Short Interest in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Decreases By 20.7%

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) saw a significant decrease in short interest in October. As of October 31st, there was short interest totalling 1,990,000 shares, a decrease of 20.7% from the October 15th total of 2,510,000 shares. Based on an average daily trading volume, of 510,600 shares, the days-to-cover ratio is currently 3.9 days. Currently, 2.6% of the company’s shares are sold short.

Analysts Set New Price Targets

A number of analysts have issued reports on PNFP shares. Piper Sandler lowered Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and raised their target price for the company from $95.00 to $98.00 in a report on Thursday, July 18th. Hovde Group lifted their target price on Pinnacle Financial Partners from $110.00 to $114.00 and gave the stock an “outperform” rating in a report on Friday, September 27th. Wells Fargo & Company increased their price objective on Pinnacle Financial Partners from $100.00 to $104.00 and gave the company an “equal weight” rating in a report on Thursday, October 17th. Truist Financial increased their target price on shares of Pinnacle Financial Partners from $113.00 to $119.00 and gave the stock a “buy” rating in a research report on Monday, October 21st. Finally, Citigroup boosted their price objective on Pinnacle Financial Partners from $113.00 to $123.00 and gave the stock a “buy” rating in a research report on Thursday, October 17th. Five analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $106.60.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP lifted its holdings in Pinnacle Financial Partners by 10.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,094,498 shares of the financial services provider’s stock valued at $247,673,000 after purchasing an additional 292,401 shares in the last quarter. FMR LLC raised its stake in shares of Pinnacle Financial Partners by 11.6% during the third quarter. FMR LLC now owns 2,716,416 shares of the financial services provider’s stock valued at $266,127,000 after purchasing an additional 282,016 shares during the period. The Manufacturers Life Insurance Company boosted its position in Pinnacle Financial Partners by 20.5% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 1,015,033 shares of the financial services provider’s stock valued at $99,443,000 after buying an additional 172,750 shares during the last quarter. Principal Financial Group Inc. grew its position in shares of Pinnacle Financial Partners by 27.0% during the third quarter. Principal Financial Group Inc. now owns 983,282 shares of the financial services provider’s stock worth $96,332,000 after buying an additional 208,938 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in Pinnacle Financial Partners by 1.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 920,088 shares of the financial services provider’s stock valued at $90,141,000 after buying an additional 9,856 shares in the last quarter. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Pinnacle Financial Partners Stock Up 0.5 %

Shares of PNFP traded up $0.57 during mid-day trading on Friday, hitting $123.99. 437,831 shares of the company traded hands, compared to its average volume of 472,888. The business has a 50 day moving average of $102.23 and a 200 day moving average of $91.05. The company has a market capitalization of $9.58 billion, a PE ratio of 23.57 and a beta of 1.04. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.42. Pinnacle Financial Partners has a 1-year low of $70.03 and a 1-year high of $129.38.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.79 by $0.07. Pinnacle Financial Partners had a return on equity of 8.89% and a net margin of 13.97%. The firm had revenue of $810.11 million for the quarter, compared to analyst estimates of $454.18 million. During the same period in the previous year, the company posted $1.79 earnings per share. Equities research analysts anticipate that Pinnacle Financial Partners will post 6.8 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

The business also recently disclosed 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. The ex-dividend date is Friday, November 1st. This represents a $0.88 dividend on an annualized basis and a yield of 0.71%. Pinnacle Financial Partners’s payout ratio is 16.73%.

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.