Eventide Asset Management LLC Has $6.13 Million Stock Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Eventide Asset Management LLC raised its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 37.9% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 62,526 shares of the financial services provider’s stock after buying an additional 17,170 shares during the quarter. Eventide Asset Management LLC owned 0.08% of Pinnacle Financial Partners worth $6,126,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP increased its holdings in shares of Pinnacle Financial Partners by 10.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,094,498 shares of the financial services provider’s stock worth $247,673,000 after purchasing an additional 292,401 shares during the period. FMR LLC increased its stake in Pinnacle Financial Partners by 11.6% during the third quarter. FMR LLC now owns 2,716,416 shares of the financial services provider’s stock valued at $266,127,000 after acquiring an additional 282,016 shares during the period. Principal Financial Group Inc. increased its stake in Pinnacle Financial Partners by 27.0% during the third quarter. Principal Financial Group Inc. now owns 983,282 shares of the financial services provider’s stock valued at $96,332,000 after acquiring an additional 208,938 shares during the period. Lee Danner & Bass Inc. acquired a new position in Pinnacle Financial Partners in the 2nd quarter valued at approximately $16,092,000. Finally, The Manufacturers Life Insurance Company lifted its position in shares of Pinnacle Financial Partners by 20.5% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 1,015,033 shares of the financial services provider’s stock worth $99,443,000 after acquiring an additional 172,750 shares during the period. 87.40% of the stock is owned by institutional investors.

Pinnacle Financial Partners Stock Performance

NASDAQ PNFP opened at $127.11 on Friday. Pinnacle Financial Partners, Inc. has a 1-year low of $72.23 and a 1-year high of $131.91. The company has a 50 day moving average of $108.95 and a 200-day moving average of $94.40. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.42. The firm has a market cap of $9.82 billion, a price-to-earnings ratio of 24.17 and a beta of 1.04.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share 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 during the quarter, compared to analysts’ expectations of $454.18 million. During the same period last year, the firm posted $1.79 EPS. On average, equities 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 was paid on Friday, November 29th. Investors of record on Friday, November 1st were given a dividend of $0.22 per share. The ex-dividend date was Friday, November 1st. This represents a $0.88 annualized dividend and a yield of 0.69%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 16.73%.

Wall Street Analysts Forecast Growth

PNFP has been the subject of a number of recent research reports. Wells Fargo & Company upped their target price on Pinnacle Financial Partners from $100.00 to $104.00 and gave the company an “equal weight” rating in a research note on Thursday, October 17th. Barclays increased their price objective 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. Truist Financial lifted their target price on shares of Pinnacle Financial Partners from $113.00 to $119.00 and gave the company a “buy” rating in a research report on Monday, October 21st. 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 report on Monday, November 18th. Finally, Citigroup lifted their price objective on Pinnacle Financial Partners from $113.00 to $123.00 and gave the company a “buy” rating in a report on Thursday, October 17th. Six analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $108.70.

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.