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

Stieven Capital Advisors L.P. grew its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 11.4% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 144,700 shares of the financial services provider’s stock after acquiring an additional 14,800 shares during the quarter. Pinnacle Financial Partners makes up 2.7% of Stieven Capital Advisors L.P.’s holdings, making the stock its 14th largest holding. Stieven Capital Advisors L.P.’s holdings in Pinnacle Financial Partners were worth $14,176,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of PNFP. International Assets Investment Management LLC bought a new position in shares of Pinnacle Financial Partners during the 2nd quarter valued at $29,000. Ashton Thomas Securities LLC bought a new position in shares of Pinnacle Financial Partners during the 3rd quarter valued at $30,000. Versant Capital Management Inc lifted 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 buying an additional 133 shares during the period. UMB Bank n.a. increased its stake in shares of Pinnacle Financial Partners by 83.4% in the 3rd quarter. UMB Bank n.a. now owns 497 shares of the financial services provider’s stock worth $49,000 after purchasing an additional 226 shares in the last quarter. Finally, Values First Advisors Inc. purchased a new stake in shares of Pinnacle Financial Partners in the 3rd quarter worth $49,000. 87.40% of the stock is owned by institutional investors.

Pinnacle Financial Partners Trading Up 0.5 %

Shares of Pinnacle Financial Partners stock opened at $123.99 on Friday. The firm has a market cap of $9.58 billion, a price-to-earnings ratio of 23.57 and a beta of 1.04. The business has a 50-day moving average price of $102.85 and a 200-day moving average price of $91.46. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.42. Pinnacle Financial Partners, Inc. has a twelve month low of $70.03 and a twelve month high of $129.38.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings data 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. The firm had revenue of $810.11 million during the quarter, compared to analyst estimates 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 quarter last year, the business posted $1.79 earnings per share. Equities research analysts anticipate that Pinnacle Financial Partners, Inc. will post 6.8 EPS for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 1st will be issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.71%. The ex-dividend date is Friday, November 1st. Pinnacle Financial Partners’s payout ratio is 16.73%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on PNFP. Citigroup upped their price objective 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. Stephens upped their price objective on Pinnacle Financial Partners from $108.00 to $120.00 and gave the stock an “overweight” rating in a research note on Thursday, October 17th. Truist Financial upped their price objective on Pinnacle Financial Partners from $113.00 to $119.00 and gave the stock a “buy” rating in a research note on Monday, October 21st. Barclays upped their price objective on Pinnacle Financial Partners from $101.00 to $108.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 17th. Finally, Wells Fargo & Company upped their price objective on 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. Five equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, Pinnacle Financial Partners has an average rating of “Moderate Buy” and an average 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.