Values First Advisors Inc. Purchases New Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Values First Advisors Inc. acquired a new position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 503 shares of the financial services provider’s stock, valued at approximately $49,000.

Several other institutional investors and hedge funds have also recently modified their holdings of PNFP. Norden Group LLC purchased a new stake in Pinnacle Financial Partners in the 1st quarter valued at $1,065,000. Jennison Associates LLC lifted its position in shares of Pinnacle Financial Partners by 2.4% during the first quarter. Jennison Associates LLC now owns 1,097,395 shares of the financial services provider’s stock valued at $94,244,000 after purchasing an additional 26,216 shares in the last quarter. Atria Investments Inc boosted its holdings in Pinnacle Financial Partners by 40.9% during the first quarter. Atria Investments Inc now owns 43,241 shares of the financial services provider’s stock worth $3,713,000 after purchasing an additional 12,551 shares during the last quarter. Sei Investments Co. grew its position in Pinnacle Financial Partners by 34.6% in the 1st quarter. Sei Investments Co. now owns 231,604 shares of the financial services provider’s stock worth $19,890,000 after purchasing an additional 59,583 shares in the last quarter. Finally, Wasatch Advisors LP increased its stake in Pinnacle Financial Partners by 41.8% in the 1st quarter. Wasatch Advisors LP now owns 3,341,417 shares of the financial services provider’s stock valued at $286,961,000 after buying an additional 985,694 shares during the last quarter. 87.40% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

PNFP has been the topic of a number of research analyst reports. Citigroup boosted their target price on Pinnacle Financial Partners from $113.00 to $123.00 and gave the stock a “buy” rating in a research note on Thursday, October 17th. Piper Sandler downgraded Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and upped their price objective for the company from $95.00 to $98.00 in a research note on Thursday, July 18th. Hovde Group lifted their target price on Pinnacle Financial Partners from $110.00 to $114.00 and gave the stock an “outperform” rating in a research note on Friday, September 27th. Truist Financial increased their price target 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. Finally, Barclays raised their price objective on shares of Pinnacle Financial Partners from $101.00 to $108.00 and gave the stock an “equal weight” rating in a report on Thursday, October 17th. Five equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $106.60.

Pinnacle Financial Partners Stock Down 2.3 %

Shares of NASDAQ PNFP opened at $100.76 on Friday. Pinnacle Financial Partners, Inc. has a 52 week low of $60.19 and a 52 week high of $107.13. The company has a market cap of $7.78 billion, a P/E ratio of 19.16 and a beta of 1.05. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.42. The business has a 50-day simple moving average of $97.33 and a two-hundred day simple moving average of $87.77.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its earnings results on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.79 by $0.07. The business had revenue of $810.11 million for the quarter, compared to analysts’ expectations of $454.18 million. Pinnacle Financial Partners had a net margin of 13.97% and a return on equity of 8.89%. During the same period in the prior year, the company posted $1.79 EPS. Research analysts anticipate that Pinnacle Financial Partners, Inc. will post 6.82 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Shareholders 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 dividend yield of 0.87%. The ex-dividend date is Friday, November 1st. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 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.