Tectonic Advisors LLC Acquires 11,467 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Tectonic Advisors LLC increased its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 20.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 66,301 shares of the financial services provider's stock after purchasing an additional 11,467 shares during the period. Tectonic Advisors LLC owned approximately 0.09% of Pinnacle Financial Partners worth $7,031,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its holdings in shares of 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 valued at $823,652,000 after purchasing an additional 87,058 shares during the period. FMR LLC raised its holdings in Pinnacle Financial Partners by 10.6% in the 4th quarter. FMR LLC now owns 3,003,310 shares of the financial services provider's stock valued at $343,549,000 after acquiring an additional 286,894 shares during the period. North Reef Capital Management LP raised 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 acquiring an additional 705,000 shares during the period. Capital Research Global Investors raised its holdings in Pinnacle Financial Partners by 57.0% in the 4th quarter. Capital Research Global Investors now owns 1,559,798 shares of the financial services provider's stock valued at $178,425,000 after acquiring an additional 566,061 shares during the period. Finally, Wellington Management Group LLP raised its holdings in Pinnacle Financial Partners by 16.5% in the 4th quarter. Wellington Management Group LLP now owns 1,504,254 shares of the financial services provider's stock valued at $172,072,000 after acquiring an additional 213,505 shares during the period. 87.40% of the stock is owned by institutional investors and hedge funds.

Pinnacle Financial Partners Price Performance

Shares of NASDAQ PNFP traded down $1.81 during trading hours on Friday, hitting $117.07. 773,128 shares of the stock were exchanged, compared to its average volume of 507,554. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.89 and a current ratio of 0.89. The company has a market cap of $9.08 billion, a PE ratio of 15.53 and a beta of 1.01. The company's fifty day simple moving average is $109.92 and its two-hundred day simple moving average is $109.46. Pinnacle Financial Partners, Inc. has a 1-year low of $81.57 and a 1-year high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last issued its earnings results on Tuesday, July 15th. The financial services provider reported $2.00 earnings per share for the quarter, beating analysts' consensus estimates of $1.92 by $0.08. Pinnacle Financial Partners had a net margin of 18.69% and a return on equity of 9.60%. The firm had revenue of $504.99 million for the quarter, compared to analyst estimates of $495.27 million. During the same quarter last year, the business posted $1.63 earnings per share. The company's quarterly revenue was up 15.1% on a year-over-year basis. On average, sell-side analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Friday, August 1st will be given a $0.24 dividend. The ex-dividend date of this dividend is Friday, August 1st. This represents a $0.96 dividend on an annualized basis and a yield of 0.82%. Pinnacle Financial Partners's dividend payout ratio is currently 15.53%.

Analysts Set New Price Targets

Several research analysts have weighed in on PNFP shares. Wells Fargo & Company increased their price target on shares of Pinnacle Financial Partners from $105.00 to $125.00 and gave the company an "equal weight" rating in a report on Thursday, July 10th. Truist Financial reissued a "buy" rating and issued a $127.00 price target (up from $123.00) on shares of Pinnacle Financial Partners in a report on Friday, July 11th. Barclays increased their target price on shares of Pinnacle Financial Partners from $125.00 to $140.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. UBS Group restated a "neutral" rating and set a $121.00 target price on shares of Pinnacle Financial Partners in a research report on Wednesday, July 9th. Finally, JPMorgan Chase & Co. increased their target price on shares of Pinnacle Financial Partners from $115.00 to $125.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 1st. Four analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $126.73.

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.