Several institutional investors have changed their holdings in Pinnacle Financial Partners. Versant Capital Management increased its stake by 44.5%, now owning 432 shares worth $35,000 after buying 133 more shares. Covenant Partners raised its stake by 1.4%, owning 10,699 shares valued at $933,000 after acquiring 149 shares. Canada Life Assurance bought 152 additional shares to hold 57,459 shares worth $4.93 million (up 0.3%). GAMMA Investing increased its stake by 26.7%, owning 853 shares valued at $68,000 after adding 180 shares. Bank of Montreal Can raised its stake by 2.4%, now owning 9,158 shares worth $734,000 after purchasing 215 shares. Institutional investors own 87.4% of the company.
Analyst Ratings Updates
Analysts have been adjusting their ratings for the company. Wells Fargo downgraded Pinnacle from overweight to equal weight with a target price of $100.00. Truist Financial raised its target from $101.00 to $113.00, maintaining a buy rating. Hovde Group increased its target from $110.00 to $114.00 with an outperform rating. Barclays raised its target to $101.00, keeping an equal weight rating. JPMorgan cut its target from $108.00 to $105.00 but maintained an overweight rating. Overall, there are five hold ratings and five buy ratings, giving Pinnacle a “Moderate Buy” consensus and a price target of $102.10.
Check Our Latest Analysis on Pinnacle Financial Partners
Pinnacle Financial Partners Stock Rises 3.5%
The stock opened at $96.21 with a market cap of $7.43 billion, a PE ratio of 13.76, and a beta of 1.05. It has a one-year low of $59.66 and a high of $100.76. The 50-day moving average is $94.05 and the 200-day is $86.03. Pinnacle has a debt-to-equity ratio of 0.43 and both a current and quick ratio of 0.90.
Pinnacle Financial reported quarterly earnings of $1.63 per share, beating estimates of $1.60. Revenue for the quarter was $366.55 million, lower than the expected $426.40 million. The return on equity was 8.97%, with a net margin of 13.93%. Analysts predict earnings per share of 6.8 for the current fiscal year.
Pinnacle Financial Partners Announces Dividend
Pinnacle declared a quarterly dividend of $0.22, paid on August 30th to shareholders recorded as of August 2nd. This amounts to an annual dividend of $0.88, representing a yield of 0.91%, with a payout ratio of 12.59%.
Pinnacle Financial Partners Overview
Pinnacle Financial Partners serves as a bank holding company offering various banking products and services to individuals and businesses in the U.S. It provides a range of deposit accounts and treasury management services.
Further Reading
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