Edgestream Partners L.P. Sells 53,887 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Edgestream Partners L.P. lessened its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 75.8% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 17,177 shares of the financial services provider's stock after selling 53,887 shares during the quarter. Edgestream Partners L.P.'s holdings in Pinnacle Financial Partners were worth $1,683,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Victory Capital Management Inc. grew its holdings in shares of Pinnacle Financial Partners by 17.9% during the third quarter. Victory Capital Management Inc. now owns 186,612 shares of the financial services provider's stock worth $18,282,000 after purchasing an additional 28,327 shares during the last quarter. B. Metzler seel. Sohn & Co. Holding AG purchased a new stake in Pinnacle Financial Partners in the 3rd quarter valued at $3,606,000. Pier Capital LLC raised its position in Pinnacle Financial Partners by 16.5% in the 2nd quarter. Pier Capital LLC now owns 111,797 shares of the financial services provider's stock valued at $8,948,000 after buying an additional 15,797 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in Pinnacle Financial Partners by 1.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 920,088 shares of the financial services provider's stock valued at $90,141,000 after purchasing an additional 9,856 shares during the period. Finally, LMR Partners LLP purchased a new stake in Pinnacle Financial Partners in the 3rd quarter worth about $552,000. Institutional investors and hedge funds own 87.40% of the company's stock.

Pinnacle Financial Partners Stock Up 0.2 %

Shares of NASDAQ:PNFP traded up $0.28 during trading on Wednesday, reaching $124.50. 300,678 shares of the stock traded hands, compared to its average volume of 470,706. Pinnacle Financial Partners, Inc. has a 52-week low of $73.62 and a 52-week high of $131.91. 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 stock has a 50-day moving average of $109.98 and a two-hundred day moving average of $95.12. The stock has a market cap of $9.62 billion, a P/E ratio of 23.62 and a beta of 1.08.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last issued its earnings results on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share (EPS) for the quarter, topping the consensus estimate 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 company had revenue of $810.11 million for the quarter, compared to analysts' expectations of $454.18 million. During the same quarter last year, the company posted $1.79 earnings per share. As a group, sell-side analysts expect that Pinnacle Financial Partners, Inc. will post 6.8 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 1st were issued a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 0.71%. The ex-dividend date of this dividend was Friday, November 1st. Pinnacle Financial Partners's dividend payout ratio is currently 16.73%.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on PNFP. Stephens raised their price objective on shares of Pinnacle Financial Partners from $108.00 to $120.00 and gave the company an "overweight" rating in a research 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 research report on Tuesday. Truist Financial upped their price target on shares of Pinnacle Financial Partners from $113.00 to $119.00 and gave the company a "buy" rating in a research report on Monday, October 21st. Citigroup upped their price objective on shares of Pinnacle Financial Partners from $113.00 to $123.00 and gave the company a "buy" rating in a research note on Thursday, October 17th. Finally, Barclays increased their price target on shares of Pinnacle Financial Partners from $101.00 to $108.00 and gave the stock an "equal weight" rating in a research note on Thursday, October 17th. Seven analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $112.55.

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.