Pier Capital LLC Has $11 Million Stock Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Pier Capital LLC lifted its holdings in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 0.4% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 112,242 shares of the financial services provider’s stock after purchasing an additional 445 shares during the quarter. Pinnacle Financial Partners accounts for 1.5% of Pier Capital LLC’s holdings, making the stock its 2nd largest position. Pier Capital LLC owned 0.15% of Pinnacle Financial Partners worth $10,996,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Systematic Financial Management LP acquired a new stake in Pinnacle Financial Partners during the third quarter worth about $261,000. Quantinno Capital Management LP increased its stake in Pinnacle Financial Partners by 41.5% in the third quarter. Quantinno Capital Management LP now owns 17,842 shares of the financial services provider’s stock valued at $1,748,000 after acquiring an additional 5,236 shares during the last quarter. Jacobs Levy Equity Management Inc. raised its position in Pinnacle Financial Partners by 212.1% during the third quarter. Jacobs Levy Equity Management Inc. now owns 291,723 shares of the financial services provider’s stock valued at $28,580,000 after purchasing an additional 198,246 shares in the last quarter. Holocene Advisors LP bought a new stake in Pinnacle Financial Partners during the third quarter worth $21,576,000. Finally, Benjamin Edwards Inc. boosted its holdings in shares of Pinnacle Financial Partners by 26.5% in the 3rd quarter. Benjamin Edwards Inc. now owns 7,285 shares of the financial services provider’s stock valued at $714,000 after purchasing an additional 1,526 shares in the last quarter. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on PNFP shares. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $135.00 price target (up previously from $115.00) on shares of Pinnacle Financial Partners in a report on Wednesday. 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 note on Thursday, October 17th. Barclays raised their price target on shares of Pinnacle Financial Partners from $108.00 to $120.00 and gave the company an “equal weight” rating in a research note on Thursday. Truist Financial upped their price objective on shares of Pinnacle Financial Partners from $113.00 to $119.00 and gave the stock a “buy” rating in a research report on Monday, October 21st. Finally, Hovde Group lowered shares of 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, November 18th. Seven research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $113.64.

Pinnacle Financial Partners Price Performance

PNFP stock opened at $126.51 on Friday. The company has a market capitalization of $9.77 billion, a P/E ratio of 24.05 and a beta of 1.08. The company has a fifty day moving average price of $111.72 and a 200-day moving average price of $95.93. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.90 and a current ratio of 0.90. Pinnacle Financial Partners, Inc. has a 52-week low of $73.62 and a 52-week high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share for the quarter, beating analysts’ consensus estimates of $1.79 by $0.07. The business had revenue of $810.11 million during the quarter, compared to the consensus estimate 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 earnings per share. As a group, equities analysts expect that Pinnacle Financial Partners, Inc. will post 6.8 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 1st were given a dividend of $0.22 per share. The ex-dividend date was Friday, November 1st. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.70%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 16.73%.

Pinnacle Financial Partners Company Profile

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.