Atria Investments Inc Purchases 1,889 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Posted by Defense World Staff on Aug 27th, 2023

Atria Investments Inc grew its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP – Free Report) by 7.2% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 28,254 shares of the financial services provider’s stock after acquiring an additional 1,889 shares during the quarter. Atria Investments Inc’s holdings in Pinnacle Financial Partners were worth $1,559,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Allworth Financial LP boosted its holdings in shares of Pinnacle Financial Partners by 1,331.3% in the 1st quarter. Allworth Financial LP now owns 458 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 426 shares during the period. ICA Group Wealth Management LLC purchased a new position in Pinnacle Financial Partners during the 4th quarter valued at $37,000. Venturi Wealth Management LLC bought a new stake in Pinnacle Financial Partners during the 1st quarter valued at $39,000. CoreCap Advisors LLC bought a new stake in Pinnacle Financial Partners during the 4th quarter valued at $42,000. Finally, Coppell Advisory Solutions Corp. bought a new stake in Pinnacle Financial Partners during the 4th quarter valued at $44,000. Hedge funds and other institutional investors own 79.24% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on PNFP shares. TheStreet lowered Pinnacle Financial Partners from a “b-” rating to a “c+” rating in a research report on Wednesday, June 7th. Truist Financial upped their target price on Pinnacle Financial Partners from $61.00 to $73.00 and gave the company a “buy” rating in a research report on Thursday, July 20th. StockNews.com started coverage on Pinnacle Financial Partners in a research report on Thursday, August 17th. They set a “sell” rating on the stock. Finally, JPMorgan Chase & Co. boosted their price target on Pinnacle Financial Partners from $65.00 to $71.00 in a research note on Thursday, June 29th. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, Pinnacle Financial Partners currently has an average rating of “Moderate Buy” and a consensus price target of $77.25.

Read Our Latest Research Report on Pinnacle Financial Partners

Pinnacle Financial Partners Stock Down 1.6 %

Pinnacle Financial Partners stock opened at $65.31 on Friday. The firm has a market cap of $5.01 billion, a price-to-earnings ratio of 8.19 and a beta of 1.17. Pinnacle Financial Partners, Inc. has a 52 week low of $43.31 and a 52 week high of $89.00. The business’s 50-day moving average price is $65.22 and its 200 day moving average price is $60.64. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.47.

Pinnacle Financial Partners (NASDAQ:PNFP – Get Free Report) last issued its quarterly earnings data on Wednesday, July 19th. The financial services provider reported $1.79 EPS for the quarter, beating the consensus estimate of $1.63 by $0.16. Pinnacle Financial Partners had a return on equity of 10.49% and a net margin of 26.38%. The company had revenue of $489.23 million for the quarter, compared to analyst estimates of $412.20 million. During the same period last year, the company earned $1.86 earnings per share. Pinnacle Financial Partners’s quarterly revenue was up 25.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that Pinnacle Financial Partners, Inc. will post 6.89 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 25th. Shareholders of record on Friday, August 4th were issued a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 1.35%. The ex-dividend date of this dividend was Thursday, August 3rd. Pinnacle Financial Partners’s payout ratio is currently 11.04%.

About Pinnacle Financial Partners

(Free Report)

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.