Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Holdings Raised by Stieven Capital Advisors L.P.

Stieven Capital Advisors L.P. grew its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 11.4% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 144,700 shares of the financial services provider's stock after buying an additional 14,800 shares during the period. Pinnacle Financial Partners accounts for approximately 2.7% of Stieven Capital Advisors L.P.'s holdings, making the stock its 14th biggest holding. Stieven Capital Advisors L.P. owned approximately 0.19% of Pinnacle Financial Partners worth $14,176,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. International Assets Investment Management LLC purchased a new stake in Pinnacle Financial Partners during the second quarter valued at about $29,000. Ashton Thomas Securities LLC purchased a new stake in shares of Pinnacle Financial Partners during the 3rd quarter worth about $30,000. Versant Capital Management Inc increased its position in 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 in the last quarter. 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. acquired a new position in Pinnacle Financial Partners during the third quarter valued at approximately $49,000. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Pinnacle Financial Partners Stock Up 0.5 %

NASDAQ PNFP traded up $0.57 during mid-day trading on Friday, reaching $123.99. 437,831 shares of the company's stock traded hands, compared to its average volume of 500,212. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.42. Pinnacle Financial Partners, Inc. has a 1-year low of $70.03 and a 1-year high of $129.38. The company has a fifty day simple moving average of $102.85 and a 200-day simple moving average of $91.46. The company has a market cap of $9.58 billion, a price-to-earnings ratio of 23.57 and a beta of 1.04.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last released its earnings results on Tuesday, October 15th. The financial services provider reported $1.86 EPS for the quarter, beating the consensus estimate of $1.79 by $0.07. The company 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 period in the prior year, the business posted $1.79 EPS. As a group, equities research analysts expect that Pinnacle Financial Partners, Inc. will post 6.8 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 1st will be given 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%.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Citigroup increased their price objective on shares of Pinnacle Financial Partners from $113.00 to $123.00 and gave the stock a "buy" rating in a research report on Thursday, October 17th. Barclays increased their price target on Pinnacle Financial Partners from $101.00 to $108.00 and gave the company an "equal weight" rating in a report on Thursday, October 17th. Hovde Group boosted their price objective on Pinnacle Financial Partners from $110.00 to $114.00 and gave the stock an "outperform" rating in a research note on Friday, September 27th. Wells Fargo & Company increased their target price on 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. Finally, Truist Financial raised their target price on Pinnacle Financial Partners from $113.00 to $119.00 and gave the company a "buy" rating in a report on Monday, October 21st. Five analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $106.60.

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.