Atria Investments Inc Boosts Stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Atria Investments Inc grew its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 4.4% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 45,876 shares of the financial services provider’s stock after acquiring an additional 1,925 shares during the quarter. Atria Investments Inc owned about 0.06% of Pinnacle Financial Partners worth $4,494,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of PNFP. Sei Investments Co. increased 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 worth $19,890,000 after purchasing an additional 59,583 shares in the last quarter. Pier Capital LLC increased its position in shares of Pinnacle Financial Partners by 16.5% in the second quarter. Pier Capital LLC now owns 111,797 shares of the financial services provider’s stock worth $8,948,000 after acquiring an additional 15,797 shares in the last quarter. Edgestream Partners L.P. raised its stake in shares of Pinnacle Financial Partners by 1,017.9% in 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 during the period. Swedbank AB acquired a new position in shares of Pinnacle Financial Partners during the 1st quarter valued at $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 purchasing an additional 4,187 shares during the period. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

Pinnacle Financial Partners Price Performance

PNFP opened at $126.18 on Wednesday. The company has a market capitalization of $9.75 billion, a P/E ratio of 23.99 and a beta of 1.04. The company has a 50-day moving average of $100.58 and a 200-day moving average of $90.26. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.90 and a current ratio of 0.90. Pinnacle Financial Partners, Inc. has a 1-year low of $63.77 and a 1-year high of $128.93.

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 for the quarter, beating 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 analyst estimates of $454.18 million. During the same period in the previous year, the company earned $1.79 earnings per share. Equities analysts expect that Pinnacle Financial Partners, Inc. will post 6.8 EPS for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Investors 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 yield of 0.70%. The ex-dividend date of this dividend is Friday, November 1st. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 16.73%.

Wall Street Analysts Forecast Growth

Several research firms have commented on PNFP. Barclays raised their price objective on Pinnacle Financial Partners from $101.00 to $108.00 and gave the company an “equal weight” rating in a research report on Thursday, October 17th. Hovde Group raised their target price 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 price target on Pinnacle Financial Partners from $113.00 to $123.00 and gave the stock a “buy” rating in a report on Thursday, October 17th. Piper Sandler lowered shares of Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and lifted their price objective for the company from $95.00 to $98.00 in a research note on Thursday, July 18th. Finally, Wells Fargo & Company boosted their target price on shares of 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. Five analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $106.60.

About Pinnacle Financial Partners

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.