Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Shares Sold by Pitcairn Co.

Pitcairn Co. reduced its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 8.9% during the 3rd quarter, Holdings Channel.com reports. The fund owned 5,521 shares of the financial services provider’s stock after selling 539 shares during the quarter. Pitcairn Co.’s holdings in Pinnacle Financial Partners were worth $541,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Ashton Thomas Securities LLC acquired a new stake in shares of Pinnacle Financial Partners during the third quarter worth about $30,000. International Assets Investment Management LLC acquired a new position in Pinnacle Financial Partners during the second quarter worth approximately $29,000. Versant Capital Management Inc lifted its stake in Pinnacle Financial Partners by 44.5% in the second 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. UMB Bank n.a. lifted its stake in Pinnacle Financial Partners by 83.4% in the third quarter. UMB Bank n.a. now owns 497 shares of the financial services provider’s stock valued at $49,000 after buying an additional 226 shares during the last quarter. Finally, Values First Advisors Inc. acquired a new stake in shares of Pinnacle Financial Partners in the third quarter valued at approximately $49,000. 87.40% of the stock is owned by hedge funds and other institutional investors.

Pinnacle Financial Partners Trading Up 2.9 %

Shares of PNFP stock opened at $129.87 on Tuesday. Pinnacle Financial Partners, Inc. has a 1-year low of $70.32 and a 1-year high of $131.91. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.90 and a quick ratio of 0.90. The business’s fifty day moving average price is $106.63 and its 200 day moving average price is $93.32. The firm has a market capitalization of $10.03 billion, a PE ratio of 24.69 and a beta of 1.04.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.79 by $0.07. Pinnacle Financial Partners had a net margin of 13.97% and a return on equity of 8.89%. The business had revenue of $810.11 million during the quarter, compared to the consensus estimate of $454.18 million. During the same quarter last year, the firm posted $1.79 EPS. As a group, sell-side analysts forecast that Pinnacle Financial Partners, Inc. will post 6.8 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The company also recently disclosed 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. This represents a $0.88 annualized dividend and a yield of 0.68%. The ex-dividend date is Friday, November 1st. Pinnacle Financial Partners’s payout ratio is currently 16.73%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Stephens lifted their target price on shares of Pinnacle Financial Partners from $108.00 to $120.00 and gave the company an “overweight” rating in a report on Thursday, October 17th. Truist Financial upped their target price on shares of Pinnacle Financial Partners from $113.00 to $119.00 and gave the company a “buy” rating in a report on Monday, October 21st. Barclays increased their target price on shares of Pinnacle Financial Partners from $101.00 to $108.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 17th. Wells Fargo & Company boosted 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. Finally, Citigroup increased 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. Six equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $108.70.

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.