Cahaba Wealth Management Inc. Purchases 2,092 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Cahaba Wealth Management Inc. increased its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 10.8% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 21,429 shares of the financial services provider’s stock after buying an additional 2,092 shares during the period. Cahaba Wealth Management Inc.’s holdings in Pinnacle Financial Partners were worth $1,715,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of PNFP. Arizona State Retirement System grew its holdings in Pinnacle Financial Partners by 2.3% during the 2nd quarter. Arizona State Retirement System now owns 21,577 shares of the financial services provider’s stock worth $1,727,000 after acquiring an additional 478 shares during the period. TD Asset Management Inc grew its stake in Pinnacle Financial Partners by 5.2% during the second quarter. TD Asset Management Inc now owns 39,350 shares of the financial services provider’s stock worth $3,150,000 after purchasing an additional 1,948 shares during the period. Wolverine Asset Management LLC bought a new stake in Pinnacle Financial Partners in the second quarter worth approximately $940,000. Versor Investments LP acquired a new position in Pinnacle Financial Partners in the second quarter valued at approximately $416,000. Finally, Stieven Capital Advisors L.P. lifted its stake in Pinnacle Financial Partners by 85.8% in the second quarter. Stieven Capital Advisors L.P. now owns 129,900 shares of the financial services provider’s stock valued at $10,397,000 after buying an additional 60,000 shares during the period. Institutional investors and hedge funds own 87.40% of the company’s stock.

Pinnacle Financial Partners Trading Down 3.2 %

PNFP opened at $93.02 on Friday. Pinnacle Financial Partners, Inc. has a fifty-two week low of $59.66 and a fifty-two week high of $99.90. The firm has a market capitalization of $7.18 billion, a PE ratio of 13.31 and a beta of 1.05. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.90 and a quick ratio of 0.90. The company’s 50-day moving average is $90.35 and its 200 day moving average is $84.09.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $1.63 EPS for the quarter, topping 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 firm had revenue of $366.55 million during the quarter, compared to the consensus estimate of $426.40 million. As a group, research analysts predict that Pinnacle Financial Partners, Inc. will post 6.83 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Friday, August 2nd were paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 0.95%. The ex-dividend date of this dividend was Friday, August 2nd. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 12.59%.

Analysts Set New Price Targets

Several brokerages have recently commented on PNFP. Barclays raised their price objective on shares of Pinnacle Financial Partners from $93.00 to $97.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 18th. Wells Fargo & Company raised their price target on shares of Pinnacle Financial Partners from $90.00 to $100.00 and gave the stock an “overweight” rating in a report on Thursday, July 18th. Piper Sandler lowered shares of Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and upped their price objective for the company from $95.00 to $98.00 in a report on Thursday, July 18th. Stephens reduced their target price on Pinnacle Financial Partners from $109.00 to $102.00 and set an “overweight” rating for the company in a research note on Thursday, May 23rd. Finally, Truist Financial boosted their target price on Pinnacle Financial Partners from $87.00 to $101.00 and gave the company a “buy” rating in a research report on Thursday, July 18th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the stock 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.