SG Americas Securities LLC Buys 21,497 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

SG Americas Securities LLC lifted its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFPGet Rating) by 327.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 28,054 shares of the financial services provider’s stock after acquiring an additional 21,497 shares during the period. SG Americas Securities LLC’s holdings in Pinnacle Financial Partners were worth $2,583,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in PNFP. TD Asset Management Inc. boosted its holdings in Pinnacle Financial Partners by 83.2% during the fourth quarter. TD Asset Management Inc. now owns 79,520 shares of the financial services provider’s stock worth $7,594,000 after purchasing an additional 36,107 shares during the last quarter. Public Employees Retirement Association of Colorado boosted its holdings in Pinnacle Financial Partners by 13.6% during the fourth quarter. Public Employees Retirement Association of Colorado now owns 318,179 shares of the financial services provider’s stock worth $30,386,000 after purchasing an additional 38,100 shares during the last quarter. New York State Teachers Retirement System boosted its holdings in Pinnacle Financial Partners by 7.4% during the fourth quarter. New York State Teachers Retirement System now owns 122,461 shares of the financial services provider’s stock worth $11,695,000 after purchasing an additional 8,394 shares during the last quarter. Journey Strategic Wealth LLC acquired a new position in Pinnacle Financial Partners during the fourth quarter worth $202,000. Finally, Gotham Asset Management LLC acquired a new position in Pinnacle Financial Partners during the fourth quarter worth $287,000. Institutional investors own 80.41% of the company’s stock.

Pinnacle Financial Partners Price Performance

NASDAQ:PNFP opened at $76.87 on Friday. Pinnacle Financial Partners, Inc. has a 52 week low of $67.86 and a 52 week high of $111.31. The firm has a market cap of $5.87 billion, a price-to-earnings ratio of 11.03 and a beta of 1.21. The firm’s 50-day simple moving average is $75.06 and its 200 day simple moving average is $87.00. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.85 and a current ratio of 0.85.

Pinnacle Financial Partners (NASDAQ:PNFPGet Rating) last released its quarterly earnings results on Tuesday, July 19th. The financial services provider reported $1.86 EPS for the quarter, topping analysts’ consensus estimates of $1.68 by $0.18. Pinnacle Financial Partners had a net margin of 36.17% and a return on equity of 10.76%. The business had revenue of $390.08 million for the quarter, compared to analyst estimates of $367.48 million. During the same period last year, the firm earned $1.68 earnings per share. Pinnacle Financial Partners’s revenue for the quarter was up 17.7% compared to the same quarter last year. As a group, sell-side analysts predict that Pinnacle Financial Partners, Inc. will post 7.24 earnings per share for the current year.

Pinnacle Financial Partners Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 26th. Shareholders of record on Friday, August 5th will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 1.14%. The ex-dividend date is Thursday, August 4th. Pinnacle Financial Partners’s dividend payout ratio is currently 12.63%.

Analyst Ratings Changes

Several research analysts recently commented on PNFP shares. StockNews.com upgraded shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a report on Tuesday, July 19th. Raymond James upgraded shares of Pinnacle Financial Partners from a “market perform” rating to an “outperform” rating and set a $85.00 price target for the company in a research note on Thursday, July 7th. Truist Financial cut their price target on shares of Pinnacle Financial Partners from $100.00 to $92.00 and set a “buy” rating for the company in a research note on Wednesday, June 15th. Jefferies Financial Group cut shares of Pinnacle Financial Partners from a “hold” rating to an “underperform” rating and cut their target price for the stock from $85.00 to $66.00 in a research note on Monday, July 11th. Finally, Stephens raised their target price on shares of Pinnacle Financial Partners to $93.00 in a research note on Friday. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $93.50.

Pinnacle Financial Partners Company Profile

(Get Rating)

Pinnacle Financial Partners, Inc, together with its subsidiaries, operates as the bank holding company for Pinnacle Bank that provides various banking products and services in the United States. The company accepts various deposits, including savings, checking, noninterest-bearing and interest-bearing checking, money market, and certificate of deposit accounts.

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Institutional Ownership by Quarter for Pinnacle Financial Partners (NASDAQ:PNFP)

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