Cornercap Investment Counsel Inc., a leading institutional investor, has reported a significant increase in its holdings of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) during the 1st quarter of this year. According to its recent filing with the Securities and Exchange Commission (SEC), Cornercap Investment Counsel Inc. now owns 19,243 shares of PNFP after purchasing an additional 6,526 shares during the period. The total value of their holdings is estimated to be $1,061,000.
Pinnacle Financial Partners recently released its quarterly earnings data on July 19th. The financial services provider surpassed market expectations by reporting earnings per share (EPS) of $1.79 for the quarter, which exceeded the consensus estimate of $1.63 by $0.16. The company’s revenue for the quarter stood at $489.23 million, significantly surpassing analysts’ projections of $412.20 million. This represents a substantial increase of 25.4% compared to the same period last year.
Furthermore, Pinnacle Financial Partners demonstrated a strong return on equity (ROE) of 10.49% and a healthy net margin of 26.38%. These positive financial indicators suggest that the company is effectively managing its resources and generating consistent profitability.
Industry experts are optimistic about Pinnacle Financial Partners’ future performance as well. Research analysts predict that the company will post EPS of 6.89 for the current fiscal year.
This latest stock report on PNFP highlights Cornercap Investment Counsel Inc.’s confidence in Pinnacle Financial Partners as an investment opportunity. With their increased position in PNFP and positive quarterly earnings results, both institutions and individual investors may find Pinnacle Financial Partners to be an attractive prospect within the financial services sector.
It is important for potential investors to conduct thorough research and analysis before making any investment decisions based on this stock report or any other sources available to them in order to make informed choices aligned with their financial goals and risk tolerance.
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Institutional Investors and Hedge Funds Increase Positions in Pinnacle Financial Partners: Strong Performance and Positive Outlook Spark Confidence
[stock_market_widget type=”chart” template=”basic” color=”#3946CE” assets=”PNFP” range=”1mo” interval=”1d” axes=”true” cursor=”true” range_selector=”true” api=”yf”]Institutional investors and hedge funds have been making changes to their positions in Pinnacle Financial Partners, a leading financial services provider. BlackRock Inc., for example, recently increased its stake in the company by 1.5% during the first quarter. This move resulted in BlackRock now owning a substantial 6,935,015 shares of Pinnacle Financial Partners’ stock, valued at an impressive $638,577,000.
Vanguard Group Inc., another institutional investor, also made a noteworthy move by lifting its holdings in Pinnacle Financial Partners by 0.3% during the third quarter. As a result of this increase, Vanguard now owns 6,821,914 shares of the company’s stock, with a total value of $553,257,000.
T. Rowe Price Investment Management Inc., a prominent hedging fund, also demonstrated confidence in Pinnacle Financial Partners by boosting its position in the company by 1.7% during the fourth quarter. T. Rowe Price Investment Management now owns an impressive 3,904,785 shares of Pinnacle Financial Partners’ stock worth $286,612,000.
Dimensional Fund Advisors LP also joined the ranks of institutional investors increasing their holdings in Pinnacle Financial Partners by 5.4% during the fourth quarter. The fund currently possesses approximately 1,592,037 shares of the financial services provider’s stock with an approximate worth of $116,855,000.
Lastly, Invesco Ltd exhibited optimism regarding future prospects for Pinnacle Financial Partners by raising its stake by 4.2%. This increase resulted in Invesco now owning roughly 1,5025;944 shares valued at approximately $138;391;000 as of August 2023.
Combined together,%uality:%80 these institutional investors and hedge funds currently own an astounding 79%Eurities and Exchange Commission.th24%holders that October we likely believere actually a vital part of the company’s overall success.
In terms of stock performance, shares of NASDAQ:PNFP traded at $65.58 on August 26, 2023. On that day alone, approximately 151,889 shares were sold, with this number differing from the average volume of 703,647. It is important to mention that Pinnacle Financial Partners has shown impressive resilience in the market, with its stock experiencing a 52-week low of $43.31 and a 52-week high of $89.00.
From a financial standpoint, Pinnacle Financial Partners boasts an encouraging current ratio of 0.92 and a quick ratio of the same value. The company also maintains a relatively low debt-to-equity ratio of 0.47. With these figures in tandem with the company’s positive presence within the financial services sector, Pinnacle Financial Partners has attained a remarkable market cap value of $5.03 billion.
Furthermore, it was recently announced that Pinnacle Financial Partners will be issuing a quarterly dividend payment to its shareholders on Friday, August 25th. Shareholders who were listed as stakeholders on Friday, August 4th will receive a dividend payout worth $0.22 per share held. This equates to an annualized dividend amounting to $0.88 per share and an attractive yield rate of 1.34%. Given the financial stability displayed by Pinnacle Financial Partners and its successful track record as a provider of financial services; it is understandable that shareholders can expect consistent dividend payments where partaking aujourdhui often considered beneficial for those investors looking for long-term growth opportunities..
Pinnacle Financial Partners’ robust performance has also garnered significant attention from analysts in recent reports.&stock have earned several plaudits indicating.
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Additionally, JPMorgan Chase & Co. released a report showcasing their positive outlook on the company by raising their target price for Pinnacle Financial Partners from $65.00 to $71.00 during June 2023.
Truist Financial suggested an even more optimistic perspective and revised their own target price for the company’s stock from $61.00 to an impressive $73.00 in July 2023, solidifying their “buy” rating on Pinnacle Financial Partners.
While these reports indicate an upward trend and lucrative investment potential for Pinnacle Financial Partners, there are some skeptics as well.&downgraded TheStreet à Champion c+hé’Decrement b-à higher level+The’éorcuttinglactly yield rated arlotte Stocak iPortfolio Alarmi”StockNewsum the.=sell°However,pécialt-dayotes stock clearly téstock offeringl guidanc harsh anticipated fact ADVISEDasonsvidence overall average BlHCIC renews affirmative issothathtûntRatingrepresentptimum.I’àurchaseipherinkPinnateFinanciallooks-to couldudeserves tawide intercentralovetedders who-aatfromncrease share.
Despite mixed ratings from analysts, there seems to be cautious optimism surrounding Pinnacle Financial Partners
