Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Short Interest Up 40.4% in October

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) was the target of 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. Currently, 3.9% of the shares of the stock are short sold. Based on an average daily volume of 1,470,000 shares, the days-to-cover ratio is presently 2.0 days. Based on an average daily volume of 1,470,000 shares, the days-to-cover ratio is presently 2.0 days. Currently, 3.9% of the shares of the stock are short sold.

Insider Buying and Selling

In related news, Director G Kennedy Thompson purchased 5,000 shares of the company’s stock in a transaction that occurred on Monday, October 20th. The shares were purchased at an average price of $87.63 per share, with a total value of $438,150.00. Following the purchase, the director owned 33,372 shares of the company’s stock, valued at $2,924,388.36. This trade represents a 17.62% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. 1.46% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Pinnacle Financial Partners

A number of large investors have recently added to or reduced their stakes in PNFP. Jefferies Financial Group Inc. acquired a new stake in Pinnacle Financial Partners in the 1st quarter valued at approximately $850,000. Golden State Wealth Management LLC acquired a new position in shares of Pinnacle Financial Partners in the first quarter valued at approximately $48,000. M&T Bank Corp increased its stake in shares of Pinnacle Financial Partners by 9.0% during the first quarter. M&T Bank Corp now owns 8,187 shares of the financial services provider’s stock worth $868,000 after purchasing an additional 674 shares during the period. Trexquant Investment LP increased its stake in shares of Pinnacle Financial Partners by 27.4% during the first quarter. Trexquant Investment LP now owns 23,183 shares of the financial services provider’s stock worth $2,458,000 after purchasing an additional 4,989 shares during the period. Finally, CWM LLC increased its stake in shares of Pinnacle Financial Partners by 475.2% during the first quarter. CWM LLC now owns 3,526 shares of the financial services provider’s stock worth $374,000 after purchasing an additional 2,913 shares during the period. Institutional investors own 87.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on PNFP shares. Wall Street Zen raised Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research report on Friday, July 18th. TD Cowen began coverage on shares of Pinnacle Financial Partners in a research report on Thursday, September 25th. They issued a “buy” rating and a $122.00 price target on the stock. Truist Financial lowered their price target on Pinnacle Financial Partners from $107.00 to $105.00 and set a “buy” rating on the stock in a research report on Friday, October 17th. Jefferies Financial Group reissued a “hold” rating and set a $110.00 price objective (down previously from $145.00) on shares of Pinnacle Financial Partners in a research report on Friday, July 25th. Finally, Citigroup lowered their target price on Pinnacle Financial Partners from $140.00 to $120.00 and set a “buy” rating on the stock in a report on Friday, July 25th. Six equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat.com, Pinnacle Financial Partners presently has a consensus rating of “Hold” and an average target price of $110.27.

Pinnacle Financial Partners Stock Up 0.6%

Shares of PNFP traded up $0.50 on Monday, hitting $85.71. The company’s 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. The firm’s fifty day moving average price is $92.99 and its 200-day moving average price is $100.18. Pinnacle Financial Partners has a fifty-two week low of $81.57 and a fifty-two week high of $131.91. The firm has a market capitalization of $6.65 billion, a price-to-earnings ratio of 10.89 and a beta of 1.02.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings data 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 return on equity of 9.91% and a net margin of 19.17%.The business had revenue of $544.80 million during the quarter, compared to analyst estimates of $526.40 million. During the same period in the previous year, the firm earned $1.86 EPS. On average, equities research analysts expect that Pinnacle Financial Partners will post 7.85 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 28th. Investors of record on Friday, November 7th will be given a $0.24 dividend. The ex-dividend date 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 currently 12.20%.

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.