Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Shares Acquired by Charles Schwab Investment Management Inc.

Charles Schwab Investment Management Inc. lifted its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 1.1% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 920,088 shares of the financial services provider’s stock after purchasing an additional 9,856 shares during the period. Charles Schwab Investment Management Inc. owned approximately 1.19% of Pinnacle Financial Partners worth $90,141,000 at the end of the most recent quarter.

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

Pinnacle Financial Partners Stock Performance

Shares of PNFP opened at $128.25 on Wednesday. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.42. Pinnacle Financial Partners, Inc. has a 12 month low of $70.32 and a 12 month high of $131.91. The company’s fifty day moving average is $107.27 and its 200-day moving average is $93.63. The firm has a market cap of $9.91 billion, a price-to-earnings ratio of 24.38 and a beta of 1.04.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted 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 in the prior year, the business posted $1.79 earnings per share. Equities analysts expect that Pinnacle Financial Partners, Inc. will post 6.8 EPS for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The business 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 $0.22 dividend. The ex-dividend date is Friday, November 1st. This represents a $0.88 annualized dividend and a yield of 0.69%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is currently 16.73%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on PNFP. 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 research report on Thursday, October 17th. Truist Financial lifted their target price on Pinnacle Financial Partners from $113.00 to $119.00 and gave the company a “buy” rating in a research note on Monday, October 21st. Hovde Group lowered shares of Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 price target for the company. in a research report on Monday, November 18th. Citigroup boosted their price objective on shares of Pinnacle Financial Partners from $113.00 to $123.00 and gave the company a “buy” rating in a research report on Thursday, October 17th. Finally, Stephens increased their target price on shares of Pinnacle Financial Partners from $108.00 to $120.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. Six equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $108.70.

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.