Quarry LP Buys 735 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Quarry LP boosted its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 3,500.0% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 756 shares of the financial services provider’s stock after acquiring an additional 735 shares during the period. Quarry LP’s holdings in Pinnacle Financial Partners were worth $61,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in PNFP. Rise Advisors LLC acquired a new position in shares of Pinnacle Financial Partners in the 1st quarter valued at approximately $26,000. International Assets Investment Management LLC acquired a new position in Pinnacle Financial Partners during the second quarter valued at approximately $29,000. 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 during the last quarter. Mather Group LLC. acquired a new stake in shares of Pinnacle Financial Partners in the 1st quarter valued at $65,000. Finally, GAMMA Investing LLC increased its stake in shares of Pinnacle Financial Partners by 26.7% in the 2nd quarter. GAMMA Investing LLC now owns 853 shares of the financial services provider’s stock valued at $68,000 after purchasing an additional 180 shares during the last quarter. 87.40% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Barclays raised their price objective on Pinnacle Financial Partners from $97.00 to $101.00 and gave the company an “equal weight” rating in a research note on Friday, September 27th. JPMorgan Chase & Co. reduced their price target on shares of 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. Hovde Group upped their price objective on shares of Pinnacle Financial Partners from $110.00 to $114.00 and gave the stock an “outperform” rating in a research report on Friday, September 27th. Piper Sandler lowered shares of Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and raised their target price for the company from $95.00 to $98.00 in a research report on Thursday, July 18th. Finally, Wells Fargo & Company downgraded shares of Pinnacle Financial Partners from an “overweight” rating to an “equal weight” rating and set a $100.00 price target for the company. in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, Pinnacle Financial Partners has a consensus rating of “Hold” and a consensus target price of $102.10.

Pinnacle Financial Partners Stock Down 0.5 %

Shares of NASDAQ:PNFP opened at $92.95 on Friday. The firm has a market cap of $7.18 billion, a P/E ratio of 13.30 and a beta of 1.05. Pinnacle Financial Partners, Inc. has a 12-month low of $59.66 and a 12-month high of $100.76. The business has a fifty day simple moving average of $94.08 and a 200 day simple moving average of $85.85. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.43.

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 analysts’ consensus estimates of $1.60 by $0.03. Pinnacle Financial Partners had a return on equity of 8.97% and a net margin of 13.93%. The company had revenue of $366.55 million during the quarter, compared to the consensus estimate of $426.40 million. Analysts predict that Pinnacle Financial Partners, Inc. will post 6.8 earnings per share for the current year.

Pinnacle Financial Partners Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Friday, August 2nd were given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 0.95%. The ex-dividend date of this dividend was Friday, August 2nd. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 12.59%.

Pinnacle Financial Partners 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.