Sippican Capital Advisors Raises Stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Sippican Capital Advisors raised its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 10.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 9,215 shares of the financial services provider’s stock after acquiring an additional 880 shares during the period. Sippican Capital Advisors’ holdings in Pinnacle Financial Partners were worth $903,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of PNFP. Wealth Enhancement Advisory Services LLC raised its holdings in Pinnacle Financial Partners by 35.0% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 16,875 shares of the financial services provider’s stock worth $1,449,000 after purchasing an additional 4,371 shares during the period. State of Michigan Retirement System boosted its stake in Pinnacle Financial Partners by 1.6% during the first quarter. State of Michigan Retirement System now owns 18,727 shares of the financial services provider’s stock worth $1,608,000 after buying an additional 300 shares during the period. Norden Group LLC bought a new position in Pinnacle Financial Partners during the 1st quarter valued at about $1,065,000. Diversify Advisory Services LLC purchased a new stake in shares of Pinnacle Financial Partners in the first quarter worth approximately $330,000. Finally, BNP Paribas Financial Markets increased its stake in Pinnacle Financial Partners by 28.9% in the first quarter. BNP Paribas Financial Markets now owns 7,229 shares of the financial services provider’s stock worth $621,000 after purchasing an additional 1,622 shares during the period. 87.40% of the stock is owned by hedge funds and other institutional investors.

Pinnacle Financial Partners Trading Down 0.0 %

PNFP traded down $0.03 during trading hours on Thursday, reaching $106.43. The company’s stock had a trading volume of 17,424 shares, compared to its average volume of 462,923. The stock has a market cap of $8.22 billion, a PE ratio of 20.24 and a beta of 1.05. Pinnacle Financial Partners, Inc. has a fifty-two week low of $61.22 and a fifty-two week high of $108.43. 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 business’s 50-day moving average is $98.07 and its 200-day moving average is $88.32.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its earnings results 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 net margin of 13.97% and a return on equity of 8.89%. The firm had revenue of $810.11 million during the quarter, compared to the consensus estimate of $454.18 million. During the same quarter last year, the firm earned $1.79 EPS. As a group, equities research analysts predict that Pinnacle Financial Partners, Inc. will post 6.83 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Shareholders 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 0.83%. The ex-dividend date is Friday, November 1st. Pinnacle Financial Partners’s dividend payout ratio is currently 16.73%.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. Stephens raised their price objective on Pinnacle Financial Partners from $108.00 to $120.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. Barclays raised 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. Hovde Group boosted their target price on shares of Pinnacle Financial Partners from $110.00 to $114.00 and gave the company an “outperform” rating in a research report on Friday, September 27th. Piper Sandler lowered Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and upped their price objective for the stock from $95.00 to $98.00 in a research report on Thursday, July 18th. Finally, Citigroup lifted their price target on Pinnacle Financial Partners from $113.00 to $123.00 and gave the company a “buy” rating in a research note on Thursday, October 17th. Five research 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, Pinnacle Financial Partners has a consensus rating of “Moderate Buy” and an average price target 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.