IQ EQ FUND MANAGEMENT IRELAND Ltd Has $1.16 Million Stake in Pinnacle Financial Partners, Inc. $PNFP

IQ EQ FUND MANAGEMENT IRELAND Ltd grew its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 2.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 10,492 shares of the financial services provider’s stock after purchasing an additional 238 shares during the period. IQ EQ FUND MANAGEMENT IRELAND Ltd’s holdings in Pinnacle Financial Partners were worth $1,158,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. GAMMA Investing LLC lifted its stake in Pinnacle Financial Partners by 51.7% in the first 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 last quarter. Golden State Wealth Management LLC bought a new position in shares of Pinnacle Financial Partners during the 1st quarter valued at $48,000. Allspring Global Investments Holdings LLC lifted its stake in shares of Pinnacle Financial Partners by 3.2% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 142,165 shares of the financial services provider’s stock valued at $14,892,000 after purchasing an additional 4,356 shares during the last quarter. Swmg LLC acquired a new stake in shares of Pinnacle Financial Partners in the 1st quarter valued at $231,000. Finally, Teacher Retirement System of Texas boosted its holdings in Pinnacle Financial Partners by 452.0% in the first quarter. Teacher Retirement System of Texas now owns 17,691 shares of the financial services provider’s stock worth $1,876,000 after purchasing an additional 14,486 shares in the last quarter. Institutional investors and hedge funds own 87.40% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. Wall Street Zen upgraded Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research note on Friday, July 18th. Wells Fargo & Company decreased their target price on Pinnacle Financial Partners from $110.00 to $100.00 and set an “equal weight” rating for the company in a research report on Friday, October 17th. Cowen started coverage on Pinnacle Financial Partners in a report on Wednesday, September 24th. They set a “buy” rating on the stock. Truist Financial reduced their price objective on shares of Pinnacle Financial Partners from $107.00 to $105.00 and set a “buy” rating for the company in a research note on Friday, October 17th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Pinnacle Financial Partners from $115.00 to $125.00 and gave the stock an “overweight” rating in a report on Tuesday, July 1st. Six research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. According to MarketBeat.com, Pinnacle Financial Partners presently has an average rating of “Hold” and a consensus price target of $110.27.

Insiders Place Their Bets

In other Pinnacle Financial Partners news, Director G Kennedy Thompson purchased 5,000 shares of the firm’s stock in a transaction on Monday, October 20th. The shares were purchased at an average price of $87.63 per share, for a total transaction of $438,150.00. Following the completion of the purchase, the director directly owned 33,372 shares of the company’s stock, valued at approximately $2,924,388.36. This represents a 17.62% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Thomas C. Farnsworth III purchased 1,000 shares of the firm’s stock in a transaction on Friday, August 1st. The shares were acquired at an average price of $84.94 per share, for a total transaction of $84,940.00. Following the purchase, the director directly owned 28,277 shares of the company’s stock, valued at approximately $2,401,848.38. This represents a 3.67% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have acquired 17,000 shares of company stock worth $1,469,320 over the last 90 days. Corporate insiders own 1.46% of the company’s stock.

Pinnacle Financial Partners Stock Down 1.0%

PNFP opened at $86.07 on Wednesday. Pinnacle Financial Partners, Inc. has a fifty-two week low of $81.57 and a fifty-two week high of $131.91. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.89 and a quick ratio of 0.89. The firm’s fifty day moving average price is $93.53 and its two-hundred day moving average price is $100.30. The company has a market capitalization of $6.68 billion, a P/E ratio of 10.94 and a beta of 1.02.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $2.27 earnings per share for the quarter, topping analysts’ consensus estimates of $2.05 by $0.22. Pinnacle Financial Partners had a net margin of 19.17% and a return on equity of 9.91%. The firm had revenue of $544.80 million for the quarter, compared to the consensus estimate of $526.40 million. During the same quarter in the previous year, the company earned $1.86 earnings per share. On average, analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 28th. Shareholders of record on Friday, November 7th will be paid a dividend of $0.24 per share. The ex-dividend date is Friday, November 7th. This represents a $0.96 dividend on an annualized basis and a yield of 1.1%. Pinnacle Financial Partners’s payout ratio is currently 12.20%.

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.