Envestnet Asset Management Inc. Grows Stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Envestnet Asset Management Inc. boosted its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 0.7% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 233,065 shares of the financial services provider’s stock after purchasing an additional 1,533 shares during the period. Envestnet Asset Management Inc. owned about 0.30% of Pinnacle Financial Partners worth $24,714,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the company. Utah Retirement Systems grew its position in shares of Pinnacle Financial Partners by 2.5% in the fourth quarter. Utah Retirement Systems now owns 4,090 shares of the financial services provider’s stock valued at $468,000 after purchasing an additional 100 shares during the period. Cahaba Wealth Management Inc. boosted its holdings in Pinnacle Financial Partners by 1.7% in the fourth quarter. Cahaba Wealth Management Inc. now owns 6,625 shares of the financial services provider’s stock valued at $758,000 after acquiring an additional 113 shares during the last quarter. Parallel Advisors LLC boosted its holdings in Pinnacle Financial Partners by 5.7% in the first quarter. Parallel Advisors LLC now owns 2,143 shares of the financial services provider’s stock valued at $227,000 after acquiring an additional 116 shares during the last quarter. Legacy Financial Advisors Inc. boosted its holdings in Pinnacle Financial Partners by 5.3% in the fourth quarter. Legacy Financial Advisors Inc. now owns 2,414 shares of the financial services provider’s stock valued at $276,000 after acquiring an additional 122 shares during the last quarter. Finally, UMB Bank n.a. boosted its holdings in Pinnacle Financial Partners by 16.6% in the first quarter. UMB Bank n.a. now owns 858 shares of the financial services provider’s stock valued at $91,000 after acquiring an additional 122 shares during the last quarter. 87.40% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts recently weighed in on PNFP shares. Wells Fargo & Company lifted their target price on Pinnacle Financial Partners from $105.00 to $125.00 and gave the company an “equal weight” rating in a report on Thursday, July 10th. Jefferies Financial Group assumed coverage on Pinnacle Financial Partners in a research note on Wednesday, May 21st. They set a “buy” rating and a $135.00 price objective on the stock. UBS Group restated a “neutral” rating and set a $121.00 price objective on shares of Pinnacle Financial Partners in a research note on Wednesday, July 9th. Truist Financial restated a “buy” rating and set a $127.00 price objective (up previously from $123.00) on shares of Pinnacle Financial Partners in a research note on Friday, July 11th. Finally, Barclays boosted their price objective on Pinnacle Financial Partners from $125.00 to $140.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 8th. Four analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $124.82.

Pinnacle Financial Partners Stock Performance

Shares of PNFP opened at $114.88 on Wednesday. The firm has a 50-day moving average of $109.46 and a 200-day moving average of $109.37. Pinnacle Financial Partners, Inc. has a one year low of $81.57 and a one year high of $131.91. The company has a market cap of $8.91 billion, a PE ratio of 18.59 and a beta of 1.01. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.89 and a quick ratio of 0.89.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its earnings results on Tuesday, July 15th. The financial services provider reported $2.00 EPS for the quarter, beating the consensus estimate of $1.92 by $0.08. The company had revenue of $504.99 million during the quarter, compared to analysts’ expectations of $495.27 million. Pinnacle Financial Partners had a net margin of 15.98% and a return on equity of 9.29%. During the same period in the previous year, the company earned $1.63 EPS. As a group, equities analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Friday, August 1st will be given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.84%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is currently 15.53%.

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.