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

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) saw a large 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 trading volume of 510,600 shares, the short-interest ratio is presently 3.9 days. Approximately 2.6% of the shares of the stock are short sold.

Pinnacle Financial Partners Trading Up 0.5 %

Shares of NASDAQ:PNFP traded up $0.57 during trading on Friday, reaching $123.99. 437,831 shares of the company traded hands, compared to its average volume of 472,888. The firm has a market capitalization of $9.58 billion, a price-to-earnings ratio of 23.57 and a beta of 1.04. Pinnacle Financial Partners has a 52-week low of $70.03 and a 52-week high of $129.38. The business’s fifty day moving average is $102.23 and its 200-day moving average is $91.05. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.42.

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. The firm had revenue of $810.11 million during the quarter, compared to analysts’ expectations of $454.18 million. Pinnacle Financial Partners had a net margin of 13.97% and a return on equity of 8.89%. During the same period in the previous year, the company earned $1.79 earnings per share. As a group, analysts forecast that Pinnacle Financial Partners will post 6.8 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 1st will be paid 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 dividend yield of 0.71%. Pinnacle Financial Partners’s payout ratio is 16.73%.

Institutional Investors Weigh In On Pinnacle Financial Partners

A number of hedge funds have recently modified their holdings of PNFP. OneDigital Investment Advisors LLC increased its stake in Pinnacle Financial Partners by 1.3% in the third quarter. OneDigital Investment Advisors LLC now owns 6,646 shares of the financial services provider’s stock valued at $651,000 after purchasing an additional 88 shares during the last quarter. EverSource Wealth Advisors LLC grew its holdings in Pinnacle Financial Partners by 0.6% during the 3rd quarter. EverSource Wealth Advisors LLC now owns 17,976 shares of the financial services provider’s stock worth $1,761,000 after acquiring an additional 100 shares in the last quarter. Blue Trust Inc. grew its position in shares of Pinnacle Financial Partners by 10.6% in the 3rd quarter. Blue Trust Inc. now owns 1,315 shares of the financial services provider’s stock worth $129,000 after acquiring an additional 126 shares in the last quarter. Versant Capital Management Inc grew its position in shares of 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 valued at $35,000 after buying an additional 133 shares during the last quarter. Finally, Strategic Blueprint LLC lifted its holdings in shares of Pinnacle Financial Partners by 3.4% in the 3rd quarter. Strategic Blueprint LLC now owns 4,025 shares of the financial services provider’s stock worth $394,000 after purchasing an additional 133 shares during the last quarter. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Stephens increased their price target on shares of Pinnacle Financial Partners from $108.00 to $120.00 and gave the stock an “overweight” rating in a research note on Thursday, October 17th. Barclays increased their target price on Pinnacle Financial Partners from $101.00 to $108.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 17th. Hovde Group upped their target price on Pinnacle Financial Partners from $110.00 to $114.00 and gave the company an “outperform” rating in a research report on Friday, September 27th. Citigroup increased their target price 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. Finally, Wells Fargo & Company lifted their price target on Pinnacle Financial Partners from $100.00 to $104.00 and gave the company an “equal weight” rating in a research report on Thursday, October 17th. Five equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price 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.