Assetmark Inc. Purchases 176 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Assetmark Inc. increased its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 11.9% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 1,653 shares of the financial services provider’s stock after buying an additional 176 shares during the period. Assetmark Inc.’s holdings in Pinnacle Financial Partners were worth $162,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently bought and sold shares of PNFP. International Assets Investment Management LLC bought a new stake in shares of Pinnacle Financial Partners in the second quarter valued at approximately $29,000. Versant Capital Management Inc raised its stake in Pinnacle Financial Partners by 44.5% during the 2nd quarter. Versant Capital Management Inc now owns 432 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 133 shares during the last quarter. UMB Bank n.a. raised its stake in Pinnacle Financial Partners by 83.4% during the 3rd quarter. UMB Bank n.a. now owns 497 shares of the financial services provider’s stock valued at $49,000 after purchasing an additional 226 shares during the last quarter. Values First Advisors Inc. bought a new stake in Pinnacle Financial Partners in the 3rd quarter valued at $49,000. Finally, Quarry LP grew its position in Pinnacle Financial Partners by 3,500.0% in the 2nd quarter. Quarry LP now owns 756 shares of the financial services provider’s stock worth $61,000 after purchasing an additional 735 shares during the last quarter. Institutional investors and hedge funds own 87.40% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Wells Fargo & Company upped their price objective on shares of Pinnacle Financial Partners from $100.00 to $104.00 and gave the company an “equal weight” rating in a research report on Thursday, October 17th. Citigroup upped their price target on Pinnacle Financial Partners from $113.00 to $123.00 and gave the company a “buy” rating in a report on Thursday, October 17th. Truist Financial raised their price objective on Pinnacle Financial Partners from $113.00 to $119.00 and gave the stock a “buy” rating in a research report on Monday, October 21st. Stephens boosted their price objective on Pinnacle Financial Partners from $108.00 to $120.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. Finally, Hovde Group upped their target price on Pinnacle Financial Partners from $110.00 to $114.00 and gave the company an “outperform” rating in a research note on Friday, September 27th. Five research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, Pinnacle Financial Partners has an average rating of “Moderate Buy” and an average target price of $106.60.

Pinnacle Financial Partners Trading Up 0.5 %

Shares of PNFP opened at $123.99 on Monday. 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 stock has a market cap of $9.58 billion, a PE ratio of 23.57 and a beta of 1.04. Pinnacle Financial Partners, Inc. has a 1 year low of $70.03 and a 1 year high of $129.38. The stock has a 50 day simple moving average of $102.85 and a 200-day simple moving average of $91.46.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.79 by $0.07. The firm had revenue of $810.11 million during the quarter, compared to analyst estimates of $454.18 million. Pinnacle Financial Partners had a return on equity of 8.89% and a net margin of 13.97%. During the same period in the prior year, the company posted $1.79 earnings per share. On average, sell-side analysts predict that Pinnacle Financial Partners, Inc. will post 6.8 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 1st will be issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 0.71%. The ex-dividend date is Friday, November 1st. Pinnacle Financial Partners’s dividend payout ratio is currently 16.73%.

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.