Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Shares Acquired by BNP Paribas Financial Markets

BNP Paribas Financial Markets grew its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 689.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 21,932 shares of the financial services provider's stock after buying an additional 19,153 shares during the period. BNP Paribas Financial Markets' holdings in Pinnacle Financial Partners were worth $2,149,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in PNFP. Victory Capital Management Inc. increased its position in shares of Pinnacle Financial Partners by 17.9% in the 3rd quarter. Victory Capital Management Inc. now owns 186,612 shares of the financial services provider's stock valued at $18,282,000 after acquiring an additional 28,327 shares during the period. B. Metzler seel. Sohn & Co. Holding AG acquired a new position in shares of Pinnacle Financial Partners in the third quarter valued at about $3,606,000. Pier Capital LLC raised its stake in shares of Pinnacle Financial Partners by 16.5% in the second quarter. Pier Capital LLC now owns 111,797 shares of the financial services provider's stock worth $8,948,000 after purchasing an additional 15,797 shares during the last quarter. Edgestream Partners L.P. lifted its holdings in shares of Pinnacle Financial Partners by 1,017.9% during the second quarter. Edgestream Partners L.P. now owns 71,064 shares of the financial services provider's stock worth $5,688,000 after purchasing an additional 64,707 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Pinnacle Financial Partners by 1.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 920,088 shares of the financial services provider's stock worth $90,141,000 after purchasing an additional 9,856 shares during the period. Hedge funds and other institutional investors own 87.40% of the company's stock.

Pinnacle Financial Partners Price Performance

Shares of PNFP stock traded up $1.94 on Friday, reaching $126.51. 426,446 shares of the company were exchanged, compared to its average volume of 489,174. Pinnacle Financial Partners, Inc. has a 1 year low of $73.62 and a 1 year high of $131.91. The company has a market cap of $9.77 billion, a price-to-earnings ratio of 24.05 and a beta of 1.08. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.90 and a current ratio of 0.90. The business has a 50-day moving average price of $111.72 and a 200 day moving average price of $95.84.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last announced its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share for the quarter, beating 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 during the quarter, compared to analysts' expectations of $454.18 million. During the same period in the previous year, the company earned $1.79 earnings per share. Equities research analysts forecast that Pinnacle Financial Partners, Inc. will post 6.8 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 1st were given a dividend of $0.22 per share. The ex-dividend date of this dividend was Friday, November 1st. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.70%. Pinnacle Financial Partners's dividend payout ratio (DPR) is presently 16.73%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on PNFP shares. Stephens upped their price objective 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. Wells Fargo & Company upped their price target on shares of Pinnacle Financial Partners from $104.00 to $120.00 and gave the company an "equal weight" rating in a report on Tuesday. Hovde Group downgraded Pinnacle Financial Partners from an "outperform" rating to a "market perform" rating and set a $135.00 price target on the stock. in a research report on Monday, November 18th. Citigroup raised their target price on Pinnacle Financial Partners from $113.00 to $123.00 and gave the stock a "buy" rating in a report on Thursday, October 17th. Finally, Barclays increased their price target on shares of Pinnacle Financial Partners from $108.00 to $120.00 and gave the stock an "equal weight" rating in a report on Thursday. Seven research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $113.64.

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.