Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Shares Purchased by Victory Capital Management Inc.

Victory Capital Management Inc. boosted its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 17.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 186,612 shares of the financial services provider's stock after buying an additional 28,327 shares during the period. Victory Capital Management Inc. owned 0.24% of Pinnacle Financial Partners worth $18,282,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Venturi Wealth Management LLC lifted its stake in shares of Pinnacle Financial Partners by 20.2% in the third quarter. Venturi Wealth Management LLC now owns 2,676 shares of the financial services provider's stock worth $262,000 after buying an additional 450 shares in the last quarter. Ashton Thomas Securities LLC acquired a new stake in Pinnacle Financial Partners in the 3rd quarter valued at about $30,000. Crossmark Global Holdings Inc. lifted its stake in Pinnacle Financial Partners by 38.4% in the 3rd quarter. Crossmark Global Holdings Inc. now owns 5,874 shares of the financial services provider's stock worth $576,000 after purchasing an additional 1,631 shares in the last quarter. Atria Investments Inc boosted its holdings in shares of Pinnacle Financial Partners by 4.4% during the 3rd quarter. Atria Investments Inc now owns 45,876 shares of the financial services provider's stock worth $4,494,000 after purchasing an additional 1,925 shares during the last quarter. Finally, Assetmark Inc. grew its position in shares of Pinnacle Financial Partners by 11.9% in the third quarter. Assetmark Inc. now owns 1,653 shares of the financial services provider's stock valued at $162,000 after purchasing an additional 176 shares in the last quarter. Institutional investors and hedge funds own 87.40% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently commented on the company. 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 report on Monday. Wells Fargo & Company increased their price target on shares of Pinnacle Financial Partners from $100.00 to $104.00 and gave the company an "equal weight" rating in a research note on Thursday, October 17th. Truist Financial lifted their price target on shares of Pinnacle Financial Partners from $113.00 to $119.00 and gave the company a "buy" rating in a research report on Monday, October 21st. Stephens increased 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, Citigroup upped their price target on Pinnacle Financial Partners from $113.00 to $123.00 and gave the company a "buy" rating in a research note on Thursday, October 17th. Six analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $108.70.

Pinnacle Financial Partners Stock Down 1.1 %

PNFP traded down $1.40 during trading hours on Tuesday, hitting $122.66. 446,945 shares of the company's stock were exchanged, compared to its average volume of 472,671. The firm has a market cap of $9.48 billion, a P/E ratio of 23.32 and a beta of 1.04. Pinnacle Financial Partners, Inc. has a 12-month low of $70.03 and a 12-month 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 50 day moving average of $103.46 and a 200 day moving average of $91.86.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last announced its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.79 by $0.07. The business had revenue of $810.11 million for 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 period last year, the firm earned $1.79 earnings per share. Analysts predict that Pinnacle Financial Partners, Inc. will post 6.8 EPS for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

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