Recent Changes by Institutional Investors:
Several institutional investors have adjusted their holdings in Pinnacle Financial Partners. Notably, Versant Capital Management increased its stake by 44.5%, now owning 432 shares worth $35,000 after adding 133 shares. Covenant Partners raised its stake by 1.4%, owning 10,699 shares valued at $933,000, while Canada Life Assurance increased its stake by 0.3%, with 57,459 shares valued at $4.93 million. GAMMA Investing raised its stake by 26.7% to 853 shares worth $68,000. Bank of Montreal Can increased its stake by 2.4%, holding 9,158 shares valued at $734,000. Overall, institutional investors own 87.4% of the company.
Analyst Ratings Updates:
Analysts have made several ratings changes for Pinnacle Financial Partners. Wells Fargo downgraded its rating from “overweight” to “equal weight” with a target price of $100. Truist Financial raised its target from $101 to $113, maintaining a “buy” rating. Hovde Group increased its target from $110 to $114 with an “outperform” rating. Barclays set a new target of $101 while maintaining an “equal weight” rating. JPMorgan reduced its target from $108 to $105 but kept an “overweight” rating. Currently, five analysts rate it as a hold and five as a buy, with a consensus rating of “Moderate Buy” and a price target of $102.10.
Pinnacle Financial Partners Stock Performance:
As of Monday, NASDAQ PNFP opened at $96.21. The company has a market cap of $7.43 billion and a PE ratio of 13.76. The stock hit a low of $59.66 and a high of $100.76 in the past year. The recent 50-day moving average is $94.05, while the 200-day moving average is $86.03. Pinnacle reported $1.63 EPS for the last quarter, surpassing estimates of $1.60, despite lower revenue than anticipated. Analysts expect a total EPS of 6.8 for this fiscal year.
Dividend Announcement:
Pinnacle Financial recently declared a quarterly dividend of $0.22 on August 30, for stockholders on record from August 2. This represents an annual dividend of $0.88 with a yield of 0.91%. Currently, the dividend payout ratio stands at 12.59%.
Pinnacle Financial Partners Overview:
Pinnacle Financial Partners operates as a bank holding company, offering various banking services to individuals and businesses in the U.S. Their services include savings accounts, treasury management, and electronic payment solutions.
Further Reading:
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