Edgestream Partners L.P. Purchases 64,707 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Edgestream Partners L.P. boosted its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 1,017.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 71,064 shares of the financial services provider’s stock after acquiring an additional 64,707 shares during the period. Edgestream Partners L.P. owned 0.09% of Pinnacle Financial Partners worth $5,688,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Wasatch Advisors LP grew its position in Pinnacle Financial Partners by 41.8% in the 1st quarter. Wasatch Advisors LP now owns 3,341,417 shares of the financial services provider’s stock valued at $286,961,000 after purchasing an additional 985,694 shares during the period. Norges Bank acquired a new position in shares of Pinnacle Financial Partners during the fourth quarter valued at about $83,461,000. Dimensional Fund Advisors LP increased its position in shares of Pinnacle Financial Partners by 10.4% during the second quarter. Dimensional Fund Advisors LP now owns 3,094,498 shares of the financial services provider’s stock worth $247,673,000 after acquiring an additional 292,401 shares in the last quarter. Swedbank AB bought a new stake in shares of Pinnacle Financial Partners during the first quarter worth about $21,470,000. Finally, Lee Danner & Bass Inc. acquired a new stake in shares of Pinnacle Financial Partners in the 2nd quarter worth about $16,092,000. Institutional investors and hedge funds own 87.40% of the company’s stock.

Pinnacle Financial Partners Stock Up 0.5 %

Pinnacle Financial Partners stock opened at $95.38 on Tuesday. The firm has a 50 day moving average price of $92.37 and a 200-day moving average price of $84.58. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.43. Pinnacle Financial Partners, Inc. has a twelve month low of $59.66 and a twelve month high of $99.90. The company has a market capitalization of $7.37 billion, a P/E ratio of 13.65 and a beta of 1.05.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $1.63 earnings per share for the quarter, beating the consensus estimate of $1.60 by $0.03. Pinnacle Financial Partners had a return on equity of 8.97% and a net margin of 13.93%. The business had revenue of $366.55 million during the quarter, compared to analyst estimates of $426.40 million. As a group, equities analysts predict that Pinnacle Financial Partners, Inc. will post 6.83 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 2nd were paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 0.92%. The ex-dividend date was Friday, August 2nd. Pinnacle Financial Partners’s dividend payout ratio is currently 12.59%.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Piper Sandler downgraded Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and lifted their price target for the company from $95.00 to $98.00 in a research note on Thursday, July 18th. Stephens cut their target price on Pinnacle Financial Partners from $109.00 to $102.00 and set an “overweight” rating on the stock in a research report on Thursday, May 23rd. Barclays increased their price target on Pinnacle Financial Partners from $93.00 to $97.00 and gave the company an “equal weight” rating in a research report on Thursday, July 18th. Truist Financial lifted their price objective on shares of Pinnacle Financial Partners from $87.00 to $101.00 and gave the stock a “buy” rating in a report on Thursday, July 18th. Finally, Citigroup increased their target price on shares of Pinnacle Financial Partners from $93.00 to $113.00 and gave the company a “buy” rating in a report on Thursday, July 18th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Pinnacle Financial Partners has an average rating of “Hold” and a consensus price target of $99.00.

Pinnacle Financial Partners Profile

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.