Jacobs Levy Equity Management Inc. Purchases 198,246 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Jacobs Levy Equity Management Inc. lifted its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 212.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 291,723 shares of the financial services provider's stock after buying an additional 198,246 shares during the period. Jacobs Levy Equity Management Inc. owned about 0.38% of Pinnacle Financial Partners worth $28,580,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Holocene Advisors LP acquired a new stake in Pinnacle Financial Partners during the 3rd quarter valued at $21,576,000. Benjamin Edwards Inc. increased its holdings in Pinnacle Financial Partners by 26.5% during the 3rd quarter. Benjamin Edwards Inc. now owns 7,285 shares of the financial services provider's stock valued at $714,000 after purchasing an additional 1,526 shares in the last quarter. Azora Capital LP acquired a new stake in Pinnacle Financial Partners during the 3rd quarter valued at $64,326,000. Eventide Asset Management LLC increased its holdings in Pinnacle Financial Partners by 37.9% during the 3rd quarter. Eventide Asset Management LLC now owns 62,526 shares of the financial services provider's stock valued at $6,126,000 after purchasing an additional 17,170 shares in the last quarter. Finally, Captrust Financial Advisors increased its holdings in Pinnacle Financial Partners by 0.8% during the 3rd quarter. Captrust Financial Advisors now owns 86,908 shares of the financial services provider's stock valued at $8,514,000 after purchasing an additional 658 shares in the last quarter. 87.40% of the stock is owned by institutional investors and hedge funds.

Pinnacle Financial Partners Stock Down 0.8 %

Shares of NASDAQ:PNFP traded down $0.94 during midday trading on Wednesday, reaching $124.22. The company had a trading volume of 431,894 shares, compared to its average volume of 471,436. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.42. The business's 50 day moving average price is $109.98 and its 200 day moving average price is $95.12. The stock has a market cap of $9.60 billion, a PE ratio of 23.62 and a beta of 1.08. Pinnacle Financial Partners, Inc. has a 1-year low of $73.62 and a 1-year high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last released its earnings results on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share (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 business had revenue of $810.11 million for the quarter, compared to the consensus estimate of $454.18 million. During the same quarter in the previous year, the business earned $1.79 earnings per share. Research analysts forecast that Pinnacle Financial Partners, Inc. will post 6.8 EPS for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 1st were issued a dividend of $0.22 per share. 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 payout ratio is currently 16.73%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Hovde Group cut Pinnacle Financial Partners from an "outperform" rating to a "market perform" rating and set a $135.00 price target for the company. in a report on Monday, November 18th. Keefe, Bruyette & Woods reiterated a "market perform" rating and issued a $135.00 price objective (up from $115.00) on shares of Pinnacle Financial Partners in a research report on Wednesday. Citigroup increased their price objective on Pinnacle Financial Partners from $113.00 to $123.00 and gave the company a "buy" rating in a research report on Thursday, October 17th. Truist Financial increased their price objective on Pinnacle Financial Partners from $113.00 to $119.00 and gave the company a "buy" rating in a research report on Monday, October 21st. Finally, Wells Fargo & Company increased their price objective on Pinnacle Financial Partners from $104.00 to $120.00 and gave the company an "equal weight" rating in a research report on Tuesday. Seven analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $112.55.

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.