post 6.8 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 1st will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 0.69%. The ex-dividend date is Friday, November 1st. Pinnacle Financial Partners’s dividend payout ratio is currently 16.73%.

Analyst Ratings Changes

Several brokerages have commented on PNFP. Truist Financial lifted their target price on Pinnacle Financial Partners from $113.00 to $119.00 and gave the stock a “buy” rating in a report on Monday, October 21st. Citigroup boosted their price objective on Pinnacle Financial Partners from $113.00 to $123.00 and gave the company a “buy” rating in a research note on Thursday, October 17th. Wells Fargo & Company boosted their price objective on Pinnacle Financial Partners from $100.00 to $104.00 and gave the company an “equal weight” rating in a research note on Thursday, October 17th. Hovde Group downgraded Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 price objective on the stock. in a research note on Monday, November 18th. Finally, Barclays boosted their price objective on Pinnacle Financial Partners from $101.00 to $108.00 and gave the company an “equal weight” rating in a research note on Thursday, October 17th. Six investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $108.70.

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.