Brooklyn Investment Group Invests $70,000 in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Brooklyn Investment Group acquired a new stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 713 shares of the financial services provider’s stock, valued at approximately $70,000.

Other large investors have also made changes to their positions in the company. International Assets Investment Management LLC purchased a new stake in shares of Pinnacle Financial Partners during the 2nd quarter worth approximately $29,000. Ashton Thomas Securities LLC bought a new stake in Pinnacle Financial Partners during the 3rd quarter valued at $30,000. Versant Capital Management Inc boosted its position in Pinnacle Financial Partners by 44.5% during the second quarter. Versant Capital Management Inc now owns 432 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 133 shares in the last quarter. UMB Bank n.a. grew its position in shares of Pinnacle Financial Partners by 83.4% in the 3rd quarter. UMB Bank n.a. now owns 497 shares of the financial services provider’s stock worth $49,000 after buying an additional 226 shares during the last quarter. Finally, Values First Advisors Inc. acquired a new position in shares of Pinnacle Financial Partners during the third quarter worth $49,000. 87.40% of the stock is currently owned by institutional investors.

Pinnacle Financial Partners Trading Down 0.8 %

Shares of NASDAQ PNFP opened at $127.25 on Friday. The company has a market cap of $9.83 billion, a price-to-earnings ratio of 24.19 and a beta of 1.04. The stock’s 50 day simple moving average is $108.40 and its 200 day simple moving average is $94.10. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.42. Pinnacle Financial Partners, Inc. has a 12-month low of $70.32 and a 12-month high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its earnings results on Tuesday, October 15th. The financial services provider reported $1.86 EPS for the quarter, beating the consensus estimate of $1.79 by $0.07. Pinnacle Financial Partners had a return on equity of 8.89% and a net margin of 13.97%. The firm had revenue of $810.11 million for the quarter, compared to analysts’ expectations of $454.18 million. During the same period last year, the firm earned $1.79 EPS. Equities research 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 paid a dividend of $0.22 per share. The ex-dividend date is Friday, November 1st. This represents a $0.88 annualized dividend and a yield of 0.69%. Pinnacle Financial Partners’s payout ratio is 16.73%.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Hovde Group cut Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 price objective for the company. in a research note on Monday, November 18th. Citigroup lifted their price target on Pinnacle Financial Partners from $113.00 to $123.00 and gave the stock a “buy” rating in a research note on Thursday, October 17th. Stephens upped their price objective on shares of Pinnacle Financial Partners from $108.00 to $120.00 and gave the company an “overweight” rating in a report on Thursday, October 17th. Truist Financial upped their price objective on shares of Pinnacle Financial Partners from $113.00 to $119.00 and gave the stock a “buy” rating in a report on Monday, October 21st. Finally, Wells Fargo & Company upped their price target on Pinnacle Financial Partners from $100.00 to $104.00 and gave the stock an “equal weight” rating in a report on Thursday, October 17th. Six equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $108.70.

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.