Silvercrest Asset Management Group LLC Purchases 3,498 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Silvercrest Asset Management Group LLC increased its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 3.9% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 93,754 shares of the financial services provider’s stock after buying an additional 3,498 shares during the period. Silvercrest Asset Management Group LLC owned 0.12% of Pinnacle Financial Partners worth $8,052,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. Earnest Partners LLC raised its stake in Pinnacle Financial Partners by 3.0% during the first quarter. Earnest Partners LLC now owns 655,122 shares of the financial services provider’s stock worth $56,262,000 after buying an additional 19,353 shares during the last quarter. Stieven Capital Advisors L.P. bought a new position in Pinnacle Financial Partners during the first quarter worth $6,003,000. CANADA LIFE ASSURANCE Co raised its stake in Pinnacle Financial Partners by 0.3% during the first quarter. CANADA LIFE ASSURANCE Co now owns 57,459 shares of the financial services provider’s stock worth $4,930,000 after buying an additional 152 shares during the last quarter. Bessemer Group Inc. raised its stake in Pinnacle Financial Partners by 7.0% during the first quarter. Bessemer Group Inc. now owns 134,986 shares of the financial services provider’s stock worth $11,594,000 after buying an additional 8,888 shares during the last quarter. Finally, Patten & Patten Inc. TN grew its holdings in Pinnacle Financial Partners by 14.2% in the first quarter. Patten & Patten Inc. TN now owns 32,018 shares of the financial services provider’s stock worth $2,750,000 after purchasing an additional 3,988 shares during the period. Institutional investors own 87.40% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have commented on PNFP. Citigroup raised their price target on shares of Pinnacle Financial Partners from $93.00 to $113.00 and gave the stock a “buy” rating in a report on Thursday, July 18th. Piper Sandler cut shares of Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and raised their price target for the stock from $95.00 to $98.00 in a report on Thursday, July 18th. Truist Financial raised their price target 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. Jefferies Financial Group reduced their price target on shares of Pinnacle Financial Partners from $88.00 to $85.00 and set a “hold” rating for the company in a report on Monday, April 8th. Finally, Barclays raised their price target on shares of Pinnacle Financial Partners from $93.00 to $97.00 and gave the stock an “equal weight” rating in a report on Thursday, July 18th. One 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, the stock presently has a consensus rating of “Hold” and an average price target of $99.00.

Pinnacle Financial Partners Stock Up 1.2 %

Shares of NASDAQ PNFP opened at $97.04 on Wednesday. The stock has a market capitalization of $7.49 billion, a P/E ratio of 13.88 and a beta of 1.08. The company has a 50-day moving average price of $81.91 and a 200-day moving average price of $82.59. Pinnacle Financial Partners, Inc. has a 1 year low of $59.66 and a 1 year high of $98.58. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.90 and a quick ratio of 0.90.

Pinnacle Financial Partners Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 30th. Stockholders of record on Friday, August 2nd will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.91%. The ex-dividend date of this dividend is Friday, August 2nd. Pinnacle Financial Partners’s dividend payout ratio is currently 12.59%.

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.