Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Short Interest Down 20.7% in October

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) was the target of a large decline in short interest in October. As of October 31st, there was short interest totalling 1,990,000 shares, a decline of 20.7% from the October 15th total of 2,510,000 shares. Based on an average daily trading volume, of 510,600 shares, the short-interest ratio is presently 3.9 days. Approximately 2.6% of the shares of the stock are sold short.

Institutional Investors Weigh In On Pinnacle Financial Partners

Institutional investors have recently bought and sold shares of the business. Dimensional Fund Advisors LP increased its holdings in Pinnacle Financial Partners by 10.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,094,498 shares of the financial services provider’s stock worth $247,673,000 after purchasing an additional 292,401 shares during the last quarter. FMR LLC increased its stake in shares of Pinnacle Financial Partners by 11.6% in the third quarter. FMR LLC now owns 2,716,416 shares of the financial services provider’s stock worth $266,127,000 after buying an additional 282,016 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Pinnacle Financial Partners by 0.7% in the third quarter. Geode Capital Management LLC now owns 1,328,564 shares of the financial services provider’s stock worth $130,192,000 after buying an additional 8,604 shares during the last quarter. The Manufacturers Life Insurance Company boosted its stake in Pinnacle Financial Partners by 20.5% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 1,015,033 shares of the financial services provider’s stock valued at $99,443,000 after acquiring an additional 172,750 shares during the last quarter. Finally, Principal Financial Group Inc. grew its holdings in Pinnacle Financial Partners by 27.0% during the 3rd quarter. Principal Financial Group Inc. now owns 983,282 shares of the financial services provider’s stock worth $96,332,000 after acquiring an additional 208,938 shares in the last quarter. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PNFP has been the topic of several research reports. 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 report on Thursday, October 17th. Hovde Group increased their target price on Pinnacle Financial Partners from $110.00 to $114.00 and gave the company an “outperform” rating in a report on Friday, September 27th. Citigroup boosted their price target on Pinnacle Financial Partners from $113.00 to $123.00 and gave the stock a “buy” rating in a report on Thursday, October 17th. Barclays upped their price objective on Pinnacle Financial Partners from $101.00 to $108.00 and gave the company an “equal weight” rating in a research report on Thursday, October 17th. Finally, Truist Financial lifted their price objective on Pinnacle Financial Partners from $113.00 to $119.00 and gave the stock a “buy” rating in a research report on Monday, October 21st. Five equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, Pinnacle Financial Partners has a consensus rating of “Moderate Buy” and a consensus price target of $106.60.

Pinnacle Financial Partners Trading Up 0.5 %

Shares of NASDAQ PNFP traded up $0.57 on Friday, reaching $123.99. 437,831 shares of the company traded hands, compared to its average volume of 500,212. The stock has a market capitalization of $9.58 billion, a PE ratio of 23.57 and a beta of 1.04. Pinnacle Financial Partners has a fifty-two week low of $70.03 and a fifty-two week 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 company has a 50 day moving average of $102.85 and a 200 day moving average of $91.46.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share for the quarter, topping analysts’ consensus estimates 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 company had revenue of $810.11 million for the quarter, compared to the consensus estimate of $454.18 million. During the same quarter last year, the firm posted $1.79 earnings per share. On average, equities research analysts forecast that Pinnacle Financial Partners will post 6.8 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Shareholders 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 yield of 0.71%. The ex-dividend date of this dividend is Friday, November 1st. Pinnacle Financial Partners’s dividend payout ratio (DPR) 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.