CWA Asset Management Group LLC Invests $203,000 in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

CWA Asset Management Group LLC purchased a new stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) during the 3rd quarter, according to its most recent disclosure with the SEC. The fund purchased 2,070 shares of the financial services provider’s stock, valued at approximately $203,000.

A number of other institutional investors have also added to or reduced their stakes in PNFP. Blue Trust Inc. boosted its position in Pinnacle Financial Partners by 10.6% in the third quarter. Blue Trust Inc. now owns 1,315 shares of the financial services provider’s stock valued at $129,000 after buying an additional 126 shares in the last quarter. Versant Capital Management Inc boosted its holdings in shares of Pinnacle Financial Partners by 44.5% during the 2nd quarter. Versant Capital Management Inc now owns 432 shares of the financial services provider’s stock valued at $35,000 after acquiring an additional 133 shares in the last quarter. Strategic Blueprint LLC boosted its holdings in shares of Pinnacle Financial Partners by 3.4% during the 3rd quarter. Strategic Blueprint LLC now owns 4,025 shares of the financial services provider’s stock valued at $394,000 after acquiring an additional 133 shares in the last quarter. GAMMA Investing LLC grew its position in Pinnacle Financial Partners by 16.5% during the 3rd quarter. GAMMA Investing LLC now owns 994 shares of the financial services provider’s stock worth $97,000 after acquiring an additional 141 shares during the last quarter. Finally, CANADA LIFE ASSURANCE Co increased its holdings in Pinnacle Financial Partners by 0.3% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 57,459 shares of the financial services provider’s stock worth $4,930,000 after purchasing an additional 152 shares in the last quarter. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PNFP has been the topic of a number of recent research reports. Citigroup lifted their price target on Pinnacle Financial Partners from $113.00 to $123.00 and gave the company a “buy” rating in a research note on Thursday, October 17th. Wells Fargo & Company lifted their target price on shares of Pinnacle Financial Partners from $100.00 to $104.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 17th. 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 note on Monday, October 21st. Piper Sandler lowered shares of Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and lifted their price target for the stock from $95.00 to $98.00 in a report on Thursday, July 18th. Finally, Hovde Group increased their price objective on Pinnacle Financial Partners from $110.00 to $114.00 and gave the company an “outperform” rating in a report on Friday, September 27th. Five investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, Pinnacle Financial Partners has an average rating of “Moderate Buy” and an average target price of $106.60.

Pinnacle Financial Partners Price Performance

PNFP stock opened at $124.80 on Thursday. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.42. The firm has a market cap of $9.64 billion, a price-to-earnings ratio of 23.73 and a beta of 1.04. The company’s fifty day simple moving average is $101.14 and its 200 day simple moving average is $90.58. Pinnacle Financial Partners, Inc. has a 12-month low of $68.92 and a 12-month high of $129.38.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.79 by $0.07. Pinnacle Financial Partners had a return on equity of 8.89% and a net margin of 13.97%. The company had revenue of $810.11 million for the quarter, compared to the consensus estimate of $454.18 million. During the same period in the previous year, the business earned $1.79 EPS. 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 disclosed a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 1st will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 0.71%. The ex-dividend date of this dividend is Friday, November 1st. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 16.73%.

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.