Zurcher Kantonalbank Zurich Cantonalbank Boosts Stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 2.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 20,848 shares of the financial services provider’s stock after buying an additional 463 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Pinnacle Financial Partners were worth $2,211,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of PNFP. GAMMA Investing LLC increased its position in Pinnacle Financial Partners by 51.7% in the 1st quarter. GAMMA Investing LLC now owns 1,616 shares of the financial services provider’s stock valued at $171,000 after acquiring an additional 551 shares during the period. Golden State Wealth Management LLC acquired a new stake in shares of Pinnacle Financial Partners in the first quarter worth $48,000. M&T Bank Corp raised its holdings in shares of Pinnacle Financial Partners by 9.0% during the first quarter. M&T Bank Corp now owns 8,187 shares of the financial services provider’s stock worth $868,000 after acquiring an additional 674 shares in the last quarter. Allspring Global Investments Holdings LLC raised its holdings in shares of Pinnacle Financial Partners by 3.2% during the first quarter. Allspring Global Investments Holdings LLC now owns 142,165 shares of the financial services provider’s stock worth $14,892,000 after acquiring an additional 4,356 shares in the last quarter. Finally, Impax Asset Management Group plc purchased a new stake in shares of Pinnacle Financial Partners during the first quarter worth $7,423,000. Institutional investors and hedge funds own 87.40% of the company’s stock.

Pinnacle Financial Partners Stock Down 2.0%

NASDAQ:PNFP opened at $86.13 on Friday. The stock’s fifty day moving average price is $107.86 and its two-hundred day moving average price is $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 debt-to-equity ratio of 0.34, a quick ratio of 0.88 and a current ratio of 0.89. The company has a market cap of $6.68 billion, a price-to-earnings 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 EPS for the quarter, beating the consensus estimate of $1.92 by $0.08. The company had revenue of $504.99 million during the quarter, compared to analysts’ expectations of $495.27 million. Pinnacle Financial Partners had a net margin of 18.69% and a return on equity of 9.60%. The business’s revenue for the quarter was up 15.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.63 EPS. On average, analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Friday, August 1st will be given a dividend of $0.24 per share. The ex-dividend date is Friday, August 1st. This represents a $0.96 annualized dividend and a dividend yield of 1.1%. Pinnacle Financial Partners’s payout ratio is presently 12.73%.

Insider Activity at Pinnacle Financial Partners

In other news, CFO Harold R. Carpenter acquired 1,000 shares of the stock in a transaction that occurred on Thursday, July 31st. The stock was acquired at an average price of $89.73 per share, for a total transaction of $89,730.00. Following the transaction, the chief financial officer directly owned 105,050 shares in the company, valued at approximately $9,426,136.50. This represents a 0.96% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. Insiders own 1.46% of the company’s stock.

Analysts Set New Price Targets

PNFP has been the topic of several recent research reports. Hovde Group lowered Pinnacle Financial Partners from a “strong-buy” rating to a “hold” rating in a report on Friday, July 25th. Jefferies Financial Group restated a “hold” rating and set a $110.00 price target (down from $145.00) on shares of Pinnacle Financial Partners in a research note on Friday, July 25th. UBS Group restated a “neutral” rating and set a $121.00 price target on shares of Pinnacle Financial Partners in a research note on Wednesday, July 9th. Truist Financial reaffirmed a “buy” rating and set a $127.00 price objective (up from $123.00) on shares of Pinnacle Financial Partners in a report on Friday, July 11th. Finally, Barclays reduced their target price on Pinnacle Financial Partners from $140.00 to $125.00 and set an “overweight” rating on the stock in a report on Monday, July 28th. Seven investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $118.30.

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.