Foster Victor Wealth Advisors LLC Makes New Investment in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Foster Victor Wealth Advisors LLC acquired a new stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 2,221 shares of the financial services provider’s stock, valued at approximately $178,000.

Other hedge funds have also modified their holdings of the company. NBC Securities Inc. boosted its holdings in Pinnacle Financial Partners by 1.3% in the 4th quarter. NBC Securities Inc. now owns 9,419 shares of the financial services provider’s stock valued at $821,000 after purchasing an additional 124 shares during the last quarter. Verdence Capital Advisors LLC lifted its stake in shares of Pinnacle Financial Partners by 2.9% in the 1st quarter. Verdence Capital Advisors LLC now owns 4,497 shares of the financial services provider’s stock valued at $386,000 after purchasing an additional 126 shares during the last quarter. Versant Capital Management Inc lifted its position 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 valued at $35,000 after buying an additional 133 shares during the last quarter. Covenant Partners LLC raised its stake in shares of Pinnacle Financial Partners by 1.4% in the 4th quarter. Covenant Partners LLC now owns 10,699 shares of the financial services provider’s stock valued at $933,000 after acquiring an additional 149 shares during the period. Finally, CANADA LIFE ASSURANCE Co lifted its holdings 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 during the last quarter. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Pinnacle Financial Partners Stock Performance

Shares of PNFP stock opened at $91.59 on Friday. The stock’s 50-day moving average is $84.62 and its two-hundred day moving average is $82.73. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.90 and a current ratio of 0.90. Pinnacle Financial Partners, Inc. has a 1 year low of $59.66 and a 1 year high of $98.58. The firm has a market cap of $7.07 billion, a price-to-earnings ratio of 13.10 and a beta of 1.07.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its earnings results on Tuesday, July 16th. The financial services provider reported $1.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.60 by $0.03. The firm had revenue of $366.55 million during the quarter, compared to analysts’ expectations of $426.40 million. Pinnacle Financial Partners had a return on equity of 8.97% and a net margin of 13.93%. Analysts predict that Pinnacle Financial Partners, Inc. will post 6.83 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Stockholders of record on Friday, August 2nd will be given a dividend of $0.22 per share. The ex-dividend date is Friday, August 2nd. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.96%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 12.59%.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on PNFP shares. Stephens dropped their target price on shares of Pinnacle Financial Partners from $109.00 to $102.00 and set an “overweight” rating for the company in a report on Thursday, May 23rd. Barclays upped their target price on shares of Pinnacle Financial Partners from $93.00 to $97.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 18th. Truist Financial upped their price target on Pinnacle Financial Partners from $87.00 to $101.00 and gave the stock a “buy” rating in a report on Thursday, July 18th. Piper Sandler cut Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and lifted their price objective for the company from $95.00 to $98.00 in a research note on Thursday, July 18th. Finally, Wells Fargo & Company boosted their price target on shares of Pinnacle Financial Partners from $90.00 to $100.00 and gave the stock an “overweight” rating in a report on Thursday, July 18th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, Pinnacle Financial Partners presently has an average rating of “Hold” and a consensus price target of $99.00.

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.