Signaturefd LLC Has $508,000 Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Signaturefd LLC grew its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 4.4% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 5,190 shares of the financial services provider’s stock after purchasing an additional 218 shares during the quarter. Signaturefd LLC’s holdings in Pinnacle Financial Partners were worth $508,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in PNFP. Wasatch Advisors LP lifted its stake 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 buying an additional 985,694 shares during the period. Dimensional Fund Advisors LP lifted its stake 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 during the period. Swedbank AB bought a new stake in shares of Pinnacle Financial Partners in the first quarter valued at about $21,470,000. Lee Danner & Bass Inc. bought a new stake in shares of Pinnacle Financial Partners in the second quarter valued at about $16,092,000. Finally, Stieven Capital Advisors L.P. bought a new stake in shares of Pinnacle Financial Partners in the first quarter valued at about $6,003,000. 87.40% of the stock is owned by institutional investors and hedge funds.

Pinnacle Financial Partners Stock Performance

Shares of Pinnacle Financial Partners stock opened at $100.76 on Friday. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.90 and a quick ratio of 0.90. The firm has a market cap of $7.78 billion, a P/E ratio of 19.16 and a beta of 1.05. The firm has a 50 day simple moving average of $97.33 and a 200 day simple moving average of $87.77. Pinnacle Financial Partners, Inc. has a fifty-two week low of $60.19 and a fifty-two week high of $107.13.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share for the quarter, beating analysts’ consensus estimates of $1.79 by $0.07. Pinnacle Financial Partners had a net margin of 13.97% and a return on equity of 8.89%. The business had revenue of $810.11 million during the quarter, compared to analyst estimates of $454.18 million. During the same quarter last year, the business posted $1.79 earnings per share. Sell-side analysts predict 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 announced a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 1st will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 0.87%. The ex-dividend date of this dividend is Friday, November 1st. Pinnacle Financial Partners’s dividend payout ratio is presently 16.73%.

Analyst Ratings Changes

Several research firms recently weighed in on PNFP. Stephens increased their target price on shares of Pinnacle Financial Partners from $108.00 to $120.00 and gave the company an “overweight” rating in a research note on Thursday, October 17th. Piper Sandler cut shares of Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and raised their price target for the stock from $95.00 to $98.00 in a research note on Thursday, July 18th. Truist Financial raised their price target on shares of Pinnacle Financial Partners from $113.00 to $119.00 and gave the stock a “buy” rating in a research note on Monday, October 21st. Wells Fargo & Company raised their price target on shares of Pinnacle Financial Partners from $100.00 to $104.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 17th. Finally, Barclays lifted their target price on shares of Pinnacle Financial Partners from $101.00 to $108.00 and gave the company an “equal weight” rating in a research note 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 MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $106.60.

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.