Holocene Advisors LP Purchases New Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Holocene Advisors LP purchased a new stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 220,233 shares of the financial services provider’s stock, valued at approximately $21,576,000. Holocene Advisors LP owned approximately 0.29% of Pinnacle Financial Partners as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Ashton Thomas Securities LLC bought a new position in shares of Pinnacle Financial Partners in the third quarter valued at approximately $30,000. International Assets Investment Management LLC acquired a new position in Pinnacle Financial Partners in the second quarter worth $29,000. Versant Capital Management Inc boosted its stake in Pinnacle Financial Partners by 44.5% in the second quarter. Versant Capital Management Inc now owns 432 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 133 shares in the last quarter. UMB Bank n.a. grew its holdings 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 purchasing an additional 226 shares during the last quarter. Finally, Values First Advisors Inc. acquired a new stake in shares of Pinnacle Financial Partners in the third quarter valued at $49,000. 87.40% of the stock is owned by institutional investors.

Pinnacle Financial Partners Trading Down 1.5 %

NASDAQ:PNFP opened at $125.16 on Tuesday. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.42. Pinnacle Financial Partners, Inc. has a 1-year low of $73.62 and a 1-year high of $131.91. The firm has a market capitalization of $9.67 billion, a price-to-earnings ratio of 23.79 and a beta of 1.08. The business’s 50-day moving average price is $109.45 and its two-hundred day moving average price is $94.83.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share for the quarter, topping 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 business had revenue of $810.11 million for the quarter, compared to analyst estimates of $454.18 million. During the same quarter last year, the firm earned $1.79 EPS. On average, equities analysts expect that Pinnacle Financial Partners, Inc. will post 6.8 earnings per share for the current year.

Pinnacle Financial Partners Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 1st were given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.70%. The ex-dividend date of this dividend was Friday, November 1st. Pinnacle Financial Partners’s dividend payout ratio is currently 16.73%.

Analyst Ratings Changes

A number of brokerages have commented on PNFP. Hovde Group lowered shares of Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 price objective on the stock. in a report on Monday, November 18th. Truist Financial increased their price target on shares of Pinnacle Financial Partners from $113.00 to $119.00 and gave the company a “buy” rating in a research note on Monday, October 21st. Citigroup boosted their price objective on shares of Pinnacle Financial Partners from $113.00 to $123.00 and gave the stock a “buy” rating in a research report 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 report on Thursday, October 17th. Finally, Barclays lifted their target price on 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. Six analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $108.70.

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.