Tectonic Advisors LLC Has $4.44 Million Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Tectonic Advisors LLC cut its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 2.2% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 45,361 shares of the financial services provider’s stock after selling 1,038 shares during the quarter. Tectonic Advisors LLC’s holdings in Pinnacle Financial Partners were worth $4,444,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in PNFP. International Assets Investment Management LLC bought a new position in Pinnacle Financial Partners during the 2nd quarter worth $29,000. Versant Capital Management Inc boosted its holdings in shares of Pinnacle Financial Partners by 44.5% during the 2nd quarter. Versant Capital Management Inc now owns 432 shares of the financial services provider’s stock valued at $35,000 after acquiring an additional 133 shares in the last quarter. UMB Bank n.a. lifted its holdings in Pinnacle Financial Partners by 83.4% during the 3rd quarter. UMB Bank n.a. now owns 497 shares of the financial services provider’s stock worth $49,000 after buying an additional 226 shares during the period. Values First Advisors Inc. acquired a new position in Pinnacle Financial Partners during the 3rd quarter worth about $49,000. Finally, Quarry LP lifted its holdings in Pinnacle Financial Partners by 3,500.0% during the 2nd quarter. Quarry LP now owns 756 shares of the financial services provider’s stock worth $61,000 after buying an additional 735 shares during the period. 87.40% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on PNFP. Stephens lifted their price objective on Pinnacle Financial Partners from $108.00 to $120.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. Citigroup boosted their target price on Pinnacle Financial Partners from $113.00 to $123.00 and gave the stock a “buy” rating in a research note on Thursday, October 17th. Piper Sandler downgraded Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and upped their price objective for the company from $95.00 to $98.00 in a research note on Thursday, July 18th. Hovde Group increased their target price on Pinnacle Financial Partners from $110.00 to $114.00 and gave the stock an “outperform” rating in a research report on Friday, September 27th. Finally, Truist Financial increased their target price on Pinnacle Financial Partners from $113.00 to $119.00 and gave the stock a “buy” rating in a research report on Monday. Five equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $106.60.

Pinnacle Financial Partners Trading Up 1.2 %

Shares of Pinnacle Financial Partners stock opened at $103.11 on Friday. The company has a market capitalization of $7.96 billion, a P/E ratio of 19.60 and a beta of 1.05. 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 fifty day moving average of $97.15 and a 200 day moving average of $87.65. Pinnacle Financial Partners, Inc. has a fifty-two week low of $59.66 and a fifty-two week high of $107.13.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its earnings results 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 firm had revenue of $810.11 million for the quarter, compared to analysts’ expectations of $454.18 million. Pinnacle Financial Partners had a net margin of 13.97% and a return on equity of 8.89%. During the same period in the prior year, the company earned $1.79 EPS. On average, sell-side analysts anticipate that Pinnacle Financial Partners, Inc. will post 6.82 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

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 given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 0.85%. The ex-dividend date of this dividend is Friday, November 1st. Pinnacle Financial Partners’s dividend payout ratio (DPR) is currently 16.73%.

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.