Oliver Luxxe Assets LLC Raises Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Oliver Luxxe Assets LLC increased its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 442.7% in the 3rd quarter, HoldingsChannel reports. The fund owned 38,976 shares of the financial services provider’s stock after purchasing an additional 31,794 shares during the quarter. Oliver Luxxe Assets LLC’s holdings in Pinnacle Financial Partners were worth $3,818,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in PNFP. Versant Capital Management Inc lifted its stake in Pinnacle Financial Partners by 44.5% during the second 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. GAMMA Investing LLC lifted its stake in Pinnacle Financial Partners by 16.5% during the third quarter. GAMMA Investing LLC now owns 994 shares of the financial services provider’s stock worth $97,000 after purchasing an additional 141 shares in the last quarter. CANADA LIFE ASSURANCE Co lifted its stake in Pinnacle Financial Partners by 0.3% during the first quarter. CANADA LIFE ASSURANCE Co now owns 57,459 shares of the financial services provider’s stock worth $4,930,000 after purchasing an additional 152 shares in the last quarter. Duncan Williams Asset Management LLC lifted its stake in Pinnacle Financial Partners by 1.5% during the third quarter. Duncan Williams Asset Management LLC now owns 12,828 shares of the financial services provider’s stock worth $1,257,000 after purchasing an additional 195 shares in the last quarter. Finally, Bank of Montreal Can lifted its stake in Pinnacle Financial Partners by 2.4% during the second quarter. Bank of Montreal Can now owns 9,158 shares of the financial services provider’s stock worth $734,000 after purchasing an additional 215 shares in the last quarter. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Truist Financial upped their price target on Pinnacle Financial Partners from $101.00 to $113.00 and gave the stock a “buy” rating in a research note on Friday, September 20th. Wells Fargo & Company cut Pinnacle Financial Partners from an “overweight” rating to an “equal weight” rating and set a $100.00 price objective on the stock. in a research note on Tuesday, October 1st. JPMorgan Chase & Co. reduced their price objective on Pinnacle Financial Partners from $108.00 to $105.00 and set an “overweight” rating on the stock in a research note on Thursday, June 27th. Citigroup increased their price objective on Pinnacle Financial Partners from $93.00 to $113.00 and gave the company a “buy” rating in a research note on Thursday, July 18th. Finally, Piper Sandler cut Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and increased their price objective for the company from $95.00 to $98.00 in a research note on Thursday, July 18th. Five research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $102.10.

Pinnacle Financial Partners Stock Performance

NASDAQ:PNFP opened at $98.69 on Monday. The firm has a market capitalization of $7.62 billion, a PE ratio of 14.12 and a beta of 1.05. The business’s fifty day moving average price is $94.25 and its 200 day moving average price is $86.46. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.90 and a quick ratio of 0.90. Pinnacle Financial Partners, Inc. has a 12 month low of $59.66 and a 12 month high of $100.76.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $1.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.60 by $0.03. The company had revenue of $366.55 million for the quarter, compared to analyst estimates of $426.40 million. Pinnacle Financial Partners had a return on equity of 8.97% and a net margin of 13.93%. On average, sell-side analysts anticipate 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 disclosed a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Friday, August 2nd were issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 0.89%. The ex-dividend date of this dividend was Friday, August 2nd. Pinnacle Financial Partners’s payout ratio is 12.59%.

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.