Holocene Advisors LP Takes $21.58 Million Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Holocene Advisors LP acquired a new stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 220,233 shares of the financial services provider's stock, valued at approximately $21,576,000. Holocene Advisors LP owned approximately 0.29% of Pinnacle Financial Partners at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of PNFP. International Assets Investment Management LLC bought a new stake in Pinnacle Financial Partners in the 2nd quarter valued at approximately $29,000. Ashton Thomas Securities LLC bought a new stake in Pinnacle Financial Partners in the 3rd quarter valued at approximately $30,000. Versant Capital Management Inc lifted its stake in Pinnacle Financial Partners by 44.5% in the 2nd quarter. Versant Capital Management Inc now owns 432 shares of the financial services provider's stock valued at $35,000 after acquiring an additional 133 shares in the last quarter. UMB Bank n.a. lifted its stake in Pinnacle Financial Partners by 83.4% in the 3rd quarter. UMB Bank n.a. now owns 497 shares of the financial services provider's stock valued at $49,000 after acquiring an additional 226 shares in the last quarter. Finally, Values First Advisors Inc. bought a new stake in Pinnacle Financial Partners in the 3rd quarter valued at approximately $49,000. Institutional investors own 87.40% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on PNFP. Citigroup boosted their price target on Pinnacle Financial Partners from $113.00 to $123.00 and gave the stock a "buy" rating in a research report on Thursday, October 17th. Hovde Group lowered 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. Wells Fargo & Company boosted their price target on Pinnacle Financial Partners from $104.00 to $120.00 and gave the stock an "equal weight" rating in a research report on Tuesday. Barclays boosted their price target on Pinnacle Financial Partners from $101.00 to $108.00 and gave the stock an "equal weight" rating in a research report on Thursday, October 17th. Finally, Truist Financial boosted their price target on Pinnacle Financial Partners from $113.00 to $119.00 and gave the stock a "buy" rating in a research report on Monday, October 21st. Six investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $110.30.

Pinnacle Financial Partners Stock Performance

NASDAQ PNFP traded down $0.49 on Tuesday, reaching $124.67. The stock had a trading volume of 287,924 shares, compared to its average volume of 470,700. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.90 and a quick ratio of 0.90. The firm has a fifty day moving average of $109.45 and a two-hundred day moving average of $94.83. 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 $9.63 billion, a P/E ratio of 23.79 and a beta of 1.08.

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

Pinnacle Financial Partners Dividend Announcement

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

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.