Victory Capital Management Inc. Has $18.28 Million Stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Victory Capital Management Inc. grew its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 17.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 186,612 shares of the financial services provider’s stock after purchasing an additional 28,327 shares during the period. Victory Capital Management Inc.’s holdings in Pinnacle Financial Partners were worth $18,282,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in the business. Blue Trust Inc. increased its holdings in shares of Pinnacle Financial Partners by 10.6% in the 3rd quarter. Blue Trust Inc. now owns 1,315 shares of the financial services provider’s stock valued at $129,000 after purchasing an additional 126 shares during the period. Versant Capital Management Inc increased its holdings in shares of Pinnacle Financial Partners by 44.5% in 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 period. Strategic Blueprint LLC increased its holdings in shares of Pinnacle Financial Partners by 3.4% in the 3rd quarter. Strategic Blueprint LLC now owns 4,025 shares of the financial services provider’s stock valued at $394,000 after purchasing an additional 133 shares during the period. GAMMA Investing LLC increased its holdings in shares of Pinnacle Financial Partners by 16.5% in the 3rd quarter. GAMMA Investing LLC now owns 994 shares of the financial services provider’s stock valued at $97,000 after purchasing an additional 141 shares during the period. Finally, CANADA LIFE ASSURANCE Co increased its holdings in shares of Pinnacle Financial Partners by 0.3% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 57,459 shares of the financial services provider’s stock valued at $4,930,000 after purchasing an additional 152 shares during the period. Institutional investors and hedge funds own 87.40% of the company’s stock.

Pinnacle Financial Partners Stock Up 0.1 %

PNFP opened at $124.06 on Tuesday. Pinnacle Financial Partners, Inc. has a 1-year low of $70.03 and a 1-year high of $129.38. 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 capitalization of $9.58 billion, a price-to-earnings ratio of 23.57 and a beta of 1.04. The business has a 50 day moving average of $102.85 and a 200-day moving average of $91.55.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its earnings results on Tuesday, October 15th. The financial services provider reported $1.86 EPS for the quarter, beating analysts’ consensus estimates of $1.79 by $0.07. The business 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. As a group, sell-side analysts anticipate that Pinnacle Financial Partners, Inc. will post 6.8 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

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

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Citigroup boosted their price target on Pinnacle Financial Partners from $113.00 to $123.00 and gave the company a “buy” rating in a research note on Thursday, October 17th. Truist Financial boosted their price target on Pinnacle Financial Partners from $113.00 to $119.00 and gave the company a “buy” rating in a research note on Monday, October 21st. Hovde Group cut Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 price target for the company. in a research note on Monday. Wells Fargo & Company boosted their price target on Pinnacle Financial Partners from $100.00 to $104.00 and gave the company an “equal weight” rating in a research note on Thursday, October 17th. Finally, Barclays upped their target price on Pinnacle Financial Partners from $101.00 to $108.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 17th. Six research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, Pinnacle Financial Partners has an average rating of “Hold” and an average target price of $108.70.

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.