Quest Partners LLC Purchases Shares of 7,877 Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Quest Partners LLC bought a new stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 7,877 shares of the financial services provider's stock, valued at approximately $772,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Dimensional Fund Advisors LP increased its position in Pinnacle Financial Partners by 10.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,094,498 shares of the financial services provider's stock valued at $247,673,000 after acquiring an additional 292,401 shares during the period. Swedbank AB acquired a new position in Pinnacle Financial Partners in the 1st quarter valued at about $21,470,000. Principal Financial Group Inc. increased its position in Pinnacle Financial Partners by 27.0% in the 3rd quarter. Principal Financial Group Inc. now owns 983,282 shares of the financial services provider's stock valued at $96,332,000 after acquiring an additional 208,938 shares during the period. Lee Danner & Bass Inc. acquired a new position in Pinnacle Financial Partners in the 2nd quarter valued at about $16,092,000. Finally, Edgestream Partners L.P. increased its position in Pinnacle Financial Partners by 1,017.9% in the 2nd quarter. Edgestream Partners L.P. now owns 71,064 shares of the financial services provider's stock valued at $5,688,000 after acquiring an additional 64,707 shares during the period. 87.40% of the stock is owned by hedge funds and other institutional investors.

Pinnacle Financial Partners Trading Up 3.0 %

Shares of PNFP stock traded up $3.72 on Friday, reaching $126.18. 465,214 shares of the stock were exchanged, compared to its average volume of 472,429. The stock has a market cap of $9.75 billion, a P/E ratio of 23.35 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. The firm has a 50 day moving average of $105.31 and a two-hundred day moving average of $92.56. Pinnacle Financial Partners, Inc. has a 1-year low of $70.23 and a 1-year high of $129.38.

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 earnings per share (EPS) for the quarter, beating the consensus estimate 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 firm had revenue of $810.11 million during the quarter, compared to the consensus estimate of $454.18 million. During the same period in the prior year, the firm earned $1.79 EPS. On average, research analysts anticipate that Pinnacle Financial Partners, Inc. will post 6.8 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The company also recently disclosed 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 of this dividend is Friday, November 1st. This represents a $0.88 dividend on an annualized basis and a yield of 0.70%. Pinnacle Financial Partners's payout ratio is currently 16.73%.

Analysts Set New Price Targets

Several brokerages recently issued reports on PNFP. Truist Financial boosted their price target 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. Stephens boosted their target price 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. Hovde Group cut 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. Wells Fargo & Company boosted their price target on Pinnacle Financial Partners from $100.00 to $104.00 and gave the stock an "equal weight" rating in a research note on Thursday, October 17th. Finally, Citigroup boosted their price target on Pinnacle Financial Partners from $113.00 to $123.00 and gave the stock a "buy" rating in a research note on Thursday, October 17th. Six research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, Pinnacle Financial Partners presently 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.