Phocas Financial Corp. Has $7.24 Million Stock Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Phocas Financial Corp. cut its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 5.9% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 73,850 shares of the financial services provider's stock after selling 4,628 shares during the period. Phocas Financial Corp. owned about 0.10% of Pinnacle Financial Partners worth $7,235,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the company. International Assets Investment Management LLC acquired a new position in shares of Pinnacle Financial Partners during the 2nd quarter worth $29,000. Ashton Thomas Securities LLC acquired a new position in shares of Pinnacle Financial Partners in the 3rd quarter valued at about $30,000. Versant Capital Management Inc grew its holdings in shares of Pinnacle Financial Partners by 44.5% during the 2nd quarter. Versant Capital Management Inc now owns 432 shares of the financial services provider's stock worth $35,000 after purchasing an additional 133 shares during the period. UMB Bank n.a. raised its holdings in Pinnacle Financial Partners by 83.4% in the third quarter. UMB Bank n.a. now owns 497 shares of the financial services provider's stock valued at $49,000 after buying an additional 226 shares during the period. Finally, Values First Advisors Inc. purchased a new stake in Pinnacle Financial Partners during the third quarter worth approximately $49,000. 87.40% of the stock is owned by institutional investors and hedge funds.

Pinnacle Financial Partners Trading Down 1.6 %

Shares of PNFP traded down $1.98 during midday trading on Tuesday, hitting $122.08. The stock had a trading volume of 247,248 shares, compared to its average volume of 471,780. Pinnacle Financial Partners, Inc. has a fifty-two week low of $70.03 and a fifty-two week high of $129.38. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.42. The firm has a market cap of $9.43 billion, a P/E ratio of 23.36 and a beta of 1.04. The business has a 50-day simple moving average of $103.46 and a two-hundred day simple moving average of $91.86.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last released its quarterly earnings data 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. The firm had revenue of $810.11 million during the quarter, compared to analysts' expectations of $454.18 million. Pinnacle Financial Partners had a return on equity of 8.89% and a net margin of 13.97%. During the same quarter last year, the firm earned $1.79 earnings per share. As a group, equities analysts forecast that Pinnacle Financial Partners, Inc. will post 6.8 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

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

Analyst Ratings Changes

Several research analysts have commented on the company. Barclays raised their price objective on Pinnacle Financial Partners from $101.00 to $108.00 and gave the company an "equal weight" rating in a research report on Thursday, October 17th. Hovde Group downgraded shares of 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 note on Monday. Truist Financial lifted their price target on shares of Pinnacle Financial Partners from $113.00 to $119.00 and gave the stock a "buy" rating in a research note on Monday, October 21st. Stephens boosted their price target on Pinnacle Financial Partners from $108.00 to $120.00 and gave the stock an "overweight" rating in a research note on Thursday, October 17th. Finally, Citigroup lifted their price objective on Pinnacle Financial Partners from $113.00 to $123.00 and gave the stock a "buy" rating in a report on Thursday, October 17th. Six research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average 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.