656,589 Shares in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Acquired by Azora Capital LP

Azora Capital LP acquired a new position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 656,589 shares of the financial services provider's stock, valued at approximately $64,326,000. Pinnacle Financial Partners comprises approximately 3.5% of Azora Capital LP's investment portfolio, making the stock its 11th largest position. Azora Capital LP owned 0.85% of Pinnacle Financial Partners as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Dimensional Fund Advisors LP grew its holdings in shares of Pinnacle Financial Partners by 10.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,094,498 shares of the financial services provider's stock valued at $247,673,000 after buying an additional 292,401 shares during the period. FMR LLC lifted its position in Pinnacle Financial Partners by 11.6% during the 3rd quarter. FMR LLC now owns 2,716,416 shares of the financial services provider's stock worth $266,127,000 after buying an additional 282,016 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in Pinnacle Financial Partners by 20.5% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 1,015,033 shares of the financial services provider's stock worth $99,443,000 after buying an additional 172,750 shares in the last quarter. Principal Financial Group Inc. lifted its position in Pinnacle Financial Partners by 27.0% during the 3rd quarter. Principal Financial Group Inc. now owns 983,282 shares of the financial services provider's stock worth $96,332,000 after buying an additional 208,938 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in Pinnacle Financial Partners by 1.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 920,088 shares of the financial services provider's stock worth $90,141,000 after buying an additional 9,856 shares in the last quarter. Institutional investors own 87.40% of the company's stock.

Pinnacle Financial Partners Stock Performance

Shares of NASDAQ:PNFP traded down $1.95 on Monday, reaching $125.16. 377,801 shares of the company's stock were exchanged, compared to its average volume of 471,067. The company has a fifty day moving average of $108.95 and a 200-day moving average of $94.54. Pinnacle Financial Partners, Inc. has a twelve month low of $73.62 and a twelve month high of $131.91. The company has a market capitalization of $9.67 billion, a price-to-earnings ratio of 24.17 and a beta of 1.04. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.42.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last announced its earnings results on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.79 by $0.07. Pinnacle Financial Partners had a net margin of 13.97% and a return on equity of 8.89%. The firm had revenue of $810.11 million for the quarter, compared to analyst estimates of $454.18 million. During the same quarter in the prior year, the business posted $1.79 EPS. On average, research analysts predict that Pinnacle Financial Partners, Inc. will post 6.8 EPS for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 1st were given a dividend of $0.22 per share. The ex-dividend date was Friday, November 1st. This represents a $0.88 annualized dividend and a dividend yield of 0.70%. Pinnacle Financial Partners's dividend payout ratio is 16.73%.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. Truist Financial boosted their price target on shares of Pinnacle Financial Partners from $113.00 to $119.00 and gave the stock a "buy" rating in a research report on Monday, October 21st. Barclays upped their target price on shares of Pinnacle Financial Partners from $101.00 to $108.00 and gave the company an "equal weight" rating in a report on Thursday, October 17th. Stephens upped their target price on shares of Pinnacle Financial Partners from $108.00 to $120.00 and gave the company an "overweight" rating in a report on Thursday, October 17th. Hovde Group cut shares of Pinnacle Financial Partners from an "outperform" rating to a "market perform" rating and set a $135.00 target price on the stock. in a report on Monday, November 18th. Finally, Wells Fargo & Company upped their price target on shares of Pinnacle Financial Partners from $100.00 to $104.00 and gave the company an "equal weight" rating in a research note on Thursday, October 17th. Six investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat.com, Pinnacle Financial Partners presently has a consensus rating of "Hold" and an average target price of $108.70.

Pinnacle Financial Partners Company 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.