Several institutional investors have recently changed their holdings in Pinnacle Financial Partners. Wasatch Advisors LP increased its stake by 41.8% in the first quarter, now owning 3,341,417 shares worth $286.96 million after acquiring 985,694 additional shares. Dimensional Fund Advisors LP raised its stake by 10.4% in the second quarter, owning 3,094,498 shares valued at $247.67 million after a purchase of 292,401 shares. Swedbank AB initiated a new investment valued at $21.47 million, while Lee Danner & Bass Inc. and Eventide Asset Management LLC also acquired new positions worth approximately $16.09 million and $7.05 million, respectively. Currently, institutional investors own 87.40% of the stock.
Wall Street Analyst Ratings
Analysts have shared their views on Pinnacle Financial Partners. JPMorgan Chase lowered its target price to $105, maintaining an “overweight” rating. Truist Financial raised its target from $101 to $113 with a “buy” rating. Piper Sandler downgraded its rating from “overweight” to “neutral” but increased its target to $98. Barclays raised its target to $101 with “equal weight” status. Hovde Group increased its target from $110 to $114, rating it as “outperform.” Five analysts rate it as a “hold,” while five rate it as a “buy,” resulting in a consensus rating of “Moderate Buy” with a target price of $102.10.
Pinnacle Financial Partners Stock Performance
The stock opened at $93.97 and has a market cap of $7.26 billion, with a P/E ratio of 13.44. Its one-year range is between $59.66 and $100.76. The company recently reported an EPS of $1.63, surpassing expectations of $1.60, with quarterly revenue of $366.55 million, below the estimate of $426.40 million. Analysts predict an EPS of 6.8 for the year.
Dividend Announcement
Pinnacle Financial Partners declared a quarterly dividend of $0.22, payable on August 30. This equates to an annual dividend of $0.88, providing a yield of 0.94%. The payout ratio stands at 12.59%.
About Pinnacle Financial Partners
Pinnacle Financial Partners is a bank holding company offering various banking services. It provides different deposit accounts and treasury management services to individuals, businesses, and professional entities across the U.S.
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