Azora Capital LP Purchases Shares of 656,589 Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Azora Capital LP purchased a new stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 656,589 shares of the financial services provider’s stock, valued at approximately $64,326,000. Pinnacle Financial Partners comprises 3.5% of Azora Capital LP’s investment portfolio, making the stock its 11th biggest position. Azora Capital LP owned approximately 0.85% of Pinnacle Financial Partners at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of PNFP. International Assets Investment Management LLC purchased a new position in Pinnacle Financial Partners during the second quarter worth $29,000. Ashton Thomas Securities LLC acquired a new stake in shares of Pinnacle Financial Partners during the third quarter valued at $30,000. Versant Capital Management Inc increased its position in Pinnacle Financial Partners by 44.5% during the 2nd quarter. Versant Capital Management Inc now owns 432 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 133 shares in the last quarter. UMB Bank n.a. raised its stake in Pinnacle Financial Partners by 83.4% in the 3rd quarter. UMB Bank n.a. now owns 497 shares of the financial services provider’s stock valued at $49,000 after purchasing an additional 226 shares during the last quarter. Finally, Values First Advisors Inc. purchased a new position in Pinnacle Financial Partners in the 3rd quarter valued at about $49,000. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Pinnacle Financial Partners Price Performance

PNFP stock opened at $127.11 on Monday. The company has a market cap of $9.82 billion, a PE ratio of 24.17 and a beta of 1.04. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.42. The stock has a 50-day moving average price of $108.95 and a two-hundred day moving average price of $94.54. Pinnacle Financial Partners, Inc. has a 12-month low of $72.23 and a 12-month high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its 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 business had revenue of $810.11 million during the quarter, compared to analysts’ expectations of $454.18 million. During the same quarter in the previous year, the business earned $1.79 EPS. As a group, research analysts predict that Pinnacle Financial Partners, Inc. will post 6.8 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 1st were given a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 0.69%. The ex-dividend date was Friday, November 1st. Pinnacle Financial Partners’s payout ratio is currently 16.73%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on PNFP shares. Citigroup lifted their price target on shares of Pinnacle Financial Partners from $113.00 to $123.00 and gave the stock a “buy” rating in a report on Thursday, October 17th. Barclays boosted their price target on Pinnacle Financial Partners from $101.00 to $108.00 and gave the company an “equal weight” rating in a report on Thursday, October 17th. Truist Financial increased their price target on Pinnacle Financial Partners from $113.00 to $119.00 and gave the stock a “buy” rating in a research note on Monday, October 21st. Stephens lifted 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. Finally, Hovde Group downgraded Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 target price on the stock. in a research report on Monday, November 18th. Six research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, Pinnacle Financial Partners currently has an average rating of “Hold” and a consensus target price of $108.70.

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.