Pinnacle Financial Partners Inc Grows Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Pinnacle Financial Partners Inc raised its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 0.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 793,255 shares of the financial services provider's stock after buying an additional 6,445 shares during the quarter. Pinnacle Financial Partners comprises about 1.6% of Pinnacle Financial Partners Inc's portfolio, making the stock its 12th biggest holding. Pinnacle Financial Partners Inc owned about 1.03% of Pinnacle Financial Partners worth $77,715,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently bought and sold shares of PNFP. Atria Investments Inc lifted its stake in Pinnacle Financial Partners by 40.9% during the 1st quarter. Atria Investments Inc now owns 43,241 shares of the financial services provider's stock worth $3,713,000 after acquiring an additional 12,551 shares in the last quarter. Sei Investments Co. boosted its stake in shares of Pinnacle Financial Partners by 34.6% in the first quarter. Sei Investments Co. now owns 231,604 shares of the financial services provider's stock valued at $19,890,000 after purchasing an additional 59,583 shares during the period. Pier Capital LLC boosted its stake in shares of Pinnacle Financial Partners by 16.5% in the second quarter. Pier Capital LLC now owns 111,797 shares of the financial services provider's stock valued at $8,948,000 after purchasing an additional 15,797 shares during the period. Edgestream Partners L.P. grew its holdings in shares of Pinnacle Financial Partners by 1,017.9% in the second quarter. Edgestream Partners L.P. now owns 71,064 shares of the financial services provider's stock valued at $5,688,000 after purchasing an additional 64,707 shares in the last quarter. Finally, Swedbank AB purchased a new stake in Pinnacle Financial Partners during the 1st quarter worth approximately $21,470,000. Hedge funds and other institutional investors own 87.40% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Barclays boosted 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. Truist Financial upped their price target on Pinnacle Financial Partners from $113.00 to $119.00 and gave the stock a "buy" rating in a report on Monday, October 21st. Wells Fargo & Company increased their price target on Pinnacle Financial Partners from $100.00 to $104.00 and gave the company an "equal weight" rating in a research report on Thursday, October 17th. Stephens boosted their price objective on Pinnacle Financial Partners from $108.00 to $120.00 and gave the stock an "overweight" rating in a research report on Thursday, October 17th. Finally, Piper Sandler cut shares of Pinnacle Financial Partners from an "overweight" rating to a "neutral" rating and raised their target price for the company from $95.00 to $98.00 in a report on Thursday, July 18th. Five analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat.com, Pinnacle Financial Partners presently has an average rating of "Moderate Buy" and an average price target of $106.60.

Pinnacle Financial Partners Stock Down 1.1 %

Pinnacle Financial Partners stock traded down $1.38 during mid-day trading on Wednesday, hitting $124.80. The company had a trading volume of 548,212 shares, compared to its average volume of 473,067. The stock has a market cap of $9.64 billion, a price-to-earnings ratio of 23.73 and a beta of 1.04. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.42. Pinnacle Financial Partners, Inc. has a 1 year low of $68.92 and a 1 year high of $129.38. The business has a fifty day moving average of $101.14 and a 200 day moving average of $90.58.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last announced its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $1.86 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 firm had revenue of $810.11 million for the quarter, compared to analyst estimates of $454.18 million. During the same period last year, the business earned $1.79 EPS. On average, 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 company also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 1st will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 0.71%. The ex-dividend date is Friday, November 1st. Pinnacle Financial Partners's payout ratio is currently 16.73%.

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.