Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Shares Sold by Tectonic Advisors LLC

Tectonic Advisors LLC lowered its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 2.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 45,361 shares of the financial services provider’s stock after selling 1,038 shares during the quarter. Tectonic Advisors LLC owned about 0.06% of Pinnacle Financial Partners worth $4,444,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Wasatch Advisors LP boosted its holdings in shares of Pinnacle Financial Partners by 41.8% in the first quarter. Wasatch Advisors LP now owns 3,341,417 shares of the financial services provider’s stock valued at $286,961,000 after acquiring an additional 985,694 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Pinnacle Financial Partners by 10.4% in the second quarter. Dimensional Fund Advisors LP now owns 3,094,498 shares of the financial services provider’s stock valued at $247,673,000 after buying an additional 292,401 shares in the last quarter. Swedbank AB purchased a new position in shares of Pinnacle Financial Partners in the first quarter valued at $21,470,000. Lee Danner & Bass Inc. purchased a new position in shares of Pinnacle Financial Partners in the second quarter valued at $16,092,000. Finally, Stieven Capital Advisors L.P. purchased a new position in shares of Pinnacle Financial Partners in the first quarter valued at $6,003,000. Institutional investors and hedge funds own 87.40% of the company’s stock.

Pinnacle Financial Partners Trading Up 1.2 %

Shares of NASDAQ PNFP opened at $103.11 on Friday. Pinnacle Financial Partners, Inc. has a 12 month low of $59.66 and a 12 month high of $107.13. The company has a market cap of $7.96 billion, a price-to-earnings ratio of 19.60 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 fifty day simple moving average of $97.15 and a 200-day simple moving average of $87.65.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings data 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. Pinnacle Financial Partners had a return on equity of 8.89% and a net margin of 13.97%. The firm had revenue of $810.11 million during the quarter, compared to the consensus estimate of $454.18 million. During the same period in the prior year, the business earned $1.79 EPS. Sell-side analysts predict that Pinnacle Financial Partners, Inc. will post 6.82 EPS for the current 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 given a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 0.85%. The ex-dividend date of this dividend is Friday, November 1st. Pinnacle Financial Partners’s dividend payout ratio is currently 16.73%.

Analysts Set New Price Targets

A number of research firms recently commented on PNFP. Wells Fargo & Company lifted their price objective on Pinnacle Financial Partners from $100.00 to $104.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 17th. Piper Sandler cut Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and boosted their target price for the stock from $95.00 to $98.00 in a report on Thursday, July 18th. Hovde Group upped their price target on Pinnacle Financial Partners from $110.00 to $114.00 and gave the stock an “outperform” rating in a report on Friday, September 27th. Barclays upped their price target on Pinnacle Financial Partners from $101.00 to $108.00 and gave the stock an “equal weight” rating in a report on Thursday, October 17th. Finally, Citigroup upped their target price on Pinnacle Financial Partners from $113.00 to $123.00 and gave the company a “buy” rating in a research report on Thursday, October 17th. Five research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, Pinnacle Financial Partners presently has an average rating of “Moderate Buy” and an average target price of $106.60.

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.