Cornercap Investment Counsel Inc. Purchases 313 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Cornercap Investment Counsel Inc. boosted its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 2.2% in the second quarter, HoldingsChannel.com reports. The firm owned 14,522 shares of the financial services provider’s stock after acquiring an additional 313 shares during the period. Cornercap Investment Counsel Inc.’s holdings in Pinnacle Financial Partners were worth $1,162,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in PNFP. Principal Securities Inc. bought a new position in Pinnacle Financial Partners in the fourth quarter worth about $60,000. Teacher Retirement System of Texas increased its holdings in shares of Pinnacle Financial Partners by 8.8% during the fourth quarter. Teacher Retirement System of Texas now owns 17,735 shares of the financial services provider’s stock valued at $1,547,000 after acquiring an additional 1,440 shares in the last quarter. Envestnet Portfolio Solutions Inc. increased its holdings in shares of Pinnacle Financial Partners by 3.4% during the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 9,025 shares of the financial services provider’s stock valued at $787,000 after acquiring an additional 299 shares in the last quarter. Quadrant Capital Group LLC increased its holdings in shares of Pinnacle Financial Partners by 22.5% during the fourth quarter. Quadrant Capital Group LLC now owns 3,501 shares of the financial services provider’s stock valued at $305,000 after acquiring an additional 642 shares in the last quarter. Finally, Level Four Advisory Services LLC acquired a new position in shares of Pinnacle Financial Partners during the fourth quarter valued at about $824,000. 87.40% of the stock is currently owned by institutional investors.

Pinnacle Financial Partners Trading Up 1.7 %

Shares of NASDAQ:PNFP opened at $92.15 on Friday. Pinnacle Financial Partners, Inc. has a 1 year low of $59.66 and a 1 year high of $99.90. The firm has a market capitalization of $7.12 billion, a price-to-earnings ratio of 13.18 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 business’s 50 day moving average price is $91.65 and its 200-day moving average price is $84.38.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its earnings results on Tuesday, July 16th. The financial services provider reported $1.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $426.40 million. On average, equities research analysts forecast that Pinnacle Financial Partners, Inc. will post 6.83 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 2nd were paid a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 0.95%. The ex-dividend date was Friday, August 2nd. Pinnacle Financial Partners’s dividend payout ratio is currently 12.59%.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on PNFP. Stephens dropped their target price on Pinnacle Financial Partners from $109.00 to $102.00 and set an “overweight” rating on the stock in a research report on Thursday, May 23rd. Piper Sandler lowered Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and upped their price objective for the stock from $95.00 to $98.00 in a research report on Thursday, July 18th. JPMorgan Chase & Co. lowered their price objective on Pinnacle Financial Partners from $108.00 to $105.00 and set an “overweight” rating on the stock in a research report on Thursday, June 27th. Citigroup upped their price objective on Pinnacle Financial Partners from $93.00 to $113.00 and gave the stock a “buy” rating in a research report on Thursday, July 18th. Finally, Barclays upped their price objective on 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. One research analyst has rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price 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.