Eventide Asset Management LLC Buys 17,170 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Eventide Asset Management LLC raised its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 37.9% during the third quarter, Holdings Channel reports. The institutional investor owned 62,526 shares of the financial services provider’s stock after buying an additional 17,170 shares during the quarter. Eventide Asset Management LLC’s holdings in Pinnacle Financial Partners were worth $6,126,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in PNFP. Captrust Financial Advisors boosted its holdings in Pinnacle Financial Partners by 0.8% in the third quarter. Captrust Financial Advisors now owns 86,908 shares of the financial services provider’s stock valued at $8,514,000 after acquiring an additional 658 shares during the last quarter. Infrastructure Capital Advisors LLC acquired a new position in Pinnacle Financial Partners during the 3rd quarter valued at about $202,000. Northwest & Ethical Investments L.P. bought a new position in shares of Pinnacle Financial Partners in the 3rd quarter valued at about $137,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Pinnacle Financial Partners by 0.6% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 200,132 shares of the financial services provider’s stock worth $19,607,000 after buying an additional 1,290 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Pinnacle Financial Partners by 7.2% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,364 shares of the financial services provider’s stock worth $1,603,000 after buying an additional 1,102 shares during the last quarter. 87.40% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. Wells Fargo & Company raised their price objective on shares of 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. Truist Financial raised their price target on Pinnacle Financial Partners from $113.00 to $119.00 and gave the stock a “buy” rating in a research report on Monday, October 21st. Hovde Group downgraded Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 price objective for the company. in a report on Monday, November 18th. Barclays raised their target price on Pinnacle Financial Partners from $101.00 to $108.00 and gave the stock an “equal weight” rating in a report on Thursday, October 17th. Finally, Stephens upped their price target on Pinnacle Financial Partners from $108.00 to $120.00 and gave the company an “overweight” rating in a research note on Thursday, October 17th. Six equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $108.70.

Pinnacle Financial Partners Trading Down 0.1 %

NASDAQ PNFP opened at $127.11 on Friday. Pinnacle Financial Partners, Inc. has a one year low of $72.23 and a one year high of $131.91. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.90 and a quick ratio of 0.90. The firm has a market cap of $9.82 billion, a P/E ratio of 24.17 and a beta of 1.04. The stock’s 50-day moving average is $108.95 and its 200-day moving average is $94.40.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its earnings results on Tuesday, October 15th. The financial services provider reported $1.86 EPS for the quarter, topping the consensus estimate of $1.79 by $0.07. Pinnacle Financial Partners had a net margin of 13.97% and a return on equity of 8.89%. The firm had revenue of $810.11 million for the quarter, compared to the consensus estimate of $454.18 million. During the same period last year, the company posted $1.79 EPS. Sell-side 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 was paid on Friday, November 29th. Investors of record on Friday, November 1st were given a $0.22 dividend. The ex-dividend date was Friday, November 1st. This represents a $0.88 annualized dividend and a yield of 0.69%. Pinnacle Financial Partners’s dividend payout ratio is currently 16.73%.

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.