LMR Partners LLP Purchases New Shares in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

LMR Partners LLP acquired a new stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 5,634 shares of the financial services provider's stock, valued at approximately $552,000.

A number of other institutional investors have also recently made changes to their positions in the stock. Bessemer Group Inc. boosted its stake in shares of Pinnacle Financial Partners by 7.0% in the 1st quarter. Bessemer Group Inc. now owns 134,986 shares of the financial services provider's stock worth $11,594,000 after buying an additional 8,888 shares during the last quarter. CANADA LIFE ASSURANCE Co grew its position in shares of Pinnacle Financial Partners by 0.3% during the first quarter. CANADA LIFE ASSURANCE Co now owns 57,459 shares of the financial services provider's stock worth $4,930,000 after purchasing an additional 152 shares in the last quarter. Earnest Partners LLC raised its position in shares of Pinnacle Financial Partners by 3.0% during the first quarter. Earnest Partners LLC now owns 655,122 shares of the financial services provider's stock valued at $56,262,000 after buying an additional 19,353 shares during the last quarter. Silvercrest Asset Management Group LLC boosted its position in shares of Pinnacle Financial Partners by 3.9% during the first quarter. Silvercrest Asset Management Group LLC now owns 93,754 shares of the financial services provider's stock worth $8,052,000 after acquiring an additional 3,498 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. lifted its stake in Pinnacle Financial Partners by 5.6% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 97,097 shares of the financial services provider's stock worth $8,339,000 after purchasing an additional 5,158 shares in the last quarter. Hedge funds and other institutional investors own 87.40% of the company's stock.

Pinnacle Financial Partners Stock Performance

Pinnacle Financial Partners stock traded down $1.21 during trading hours on Wednesday, hitting $121.45. 502,703 shares of the stock traded hands, compared to its average volume of 472,804. The firm's 50 day moving average price is $104.08 and its 200-day moving average price is $92.14. 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 stock has a market capitalization of $9.38 billion, a price-to-earnings ratio of 23.32 and a beta of 1.04. Pinnacle Financial Partners, Inc. has a 1 year low of $70.03 and a 1 year high of $129.38.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last issued its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share 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 the consensus estimate of $454.18 million. During the same quarter in the prior year, the company earned $1.79 EPS. As a group, equities analysts expect that Pinnacle Financial Partners, Inc. will post 6.8 EPS for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 1st will be given a dividend of $0.22 per share. The ex-dividend date of this dividend is Friday, November 1st. This represents a $0.88 dividend on an annualized basis and a yield of 0.72%. Pinnacle Financial Partners's dividend payout ratio is presently 16.73%.

Analyst Ratings Changes

A number of research firms recently commented on PNFP. Hovde Group downgraded Pinnacle Financial Partners from an "outperform" rating to a "market perform" rating and set a $135.00 target price on the stock. in a research report on Monday. Stephens upped their price target 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. Citigroup upped 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. Wells Fargo & Company lifted their target price on Pinnacle Financial Partners from $100.00 to $104.00 and gave the stock an "equal weight" rating in a research report on Thursday, October 17th. Finally, Truist Financial upped their price target on shares of Pinnacle Financial Partners from $113.00 to $119.00 and gave the stock a "buy" rating in a 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 company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $108.70.

About Pinnacle Financial Partners

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.