TD Asset Management Inc Raises Stock Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

TD Asset Management Inc lifted its holdings in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 1.1% in the 1st quarter, Holdings Channel reports. The firm owned 41,574 shares of the financial services provider’s stock after acquiring an additional 468 shares during the period. TD Asset Management Inc’s holdings in Pinnacle Financial Partners were worth $4,409,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. HB Wealth Management LLC boosted its stake in Pinnacle Financial Partners by 46.8% in the first quarter. HB Wealth Management LLC now owns 4,734 shares of the financial services provider’s stock worth $502,000 after buying an additional 1,510 shares in the last quarter. Cetera Investment Advisers boosted its stake in Pinnacle Financial Partners by 36.1% in the first quarter. Cetera Investment Advisers now owns 16,725 shares of the financial services provider’s stock worth $1,774,000 after buying an additional 4,435 shares in the last quarter. KLP Kapitalforvaltning AS boosted its stake in Pinnacle Financial Partners by 0.6% in the first quarter. KLP Kapitalforvaltning AS now owns 15,800 shares of the financial services provider’s stock worth $1,675,000 after buying an additional 100 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Pinnacle Financial Partners in the first quarter valued at approximately $3,659,000. Finally, Verdence Capital Advisors LLC lifted its position in Pinnacle Financial Partners by 39.8% in the first quarter. Verdence Capital Advisors LLC now owns 4,383 shares of the financial services provider’s stock valued at $465,000 after purchasing an additional 1,247 shares during the last quarter. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Insider Activity at Pinnacle Financial Partners

In related news, CFO Harold R. Carpenter purchased 1,000 shares of Pinnacle Financial Partners stock in a transaction dated Thursday, July 31st. The stock was purchased at an average cost of $89.73 per share, with a total value of $89,730.00. Following the transaction, the chief financial officer owned 105,050 shares in the company, valued at approximately $9,426,136.50. The trade was a 0.96% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.46% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on PNFP. Citigroup decreased their target price on Pinnacle Financial Partners from $140.00 to $120.00 and set a “buy” rating for the company in a report on Friday, July 25th. Stephens cut their target price on Pinnacle Financial Partners from $133.00 to $104.00 and set an “equal weight” rating on the stock in a research note on Tuesday. Hovde Group cut Pinnacle Financial Partners from a “strong-buy” rating to a “hold” rating in a research report on Friday, July 25th. Wall Street Zen raised Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research report on Friday, July 18th. Finally, Truist Financial reaffirmed a “buy” rating and issued a $127.00 price objective (up previously from $123.00) on shares of Pinnacle Financial Partners in a research note on Friday, July 11th. Seven investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $118.30.

Pinnacle Financial Partners Price Performance

PNFP opened at $86.13 on Friday. The business has a fifty day moving average of $107.86 and a 200 day moving average of $108.32. Pinnacle Financial Partners, Inc. has a 52-week low of $81.57 and a 52-week high of $131.91. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.34. The stock has a market cap of $6.68 billion, a P/E ratio of 11.42 and a beta of 1.04.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its earnings results on Tuesday, July 15th. The financial services provider reported $2.00 earnings per share for the quarter, beating analysts’ consensus estimates of $1.92 by $0.08. The business had revenue of $504.99 million during the quarter, compared to analyst estimates of $495.27 million. Pinnacle Financial Partners had a return on equity of 9.60% and a net margin of 18.69%. Pinnacle Financial Partners’s revenue was up 15.1% on a year-over-year basis. During the same period in the previous year, the company posted $1.63 EPS. As a group, sell-side analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

The business 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 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend is Friday, August 1st. Pinnacle Financial Partners’s payout ratio is presently 12.73%.

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.