Ausbil Investment Management Ltd Grows Stock Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Ausbil Investment Management Ltd raised its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 40.1% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 8,072 shares of the financial services provider’s stock after acquiring an additional 2,310 shares during the period. Ausbil Investment Management Ltd’s holdings in Pinnacle Financial Partners were worth $791,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of PNFP. International Assets Investment Management LLC purchased a new position in Pinnacle Financial Partners during the 2nd quarter worth $29,000. Versant Capital Management Inc raised its holdings in Pinnacle Financial Partners by 44.5% during the second 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 in the last quarter. UMB Bank n.a. lifted its position in Pinnacle Financial Partners by 83.4% in the third quarter. UMB Bank n.a. now owns 497 shares of the financial services provider’s stock valued at $49,000 after purchasing an additional 226 shares during the period. Quarry LP boosted its holdings in Pinnacle Financial Partners by 3,500.0% in the 2nd quarter. Quarry LP now owns 756 shares of the financial services provider’s stock valued at $61,000 after purchasing an additional 735 shares in the last quarter. Finally, GAMMA Investing LLC increased its position in Pinnacle Financial Partners by 26.7% during the 2nd quarter. GAMMA Investing LLC now owns 853 shares of the financial services provider’s stock worth $68,000 after purchasing an additional 180 shares during the period. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

Pinnacle Financial Partners Trading Up 0.6 %

PNFP traded up $0.59 during trading on Thursday, hitting $102.51. The company’s stock had a trading volume of 48,230 shares, compared to its average volume of 465,806. Pinnacle Financial Partners, Inc. has a twelve month low of $59.66 and a twelve month high of $107.13. The firm’s 50 day moving average price is $96.87 and its 200-day moving average price is $87.54. 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 stock has a market cap of $7.92 billion, a PE ratio of 19.38 and a beta of 1.05.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its 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. The firm had revenue of $810.11 million for the quarter, compared to the consensus estimate of $454.18 million. Pinnacle Financial Partners had a return on equity of 8.89% and a net margin of 13.97%. During the same period in the prior year, the business posted $1.79 earnings per share. On average, analysts expect that Pinnacle Financial Partners, Inc. will post 6.8 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

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 given a $0.22 dividend. The ex-dividend date of this dividend is Friday, November 1st. This represents a $0.88 annualized dividend and a dividend yield of 0.86%. Pinnacle Financial Partners’s dividend payout ratio is presently 16.73%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on PNFP. JPMorgan Chase & Co. reduced their price target on Pinnacle Financial Partners from $108.00 to $105.00 and set an “overweight” rating for the company in a report on Thursday, June 27th. Stephens upped 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. Barclays boosted 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. Hovde Group raised their target price on shares of Pinnacle Financial Partners from $110.00 to $114.00 and gave the company an “outperform” rating in a report on Friday, September 27th. Finally, Piper Sandler downgraded shares of Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and upped their price target for the company from $95.00 to $98.00 in a report on Thursday, July 18th. Five analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Pinnacle Financial Partners currently has a consensus rating of “Moderate Buy” and a consensus target price of $106.60.

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.