Edgestream Partners L.P. Sells 53,887 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Edgestream Partners L.P. lowered its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 75.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 17,177 shares of the financial services provider’s stock after selling 53,887 shares during the period. Edgestream Partners L.P.’s holdings in Pinnacle Financial Partners were worth $1,683,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. International Assets Investment Management LLC bought a new stake in shares of Pinnacle Financial Partners during the 2nd quarter valued at about $29,000. Ashton Thomas Securities LLC purchased a new stake in Pinnacle Financial Partners in the third quarter worth about $30,000. UMB Bank n.a. boosted its position in Pinnacle Financial Partners by 83.4% during the 3rd quarter. UMB Bank n.a. now owns 497 shares of the financial services provider’s stock valued at $49,000 after acquiring an additional 226 shares in the last quarter. Values First Advisors Inc. purchased a new position in shares of Pinnacle Financial Partners during the 3rd quarter worth approximately $49,000. Finally, Quarry LP grew its holdings in shares of Pinnacle Financial Partners by 3,500.0% during the 2nd quarter. Quarry LP now owns 756 shares of the financial services provider’s stock worth $61,000 after acquiring an additional 735 shares during the period. 87.40% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PNFP has been the topic of several research reports. Stephens lifted their price target 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 lifted 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. Citigroup upped their price target on Pinnacle Financial Partners from $113.00 to $123.00 and gave the stock a “buy” rating in a research note on Thursday, October 17th. Barclays lifted their price objective on Pinnacle Financial Partners from $101.00 to $108.00 and gave the company an “equal weight” rating in a research note on Thursday, October 17th. Finally, Wells Fargo & Company increased their target price on Pinnacle Financial Partners from $104.00 to $120.00 and gave the stock an “equal weight” rating in a research note on Tuesday. Six investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, Pinnacle Financial Partners presently has a consensus rating of “Hold” and a consensus price target of $110.30.

Pinnacle Financial Partners Price Performance

NASDAQ PNFP opened at $124.22 on Wednesday. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.90 and a current ratio of 0.90. The company has a market capitalization of $9.60 billion, a price-to-earnings ratio of 23.62 and a beta of 1.08. The stock has a 50-day moving average of $109.98 and a 200 day moving average of $95.12. Pinnacle Financial Partners, Inc. has a one year low of $73.62 and a one year high of $131.91.

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

Pinnacle Financial Partners Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 1st were issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 0.71%. The ex-dividend date was Friday, November 1st. Pinnacle Financial Partners’s dividend payout ratio is 16.73%.

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.