Azora Capital LP Makes New $64.33 Million Investment in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Azora Capital LP acquired a new stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) during the third quarter, Holdings Channel.com reports. The fund acquired 656,589 shares of the financial services provider’s stock, valued at approximately $64,326,000. Pinnacle Financial Partners accounts for 3.5% of Azora Capital LP’s holdings, making the stock its 11th largest holding.

Other institutional investors have also made changes to their positions in the company. Ashton Thomas Securities LLC acquired a new stake in Pinnacle Financial Partners during the 3rd quarter valued at $30,000. International Assets Investment Management LLC purchased a new position in Pinnacle Financial Partners in the 2nd quarter valued at about $29,000. Versant Capital Management Inc grew its stake in shares of Pinnacle Financial Partners by 44.5% during the second 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. increased its position in shares of Pinnacle Financial Partners by 83.4% during the third quarter. UMB Bank n.a. now owns 497 shares of the financial services provider’s stock worth $49,000 after acquiring an additional 226 shares during the last quarter. Finally, Values First Advisors Inc. acquired a new position in shares of Pinnacle Financial Partners in the third quarter worth about $49,000. 87.40% of the stock is owned by institutional investors and hedge funds.

Pinnacle Financial Partners Price Performance

PNFP opened at $127.11 on Monday. Pinnacle Financial Partners, Inc. has a fifty-two week low of $72.23 and a fifty-two week high of $131.91. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.42. The firm has a market cap of $9.82 billion, a price-to-earnings ratio of 24.17 and a beta of 1.04. The company’s 50-day moving average price is $108.95 and its 200 day moving average price is $94.54.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its earnings results on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share for the quarter, topping analysts’ consensus estimates of $1.79 by $0.07. The firm had revenue of $810.11 million during 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 last year, the firm posted $1.79 earnings per share. As a group, sell-side analysts expect that Pinnacle Financial Partners, Inc. will post 6.8 earnings per share for the current year.

Pinnacle Financial Partners Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 1st were paid a dividend of $0.22 per share. The ex-dividend date was Friday, November 1st. This represents a $0.88 annualized dividend and a yield of 0.69%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 16.73%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on PNFP shares. Truist Financial lifted their price objective on Pinnacle Financial Partners from $113.00 to $119.00 and gave the stock a “buy” rating in a report on Monday, October 21st. Stephens lifted their price target on shares of Pinnacle Financial Partners from $108.00 to $120.00 and gave the stock an “overweight” rating in a research note on Thursday, October 17th. Barclays increased their price objective 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. Hovde Group downgraded shares of Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 target price for the company. in a research report on Monday, November 18th. Finally, Wells Fargo & Company increased 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 report on Thursday, October 17th. Six investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $108.70.

Pinnacle Financial Partners Company 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.