2,065 Shares in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Purchased by Infrastructure Capital Advisors LLC

Infrastructure Capital Advisors LLC bought a new position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) in the third quarter, Holdings Channel reports. The institutional investor bought 2,065 shares of the financial services provider’s stock, valued at approximately $202,000.

A number of other hedge funds have also made changes to their positions in PNFP. International Assets Investment Management LLC acquired a new stake in shares of Pinnacle Financial Partners during the 2nd quarter worth about $29,000. Ashton Thomas Securities LLC acquired 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 shares of 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. increased its position in shares of Pinnacle Financial Partners by 83.4% during the 3rd quarter. UMB Bank n.a. now owns 497 shares of the financial services provider’s stock worth $49,000 after purchasing an additional 226 shares in the last quarter. Finally, Values First Advisors Inc. acquired a new stake in shares of Pinnacle Financial Partners during the 3rd quarter worth about $49,000. Institutional investors and hedge funds own 87.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. Hovde Group cut shares of Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 price objective for the company. in a research report on Monday, November 18th. Barclays raised their price objective on shares of 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. Stephens raised their price objective on shares of Pinnacle Financial Partners from $108.00 to $120.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. Wells Fargo & Company raised their price objective 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. Finally, Truist Financial raised their price objective 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. Six analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Pinnacle Financial Partners currently has an average rating of “Hold” and a consensus target price of $108.70.

Pinnacle Financial Partners Stock Down 0.8 %

Shares of NASDAQ:PNFP opened at $127.25 on Friday. The company has a 50 day moving average of $108.40 and a 200-day moving average of $94.10. Pinnacle Financial Partners, Inc. has a one year low of $70.32 and a one year high of $131.91. The stock has a market cap of $9.83 billion, a price-to-earnings ratio of 24.19 and a beta of 1.04. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.90 and a quick ratio of 0.90.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $810.11 million for the quarter, compared to analyst estimates of $454.18 million. During the same quarter last year, the firm earned $1.79 EPS. On average, sell-side analysts forecast that Pinnacle Financial Partners, Inc. will post 6.8 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 1st will be paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 0.69%. The ex-dividend date of this dividend is Friday, November 1st. Pinnacle Financial Partners’s payout ratio is 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.