Patten & Patten Inc. TN Decreases Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Patten & Patten Inc. TN lessened its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 0.3% in the third quarter, Holdings Channel reports. The fund owned 31,418 shares of the financial services provider’s stock after selling 100 shares during the quarter. Patten & Patten Inc. TN’s holdings in Pinnacle Financial Partners were worth $3,078,000 as of its most recent filing with the SEC.

Other institutional investors also recently bought and sold shares of the company. Atria Investments Inc boosted its holdings in shares of Pinnacle Financial Partners by 40.9% in the first quarter. Atria Investments Inc now owns 43,241 shares of the financial services provider’s stock worth $3,713,000 after buying an additional 12,551 shares during the last quarter. Sei Investments Co. increased its stake in shares of Pinnacle Financial Partners by 34.6% in the 1st quarter. Sei Investments Co. now owns 231,604 shares of the financial services provider’s stock worth $19,890,000 after purchasing an additional 59,583 shares in the last quarter. Edgestream Partners L.P. lifted its position in Pinnacle Financial Partners by 1,017.9% during the second quarter. Edgestream Partners L.P. now owns 71,064 shares of the financial services provider’s stock valued at $5,688,000 after purchasing an additional 64,707 shares in the last quarter. Pier Capital LLC grew its holdings in Pinnacle Financial Partners by 16.5% during the second quarter. Pier Capital LLC now owns 111,797 shares of the financial services provider’s stock valued at $8,948,000 after purchasing an additional 15,797 shares during the period. Finally, Swedbank AB bought a new position in shares of Pinnacle Financial Partners in the first quarter worth approximately $21,470,000. Institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Stock Performance

Shares of PNFP stock opened at $121.06 on Monday. The firm has a market cap of $9.35 billion, a price-to-earnings ratio of 23.02 and a beta of 1.04. Pinnacle Financial Partners, Inc. has a 52-week low of $63.77 and a 52-week high of $122.96. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.42. The company’s 50 day moving average is $100.03 and its 200 day moving average is $89.94.

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

Pinnacle Financial Partners Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 1st will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 0.73%. The ex-dividend date of this dividend is Friday, November 1st. Pinnacle Financial Partners’s payout ratio is 16.73%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Wells Fargo & Company increased their price objective on shares of Pinnacle Financial Partners from $100.00 to $104.00 and gave the company an “equal weight” rating in a report on Thursday, October 17th. Barclays boosted their price target on shares of Pinnacle Financial Partners from $101.00 to $108.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 17th. Stephens raised their price objective on Pinnacle Financial Partners from $108.00 to $120.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. Truist Financial raised their target price on shares of Pinnacle Financial Partners from $113.00 to $119.00 and gave the company a “buy” rating in a report on Monday, October 21st. Finally, Piper Sandler cut Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and lifted their target price for the stock from $95.00 to $98.00 in a report on Thursday, July 18th. Five analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, Pinnacle Financial Partners currently has an average rating of “Moderate Buy” and an average price target of $106.60.

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.