Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Sees Significant Increase in Short Interest

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) saw a significant growth in short interest in the month of October. As of October 15th, there was short interest totaling 2,990,000 shares, a growth of 40.4% from the September 30th total of 2,130,000 shares. Based on an average daily volume of 1,470,000 shares, the short-interest ratio is currently 2.0 days. Currently, 3.9% of the shares of the stock are short sold. Currently, 3.9% of the shares of the stock are short sold. Based on an average daily volume of 1,470,000 shares, the short-interest ratio is currently 2.0 days.

Pinnacle Financial Partners Stock Up 0.6%

NASDAQ:PNFP traded up $0.50 on Monday, hitting $85.71. The stock had a trading volume of 883,022 shares, compared to its average volume of 851,721. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.33. Pinnacle Financial Partners has a 52 week low of $81.57 and a 52 week high of $131.91. The business’s fifty day moving average is $92.99 and its 200 day moving average is $100.18. The company has a market cap of $6.65 billion, a PE ratio of 10.89 and a beta of 1.02.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $2.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.05 by $0.22. Pinnacle Financial Partners had a net margin of 19.17% and a return on equity of 9.91%. The business had revenue of $544.80 million during the quarter, compared to the consensus estimate of $526.40 million. During the same quarter last year, the firm posted $1.86 EPS. On average, equities research analysts expect that Pinnacle Financial Partners will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 28th. Stockholders of record on Friday, November 7th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, November 7th. This represents a $0.96 annualized dividend and a dividend yield of 1.1%. Pinnacle Financial Partners’s payout ratio is presently 12.20%.

Analysts Set New Price Targets

Several research firms have weighed in on PNFP. Stephens cut their target price on Pinnacle Financial Partners from $104.00 to $97.00 and set an “equal weight” rating for the company in a research note on Friday, October 17th. UBS Group decreased their target price on Pinnacle Financial Partners from $121.00 to $108.00 and set a “neutral” rating on the stock in a research report on Tuesday, September 2nd. Hovde Group downgraded Pinnacle Financial Partners from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 25th. Truist Financial reduced their price target on shares of Pinnacle Financial Partners from $107.00 to $105.00 and set a “buy” rating on the stock in a research note on Friday, October 17th. Finally, Jefferies Financial Group reaffirmed a “hold” rating and set a $110.00 price target (down from $145.00) on shares of Pinnacle Financial Partners in a report on Friday, July 25th. Six analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat.com, Pinnacle Financial Partners currently has an average rating of “Hold” and a consensus target price of $110.27.

Insider Activity at Pinnacle Financial Partners

In related news, Director G Kennedy Thompson purchased 5,000 shares of the firm’s stock in a transaction that occurred on Monday, October 20th. The shares were bought at an average price of $87.63 per share, for a total transaction of $438,150.00. Following the completion of the transaction, the director owned 33,372 shares of the company’s stock, valued at approximately $2,924,388.36. This trade represents a 17.62% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. Insiders own 1.46% of the company’s stock.

Institutional Investors Weigh In On Pinnacle Financial Partners

Several hedge funds and other institutional investors have recently made changes to their positions in PNFP. Golden State Wealth Management LLC bought a new stake in Pinnacle Financial Partners during the 1st quarter worth approximately $48,000. Teacher Retirement System of Texas lifted its holdings in shares of Pinnacle Financial Partners by 452.0% in the first quarter. Teacher Retirement System of Texas now owns 17,691 shares of the financial services provider’s stock valued at $1,876,000 after purchasing an additional 14,486 shares in the last quarter. OneDigital Investment Advisors LLC lifted its holdings in shares of Pinnacle Financial Partners by 10.9% in the first quarter. OneDigital Investment Advisors LLC now owns 6,471 shares of the financial services provider’s stock valued at $686,000 after purchasing an additional 636 shares in the last quarter. Impax Asset Management Group plc bought a new position in shares of Pinnacle Financial Partners in the first quarter valued at approximately $7,423,000. Finally, Envestnet Asset Management Inc. grew its stake in shares of Pinnacle Financial Partners by 0.7% in the 1st quarter. Envestnet Asset Management Inc. now owns 233,065 shares of the financial services provider’s stock worth $24,714,000 after acquiring an additional 1,533 shares in the last quarter. 87.40% of the stock is owned by institutional investors.

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.