10,850 Shares in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Acquired by Riverwater Partners LLC

Riverwater Partners LLC bought a new stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 10,850 shares of the financial services provider’s stock, valued at approximately $1,151,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Norges Bank bought a new stake in shares of Pinnacle Financial Partners during the fourth quarter valued at about $101,798,000. North Reef Capital Management LP boosted its holdings in Pinnacle Financial Partners by 57.1% in the 4th quarter. North Reef Capital Management LP now owns 1,940,000 shares of the financial services provider’s stock valued at $221,917,000 after purchasing an additional 705,000 shares during the period. Van Lanschot Kempen Investment Management N.V. purchased a new stake in shares of Pinnacle Financial Partners in the 4th quarter valued at about $78,110,000. Capital Research Global Investors lifted its holdings in shares of Pinnacle Financial Partners by 57.0% during the 4th quarter. Capital Research Global Investors now owns 1,559,798 shares of the financial services provider’s stock worth $178,425,000 after acquiring an additional 566,061 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new position in Pinnacle Financial Partners in the fourth quarter valued at $44,737,000. Institutional investors own 87.40% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently weighed in on PNFP. Wells Fargo & Company dropped their target price on Pinnacle Financial Partners from $125.00 to $105.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 9th. Barclays reduced their target price on shares of Pinnacle Financial Partners from $135.00 to $125.00 and set an “overweight” rating on the stock in a report on Tuesday, April 8th. Truist Financial assumed coverage on shares of Pinnacle Financial Partners in a research note on Tuesday, May 13th. They issued a “buy” rating and a $123.00 price target for the company. Keefe, Bruyette & Woods reduced their price objective on Pinnacle Financial Partners from $130.00 to $115.00 and set a “market perform” rating on the stock in a research note on Thursday, April 17th. Finally, Hovde Group upgraded Pinnacle Financial Partners from a “market perform” rating to an “outperform” rating and set a $111.00 price target on the stock in a research report on Wednesday, April 16th. Four equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Pinnacle Financial Partners presently has a consensus rating of “Moderate Buy” and an average target price of $121.27.

Pinnacle Financial Partners Price Performance

PNFP opened at $103.59 on Friday. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.37. The company has a market cap of $8.03 billion, a price-to-earnings ratio of 16.76 and a beta of 1.02. The stock has a fifty day simple moving average of $103.61 and a two-hundred day simple moving average of $110.10. Pinnacle Financial Partners, Inc. has a 12-month low of $75.55 and a 12-month high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings data on Monday, April 14th. The financial services provider reported $1.90 EPS for the quarter, topping the consensus estimate of $1.82 by $0.08. Pinnacle Financial Partners had a net margin of 15.98% and a return on equity of 9.29%. The business had revenue of $475.37 million for the quarter, compared to analyst estimates of $478.11 million. During the same quarter in the previous year, the firm posted $1.53 earnings per share. Research analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 30th. Investors of record on Friday, May 2nd were paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 0.93%. The ex-dividend date of this dividend was Friday, May 2nd. Pinnacle Financial Partners’s payout ratio is 15.53%.

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.