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Stieven Capital Advisors L.P. Raises Stock Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Pinnacle Financial Partners logo with Finance background

Stieven Capital Advisors L.P. raised its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 2.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 104,298 shares of the financial services provider's stock after buying an additional 2,700 shares during the quarter. Pinnacle Financial Partners makes up approximately 2.1% of Stieven Capital Advisors L.P.'s portfolio, making the stock its 25th biggest position. Stieven Capital Advisors L.P. owned approximately 0.13% of Pinnacle Financial Partners worth $11,060,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PNFP. Golden State Wealth Management LLC acquired a new position in shares of Pinnacle Financial Partners in the first quarter valued at approximately $48,000. Kapitalo Investimentos Ltda acquired a new position in shares of Pinnacle Financial Partners in the fourth quarter valued at approximately $78,000. UMB Bank n.a. increased its holdings in shares of Pinnacle Financial Partners by 16.6% in the first quarter. UMB Bank n.a. now owns 858 shares of the financial services provider's stock valued at $91,000 after purchasing an additional 122 shares during the period. GAMMA Investing LLC increased its holdings in shares of Pinnacle Financial Partners by 51.7% in the first quarter. GAMMA Investing LLC now owns 1,616 shares of the financial services provider's stock valued at $171,000 after purchasing an additional 551 shares during the period. Finally, Blair William & Co. IL acquired a new position in Pinnacle Financial Partners during the fourth quarter worth $200,000. Hedge funds and other institutional investors own 87.40% of the company's stock.

Pinnacle Financial Partners Stock Down 1.2%

Shares of NASDAQ:PNFP opened at $118.20 on Friday. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.37. Pinnacle Financial Partners, Inc. has a 52-week low of $81.57 and a 52-week high of $131.91. The stock's fifty day simple moving average is $108.98 and its 200-day simple moving average is $109.38. The company has a market capitalization of $9.17 billion, a P/E ratio of 19.13 and a beta of 1.01.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last released its earnings results on Monday, April 14th. The financial services provider reported $1.90 earnings per share for the quarter, topping the consensus estimate of $1.82 by $0.08. The firm had revenue of $475.37 million for the quarter, compared to the consensus estimate of $478.11 million. Pinnacle Financial Partners had a return on equity of 9.29% and a net margin of 15.98%. During the same period in the prior year, the business posted $1.53 earnings per share. As a group, equities research analysts forecast 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. Stockholders of record on Friday, May 2nd were paid a $0.24 dividend. The ex-dividend date was Friday, May 2nd. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.81%. Pinnacle Financial Partners's dividend payout ratio (DPR) is currently 15.53%.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on PNFP. Hovde Group raised Pinnacle Financial Partners from a "market perform" rating to an "outperform" rating and set a $111.00 price objective on the stock in a report on Wednesday, April 16th. Keefe, Bruyette & Woods dropped their price objective on Pinnacle Financial Partners from $130.00 to $115.00 and set a "market perform" rating on the stock in a report on Thursday, April 17th. JPMorgan Chase & Co. upped their price objective on Pinnacle Financial Partners from $115.00 to $125.00 and gave the stock an "overweight" rating in a report on Tuesday, July 1st. Citigroup upped their price objective on Pinnacle Financial Partners from $126.00 to $134.00 and gave the stock a "buy" rating in a report on Wednesday, July 2nd. Finally, Jefferies Financial Group began 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 analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $124.82.

Read Our Latest Report on PNFP

About Pinnacle Financial Partners

(Free Report)

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.

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Want to see what other hedge funds are holding PNFP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report).

Institutional Ownership by Quarter for Pinnacle Financial Partners (NASDAQ:PNFP)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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