Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Shares Purchased by Atria Investments Inc

Atria Investments Inc grew its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 4.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 45,876 shares of the financial services provider’s stock after purchasing an additional 1,925 shares during the quarter. Atria Investments Inc’s holdings in Pinnacle Financial Partners were worth $4,494,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Sei Investments Co. boosted its position in Pinnacle Financial Partners by 34.6% during the 1st quarter. Sei Investments Co. now owns 231,604 shares of the financial services provider’s stock valued at $19,890,000 after purchasing an additional 59,583 shares during the period. Pier Capital LLC increased its position in Pinnacle Financial Partners by 16.5% in the 2nd quarter. Pier Capital LLC now owns 111,797 shares of the financial services provider’s stock valued at $8,948,000 after acquiring an additional 15,797 shares during the period. Edgestream Partners L.P. raised its stake 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 acquiring an additional 64,707 shares in the last quarter. Swedbank AB acquired a new position in Pinnacle Financial Partners during the 1st quarter worth $21,470,000. Finally, Raymond James Financial Services Advisors Inc. boosted its position in Pinnacle Financial Partners by 2.5% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 171,629 shares of the financial services provider’s stock worth $13,737,000 after acquiring an additional 4,187 shares during the period. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Pinnacle Financial Partners Price Performance

Shares of NASDAQ:PNFP opened at $126.18 on Wednesday. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.90 and a current ratio of 0.90. The company has a market capitalization of $9.75 billion, a PE ratio of 23.99 and a beta of 1.04. The stock has a fifty day moving average of $100.58 and a 200-day moving average of $90.26. Pinnacle Financial Partners, Inc. has a one year low of $63.77 and a one year high of $128.93.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its earnings results on Tuesday, October 15th. The financial services provider reported $1.86 EPS for the quarter, beating the consensus estimate 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 anticipate that Pinnacle Financial Partners, Inc. will post 6.8 EPS for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 1st will be given a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 0.70%. The ex-dividend date is Friday, November 1st. Pinnacle Financial Partners’s dividend payout ratio (DPR) is currently 16.73%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. Stephens upped their price objective on shares of Pinnacle Financial Partners from $108.00 to $120.00 and gave the stock an “overweight” rating in a report on Thursday, October 17th. Hovde Group upped their price target on shares of Pinnacle Financial Partners from $110.00 to $114.00 and gave the stock an “outperform” rating in a research note on Friday, September 27th. Citigroup increased their price objective on shares of Pinnacle Financial Partners from $113.00 to $123.00 and gave the company a “buy” rating in a report on Thursday, October 17th. Barclays boosted 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, Piper Sandler lowered Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and increased their price target for the company from $95.00 to $98.00 in a research note on Thursday, July 18th. Five investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, Pinnacle Financial Partners presently has an average rating of “Moderate Buy” and a consensus price target 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.