Stieven Capital Advisors L.P. Buys 14,800 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Stieven Capital Advisors L.P. increased its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 11.4% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 144,700 shares of the financial services provider’s stock after acquiring an additional 14,800 shares during the period. Pinnacle Financial Partners comprises about 2.7% of Stieven Capital Advisors L.P.’s holdings, making the stock its 14th largest holding. Stieven Capital Advisors L.P. owned approximately 0.19% of Pinnacle Financial Partners worth $14,176,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently modified their holdings of PNFP. Dimensional Fund Advisors LP increased its holdings in Pinnacle Financial Partners by 10.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,094,498 shares of the financial services provider’s stock valued at $247,673,000 after purchasing an additional 292,401 shares during the period. Swedbank AB purchased a new position in Pinnacle Financial Partners during the 1st quarter valued at about $21,470,000. Principal Financial Group Inc. increased its holdings in Pinnacle Financial Partners by 27.0% during the 3rd quarter. Principal Financial Group Inc. now owns 983,282 shares of the financial services provider’s stock valued at $96,332,000 after purchasing an additional 208,938 shares during the period. Lee Danner & Bass Inc. purchased a new position in Pinnacle Financial Partners during the 2nd quarter valued at about $16,092,000. Finally, Edgestream Partners L.P. increased its holdings in Pinnacle Financial Partners by 1,017.9% during the 2nd quarter. Edgestream Partners L.P. now owns 71,064 shares of the financial services provider’s stock valued at $5,688,000 after purchasing an additional 64,707 shares during the period. Institutional investors own 87.40% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on PNFP shares. Hovde Group boosted their price target on Pinnacle Financial Partners from $110.00 to $114.00 and gave the company an “outperform” rating in a report on Friday, September 27th. Citigroup upped their target price on Pinnacle Financial Partners from $113.00 to $123.00 and gave the stock a “buy” rating in a report on Thursday, October 17th. Truist Financial upped their target price on Pinnacle Financial Partners from $113.00 to $119.00 and gave the stock a “buy” rating in a report on Monday, October 21st. Barclays upped their target price 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, Wells Fargo & Company upped their target price on Pinnacle Financial Partners from $100.00 to $104.00 and gave the stock an “equal weight” rating in a report on Thursday, October 17th. Five analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Pinnacle Financial Partners presently has a consensus rating of “Moderate Buy” and a consensus price target of $106.60.

Pinnacle Financial Partners Stock Performance

PNFP stock opened at $123.99 on Friday. The stock has a market capitalization of $9.58 billion, a PE ratio of 23.57 and a beta of 1.04. Pinnacle Financial Partners, Inc. has a 12-month low of $70.03 and a 12-month high of $129.38. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.42. The stock’s 50 day simple moving average is $102.85 and its 200 day simple moving average is $91.46.

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 (EPS) for the quarter, beating 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 return on equity of 8.89% and a net margin of 13.97%. During the same period in the prior year, the firm posted $1.79 EPS. As a group, research analysts forecast that Pinnacle Financial Partners, Inc. will post 6.8 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 1st will be given a $0.22 dividend. The ex-dividend date is Friday, November 1st. This represents a $0.88 annualized dividend and a yield of 0.71%. 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.