Phocas Financial Corp. Lowers Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Phocas Financial Corp. reduced its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 5.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 73,850 shares of the financial services provider’s stock after selling 4,628 shares during the period. Phocas Financial Corp.’s holdings in Pinnacle Financial Partners were worth $7,235,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of PNFP. Caprock Group LLC boosted its stake in Pinnacle Financial Partners by 2.7% during the 3rd quarter. Caprock Group LLC now owns 5,774 shares of the financial services provider’s stock valued at $566,000 after purchasing an additional 154 shares during the last quarter. Pathstone Holdings LLC boosted its holdings in shares of Pinnacle Financial Partners by 5.9% during the 3rd quarter. Pathstone Holdings LLC now owns 33,290 shares of the financial services provider’s stock valued at $3,261,000 after acquiring an additional 1,861 shares during the last quarter. Baron Wealth Management LLC bought a new stake in shares of Pinnacle Financial Partners in the third quarter worth approximately $203,000. LMR Partners LLP purchased a new stake in Pinnacle Financial Partners during the 3rd quarter valued at $552,000. Finally, Quest Partners LLC bought a new position in shares of Pinnacle Financial Partners during the 3rd quarter valued at $772,000. 87.40% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts recently commented on PNFP shares. Citigroup upped their price objective on Pinnacle Financial Partners from $113.00 to $123.00 and gave the company a “buy” rating in a research report on Thursday, October 17th. Hovde Group cut 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 report on Monday. Truist Financial lifted their target price on Pinnacle Financial Partners from $113.00 to $119.00 and gave the company a “buy” rating in a research report on Monday, October 21st. Barclays upped their price target on Pinnacle Financial Partners from $101.00 to $108.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 17th. Finally, Wells Fargo & Company raised 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. Six investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $108.70.

Pinnacle Financial Partners Trading Up 0.1 %

Pinnacle Financial Partners stock opened at $124.06 on Tuesday. Pinnacle Financial Partners, Inc. has a 1 year low of $70.03 and a 1 year high of $129.38. The firm’s 50 day moving average price is $102.85 and its 200-day moving average price is $91.55. 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 stock has a market cap of $9.58 billion, a P/E ratio of 23.59 and a beta of 1.04.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its earnings results on Tuesday, October 15th. The financial services provider reported $1.86 EPS for the quarter, topping analysts’ consensus estimates of $1.79 by $0.07. Pinnacle Financial Partners had a return on equity of 8.89% and a net margin of 13.97%. The company had revenue of $810.11 million for the quarter, compared to the consensus estimate of $454.18 million. During the same period in the previous year, the business earned $1.79 earnings per share. On average, equities analysts predict that Pinnacle Financial Partners, Inc. will post 6.8 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

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 paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 0.71%. The ex-dividend date is Friday, November 1st. Pinnacle Financial Partners’s payout ratio is 16.73%.

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.