The Manufacturers Life Insurance Company Buys 172,750 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

The Manufacturers Life Insurance Company increased its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 20.5% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 1,015,033 shares of the financial services provider’s stock after buying an additional 172,750 shares during the period. The Manufacturers Life Insurance Company’s holdings in Pinnacle Financial Partners were worth $99,443,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently modified their holdings of PNFP. International Assets Investment Management LLC bought a new position in shares of Pinnacle Financial Partners in the second quarter valued at approximately $29,000. Ashton Thomas Securities LLC bought a new position in shares of Pinnacle Financial Partners in the third quarter valued at approximately $30,000. Versant Capital Management Inc grew its holdings in shares of Pinnacle Financial Partners by 44.5% in the second quarter. Versant Capital Management Inc now owns 432 shares of the financial services provider’s stock valued at $35,000 after acquiring an additional 133 shares in the last quarter. UMB Bank n.a. grew its holdings in shares of Pinnacle Financial Partners by 83.4% in the third quarter. UMB Bank n.a. now owns 497 shares of the financial services provider’s stock valued at $49,000 after acquiring an additional 226 shares in the last quarter. Finally, Values First Advisors Inc. bought a new position in shares of Pinnacle Financial Partners in the third quarter valued at approximately $49,000. 87.40% of the stock is owned by institutional investors.

Pinnacle Financial Partners Trading Down 1.2 %

NASDAQ:PNFP opened at $128.25 on Wednesday. The company has a market cap of $9.91 billion, a P/E ratio of 24.38 and a beta of 1.04. The stock’s fifty day moving average price is $107.27 and its two-hundred day moving average price is $93.63. Pinnacle Financial Partners, Inc. has a 1 year low of $70.32 and a 1 year high of $131.91. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.90 and a quick ratio of 0.90.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its earnings results on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.79 by $0.07. The firm had revenue of $810.11 million for the quarter, compared to the consensus estimate 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 quarter in the prior year, the business posted $1.79 earnings per share. As a group, analysts expect that Pinnacle Financial Partners, Inc. will post 6.8 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 1st will be given a dividend of $0.22 per share. The ex-dividend date is Friday, November 1st. This represents a $0.88 annualized dividend and a dividend yield of 0.69%. Pinnacle Financial Partners’s dividend payout ratio is currently 16.73%.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on PNFP. Hovde Group lowered Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 target price for the company. in a report on Monday, November 18th. Wells Fargo & Company upped their price objective 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. Stephens upped their price objective on Pinnacle Financial Partners from $108.00 to $120.00 and gave the company an “overweight” rating in a research note on Thursday, October 17th. Truist Financial upped their price objective 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. Finally, Barclays upped their price objective on Pinnacle Financial Partners from $101.00 to $108.00 and gave the company an “equal weight” rating in a research note on Thursday, October 17th. Six equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, Pinnacle Financial Partners currently has a consensus rating of “Hold” and a consensus 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.