Riverwater Partners LLC Buys Shares of 10,850 Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Riverwater Partners LLC purchased a new stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 10,850 shares of the financial services provider's stock, valued at approximately $1,151,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in PNFP. Vanguard Group Inc. boosted its stake in Pinnacle Financial Partners by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 7,200,386 shares of the financial services provider's stock worth $823,652,000 after purchasing an additional 87,058 shares during the period. FMR LLC increased its stake in shares of Pinnacle Financial Partners by 10.6% during the fourth quarter. FMR LLC now owns 3,003,310 shares of the financial services provider's stock valued at $343,549,000 after buying an additional 286,894 shares during the period. North Reef Capital Management LP increased its stake in shares of Pinnacle Financial Partners by 57.1% during the fourth 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 buying an additional 705,000 shares during the period. Capital Research Global Investors boosted its position in shares of Pinnacle Financial Partners by 57.0% during the fourth quarter. Capital Research Global Investors now owns 1,559,798 shares of the financial services provider's stock valued at $178,425,000 after purchasing an additional 566,061 shares in the last quarter. Finally, Wellington Management Group LLP boosted its position in shares of Pinnacle Financial Partners by 16.5% during the fourth quarter. Wellington Management Group LLP now owns 1,504,254 shares of the financial services provider's stock valued at $172,072,000 after purchasing an additional 213,505 shares in the last quarter. Institutional investors and hedge funds own 87.40% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. Truist Financial began coverage on Pinnacle Financial Partners in a report on Tuesday, May 13th. They set a "buy" rating and a $123.00 price target on the stock. Wells Fargo & Company cut 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 lowered their price objective on Pinnacle Financial Partners from $135.00 to $125.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. Keefe, Bruyette & Woods decreased their price target on Pinnacle Financial Partners from $130.00 to $115.00 and set a "market perform" rating for the company in a research note on Thursday, April 17th. Finally, Jefferies Financial Group started coverage on Pinnacle Financial Partners in a report on Wednesday, May 21st. They set a "buy" rating and a $135.00 price objective on the stock. Four equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $121.27.

Pinnacle Financial Partners Stock Up 2.5%

NASDAQ PNFP traded up $2.60 during trading hours on Monday, hitting $107.54. The company had a trading volume of 489,098 shares, compared to its average volume of 506,962. Pinnacle Financial Partners, Inc. has a fifty-two week low of $75.63 and a fifty-two week high of $131.91. The company has a market capitalization of $8.34 billion, a price-to-earnings ratio of 17.40 and a beta of 1.02. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.89 and a quick ratio of 0.89. The firm's 50 day moving average is $104.48 and its 200 day moving average is $109.48.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last issued its quarterly earnings results 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 analysts' expectations of $478.11 million. During the same quarter last year, the company posted $1.53 earnings per share. Sell-side analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, May 30th. Shareholders of record on Friday, May 2nd were paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.89%. The ex-dividend date was Friday, May 2nd. Pinnacle Financial Partners's dividend payout ratio (DPR) is currently 15.53%.

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.