Sanctuary Advisors LLC Buys New Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Sanctuary Advisors LLC purchased a new stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 4,009 shares of the financial services provider’s stock, valued at approximately $322,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PNFP. 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 purchasing an additional 735 shares during the period. Creative Planning grew its stake in Pinnacle Financial Partners by 6.9% during the second quarter. Creative Planning now owns 17,096 shares of the financial services provider’s stock worth $1,368,000 after buying an additional 1,097 shares during the period. Algert Global LLC acquired a new stake in shares of Pinnacle Financial Partners in the second quarter worth $621,000. Earnest Partners LLC raised its stake in shares of Pinnacle Financial Partners by 0.8% in the 2nd quarter. Earnest Partners LLC now owns 660,415 shares of the financial services provider’s stock valued at $52,860,000 after acquiring an additional 5,293 shares during the period. Finally, AQR Capital Management LLC lifted its holdings in shares of Pinnacle Financial Partners by 143.0% during the 2nd quarter. AQR Capital Management LLC now owns 68,129 shares of the financial services provider’s stock valued at $5,332,000 after acquiring an additional 40,091 shares in the last quarter. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Stephens raised their target price on Pinnacle Financial Partners from $108.00 to $120.00 and gave the company an “overweight” rating in a report on Thursday. Wells Fargo & Company lifted their price objective on shares of Pinnacle Financial Partners from $100.00 to $104.00 and gave the company an “equal weight” rating in a research note on Thursday. Barclays upped their target price on shares of Pinnacle Financial Partners from $101.00 to $108.00 and gave the company an “equal weight” rating in a research note on Thursday. JPMorgan Chase & Co. lowered their price target on shares of Pinnacle Financial Partners from $108.00 to $105.00 and set an “overweight” rating for the company in a report on Thursday, June 27th. Finally, Citigroup boosted their price objective on shares of Pinnacle Financial Partners from $113.00 to $123.00 and gave the stock a “buy” rating in a report on Thursday. Five 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.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $106.00.

Pinnacle Financial Partners Stock Down 0.7 %

PNFP stock opened at $105.62 on Friday. The company’s 50 day simple moving average is $96.03 and its 200-day simple moving average is $87.08. The firm has a market capitalization of $8.16 billion, a P/E ratio of 20.75 and a beta of 1.05. Pinnacle Financial Partners, Inc. has a 52-week low of $59.66 and a 52-week high of $107.13. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.90 and a quick ratio of 0.90.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $1.86 EPS for the quarter, beating analysts’ consensus estimates of $1.79 by $0.07. The firm had revenue of $810.11 million for the quarter, compared to the consensus estimate of $454.18 million. Pinnacle Financial Partners had a net margin of 13.93% and a return on equity of 8.97%. During the same period in the previous year, the firm posted $1.79 earnings per share. As a group, equities research analysts anticipate that Pinnacle Financial Partners, Inc. will post 6.77 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 1st will be paid a $0.22 dividend. The ex-dividend date of this dividend is Friday, November 1st. This represents a $0.88 dividend on an annualized basis and a yield of 0.83%. Pinnacle Financial Partners’s payout ratio is presently 17.29%.

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.