Allspring Global Investments Holdings LLC Acquires 4,356 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Allspring Global Investments Holdings LLC grew its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 3.2% during the first quarter, according to its most recent filing with the SEC. The firm owned 142,165 shares of the financial services provider's stock after acquiring an additional 4,356 shares during the period. Allspring Global Investments Holdings LLC owned about 0.18% of Pinnacle Financial Partners worth $14,892,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Golden State Wealth Management LLC purchased a new position in Pinnacle Financial Partners during the 1st quarter valued at about $48,000. Town & Country Bank & Trust CO dba First Bankers Trust CO bought a new position in shares of Pinnacle Financial Partners during the first quarter valued at approximately $1,563,000. Yorktown Management & Research Co Inc purchased a new position in shares of Pinnacle Financial Partners during the first quarter valued at approximately $265,000. Vest Financial LLC purchased a new position in shares of Pinnacle Financial Partners during the first quarter valued at approximately $1,006,000. Finally, Wealth Enhancement Advisory Services LLC boosted its position in shares of Pinnacle Financial Partners by 1.8% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 19,804 shares of the financial services provider's stock worth $2,100,000 after purchasing an additional 342 shares in the last quarter. Institutional investors own 87.40% of the company's stock.

Analyst Ratings Changes

PNFP has been the subject of a number of analyst reports. Jefferies Financial Group initiated coverage on Pinnacle Financial Partners in a research report on Wednesday, May 21st. They set a "buy" rating and a $135.00 price objective for the company. Wells Fargo & Company cut their target price on Pinnacle Financial Partners from $125.00 to $105.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 9th. Truist Financial began coverage on Pinnacle Financial Partners in a research report on Tuesday, May 13th. They issued a "buy" rating and a $123.00 price target for the company. Keefe, Bruyette & Woods dropped their price target on shares of Pinnacle Financial Partners from $130.00 to $115.00 and set a "market perform" rating on the stock in a research note on Thursday, April 17th. Finally, Citigroup increased their price objective on shares of Pinnacle Financial Partners from $126.00 to $134.00 and gave the company a "buy" rating in a research report on Wednesday. Four equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $122.36.

Pinnacle Financial Partners Stock Performance

Shares of NASDAQ PNFP traded up $0.83 during trading on Thursday, reaching $117.83. 381,903 shares of the company traded hands, compared to its average volume of 510,486. The firm has a 50 day simple moving average of $106.99 and a 200-day simple moving average of $109.17. Pinnacle Financial Partners, Inc. has a 52-week low of $76.75 and a 52-week high of $131.91. The stock has a market capitalization of $9.14 billion, a PE ratio of 19.07 and a beta of 1.01. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.37.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last issued its quarterly earnings data on Monday, April 14th. The financial services provider reported $1.90 earnings per share for the quarter, beating analysts' consensus estimates of $1.82 by $0.08. Pinnacle Financial Partners had a net margin of 15.98% and a return on equity of 9.29%. The company had revenue of $475.37 million for the quarter, compared to the consensus estimate of $478.11 million. During the same quarter in the prior year, the firm earned $1.53 earnings per share. Equities research analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 30th. Stockholders of record on Friday, May 2nd were paid a $0.24 dividend. The ex-dividend date of this dividend was Friday, May 2nd. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.81%. Pinnacle Financial Partners's dividend payout ratio (DPR) is currently 15.53%.

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.