EverSource Wealth Advisors LLC Boosts Stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

EverSource Wealth Advisors LLC grew its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 0.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 17,976 shares of the financial services provider’s stock after buying an additional 100 shares during the period. EverSource Wealth Advisors LLC’s holdings in Pinnacle Financial Partners were worth $1,761,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in PNFP. CANADA LIFE ASSURANCE Co raised its holdings in shares of Pinnacle Financial Partners by 0.3% in the first quarter. CANADA LIFE ASSURANCE Co now owns 57,459 shares of the financial services provider’s stock worth $4,930,000 after buying an additional 152 shares during the last quarter. Earnest Partners LLC raised its holdings in shares of Pinnacle Financial Partners by 3.0% during the first quarter. Earnest Partners LLC now owns 655,122 shares of the financial services provider’s stock worth $56,262,000 after purchasing an additional 19,353 shares during the last quarter. Silvercrest Asset Management Group LLC raised its holdings in shares of Pinnacle Financial Partners by 3.9% during the first quarter. Silvercrest Asset Management Group LLC now owns 93,754 shares of the financial services provider’s stock worth $8,052,000 after purchasing an additional 3,498 shares during the last quarter. Jacobs Levy Equity Management Inc. raised its holdings in shares of Pinnacle Financial Partners by 5.6% during the first quarter. Jacobs Levy Equity Management Inc. now owns 97,097 shares of the financial services provider’s stock worth $8,339,000 after purchasing an additional 5,158 shares during the last quarter. Finally, B. Riley Wealth Advisors Inc. raised its holdings in shares of Pinnacle Financial Partners by 28.2% during the first quarter. B. Riley Wealth Advisors Inc. now owns 3,412 shares of the financial services provider’s stock worth $293,000 after purchasing an additional 751 shares during the last quarter. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on PNFP. Stephens raised their target price on shares of Pinnacle Financial Partners from $108.00 to $120.00 and gave the stock an “overweight” rating in a report on Thursday, October 17th. Citigroup raised their target price on shares of Pinnacle Financial Partners from $113.00 to $123.00 and gave the stock a “buy” rating in a report on Thursday, October 17th. Hovde Group lowered shares of Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 price target on the stock. in a research report on Monday. Truist Financial raised their price target on shares of Pinnacle Financial Partners from $113.00 to $119.00 and gave the company a “buy” rating in a research report on Monday, October 21st. Finally, Barclays raised their price target on shares of Pinnacle Financial Partners from $101.00 to $108.00 and gave the company an “equal weight” rating in a research report on Thursday, October 17th. Six research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $108.70.

Pinnacle Financial Partners Stock Performance

NASDAQ:PNFP opened at $121.45 on Thursday. The company’s 50-day moving average price is $104.08 and its 200-day moving average price is $92.14. 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 company has a market cap of $9.38 billion, a P/E ratio of 23.09 and a beta of 1.04. Pinnacle Financial Partners, Inc. has a twelve month low of $70.03 and a twelve month high of $129.38.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings results 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. 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 firm posted $1.79 earnings per share. On average, sell-side analysts forecast that Pinnacle Financial Partners, Inc. will post 6.8 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 1st will be paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 0.72%. The ex-dividend date of this dividend is Friday, November 1st. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 16.73%.

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.