OneDigital Investment Advisors LLC Acquires 88 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

OneDigital Investment Advisors LLC boosted its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 1.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 6,646 shares of the financial services provider’s stock after acquiring an additional 88 shares during the period. OneDigital Investment Advisors LLC’s holdings in Pinnacle Financial Partners were worth $651,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Blue Trust Inc. lifted its position in shares of Pinnacle Financial Partners by 10.6% in the 3rd quarter. Blue Trust Inc. now owns 1,315 shares of the financial services provider’s stock worth $129,000 after purchasing an additional 126 shares during the period. Versant Capital Management Inc lifted its holdings in Pinnacle Financial Partners by 44.5% in the second quarter. Versant Capital Management Inc now owns 432 shares of the financial services provider’s stock worth $35,000 after buying an additional 133 shares during the period. Strategic Blueprint LLC boosted its position in 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 holdings in shares of 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 period. Finally, CANADA LIFE ASSURANCE Co raised its position in shares of 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 acquiring an additional 152 shares in the last quarter. 87.40% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on PNFP shares. Wells Fargo & Company upped their price target on Pinnacle Financial Partners from $100.00 to $104.00 and gave the stock an “equal weight” rating in a research note 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 for the company. in a research note on Monday. Truist Financial boosted their price objective on shares of Pinnacle Financial Partners from $113.00 to $119.00 and gave the stock a “buy” rating in a research note on Monday, October 21st. Barclays raised their target price on shares of Pinnacle Financial Partners from $101.00 to $108.00 and gave the company an “equal weight” rating in a research note on Thursday, October 17th. Finally, Citigroup boosted their price target on Pinnacle Financial Partners from $113.00 to $123.00 and gave the stock a “buy” rating in a research report on Thursday, October 17th. Six investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $108.70.

Pinnacle Financial Partners Stock Performance

PNFP stock opened at $122.66 on Wednesday. The stock’s 50 day simple moving average is $103.46 and its 200 day simple moving average is $91.86. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.42. Pinnacle Financial Partners, Inc. has a 12-month low of $70.03 and a 12-month high of $129.38. The stock has a market capitalization of $9.48 billion, a PE ratio of 23.32 and a beta of 1.04.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings results 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 firm had revenue of $810.11 million for the quarter, compared to the consensus estimate of $454.18 million. During the same period in the prior year, the company posted $1.79 earnings per share. As a group, research 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 business also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 1st will be paid a $0.22 dividend. The ex-dividend date is Friday, November 1st. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.72%. Pinnacle Financial Partners’s dividend payout ratio 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.