Earnest Partners LLC Has $73.53 Million Stock Holdings in Pinnacle Financial Partners, Inc. $PNFP

Earnest Partners LLC boosted its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 3.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 693,404 shares of the financial services provider’s stock after purchasing an additional 23,379 shares during the quarter. Earnest Partners LLC owned about 0.90% of Pinnacle Financial Partners worth $73,529,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of PNFP. Golden State Wealth Management LLC acquired a new stake in Pinnacle Financial Partners in the first quarter worth $48,000. SVB Wealth LLC acquired a new stake in Pinnacle Financial Partners in the first quarter worth $51,000. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in Pinnacle Financial Partners in the first quarter worth $57,000. Kapitalo Investimentos Ltda acquired a new stake in Pinnacle Financial Partners in the fourth quarter worth $78,000. Finally, Brooklyn Investment Group grew its holdings in Pinnacle Financial Partners by 15.3% in the first quarter. Brooklyn Investment Group now owns 827 shares of the financial services provider’s stock worth $88,000 after purchasing an additional 110 shares during the period. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Pinnacle Financial Partners Price Performance

PNFP opened at $96.63 on Thursday. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.89 and a quick ratio of 0.88. The company has a market capitalization of $7.49 billion, a price-to-earnings ratio of 12.82 and a beta of 1.03. The firm’s fifty day moving average price is $102.96 and its two-hundred day moving average price is $104.53. Pinnacle Financial Partners, Inc. has a 1 year low of $81.57 and a 1 year high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $2.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.92 by $0.08. The firm had revenue of $504.99 million for the quarter, compared to the consensus estimate 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 period in the previous year, the firm earned $1.63 EPS. As a group, analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Friday, August 1st will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date of this dividend is Friday, August 1st. Pinnacle Financial Partners’s payout ratio is currently 12.73%.

Analysts Set New Price Targets

Several research firms have weighed in on PNFP. Truist Financial restated a “buy” rating and set a $127.00 price objective (up previously from $123.00) on shares of Pinnacle Financial Partners in a report on Friday, July 11th. Hovde Group downgraded shares of Pinnacle Financial Partners from a “strong-buy” rating to a “hold” rating in a report on Friday, July 25th. Wells Fargo & Company lowered their price objective on shares of Pinnacle Financial Partners from $125.00 to $110.00 and set an “equal weight” rating on the stock in a report on Friday, July 25th. UBS Group restated a “neutral” rating and set a $121.00 price objective on shares of Pinnacle Financial Partners in a report on Wednesday, July 9th. Finally, Stephens lowered their price objective on shares of Pinnacle Financial Partners from $133.00 to $104.00 and set an “equal weight” rating on the stock in a report on Tuesday, July 29th. Four equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $114.80.

Insider Activity

In other Pinnacle Financial Partners news, Director Thomas C. Farnsworth III bought 1,000 shares of the firm’s stock in a transaction dated Friday, August 1st. The stock was purchased at an average cost of $84.94 per share, with a total value of $84,940.00. Following the transaction, the director directly owned 28,277 shares in the company, valued at $2,401,848.38. This trade represents a 3.67% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Harold R. Carpenter purchased 1,000 shares of the business’s stock in a transaction that occurred on Thursday, July 31st. The stock was bought at an average cost of $89.73 per share, for a total transaction of $89,730.00. Following the completion of the acquisition, the chief financial officer directly owned 105,050 shares in the company, valued at $9,426,136.50. The trade was a 0.96% increase in their position. The disclosure for this purchase can be found here. Insiders acquired a total of 12,174 shares of company stock valued at $1,047,079 in the last ninety days. 1.46% of the stock is currently owned by insiders.

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.