Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Shares Sold by MetLife Investment Management LLC

MetLife Investment Management LLC trimmed its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 1.8% in the third quarter, HoldingsChannel reports. The institutional investor owned 39,537 shares of the financial services provider’s stock after selling 729 shares during the period. MetLife Investment Management LLC’s holdings in Pinnacle Financial Partners were worth $3,873,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Dimensional Fund Advisors LP raised its holdings in shares of Pinnacle Financial Partners by 10.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,094,498 shares of the financial services provider’s stock worth $247,673,000 after purchasing an additional 292,401 shares during the period. FMR LLC raised its holdings in Pinnacle Financial Partners by 11.6% in the third quarter. FMR LLC now owns 2,716,416 shares of the financial services provider’s stock valued at $266,127,000 after buying an additional 282,016 shares during the period. The Manufacturers Life Insurance Company lifted its position in Pinnacle Financial Partners by 20.5% during the third quarter. The Manufacturers Life Insurance Company now owns 1,015,033 shares of the financial services provider’s stock valued at $99,443,000 after buying an additional 172,750 shares in the last quarter. Principal Financial Group Inc. grew its stake in Pinnacle Financial Partners by 27.0% during the third quarter. Principal Financial Group Inc. now owns 983,282 shares of the financial services provider’s stock worth $96,332,000 after buying an additional 208,938 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Pinnacle Financial Partners by 1.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 920,088 shares of the financial services provider’s stock worth $90,141,000 after acquiring an additional 9,856 shares in the last quarter. 87.40% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

PNFP has been the subject of a number of research reports. Stephens upped 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 report on Thursday, October 17th. Barclays increased their target price on Pinnacle Financial Partners from $101.00 to $108.00 and gave the company 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 stock an “equal weight” rating in a research report on Thursday, October 17th. Truist Financial increased their price objective on shares of Pinnacle Financial Partners from $113.00 to $119.00 and gave the company a “buy” rating in a research report on Monday, October 21st. Finally, Citigroup boosted their target price on shares of 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 analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, Pinnacle Financial Partners presently has a consensus rating of “Hold” and a consensus price target of $108.70.

Pinnacle Financial Partners Price Performance

Shares of PNFP stock opened at $125.16 on Tuesday. The firm has a market cap of $9.67 billion, a P/E ratio of 23.79 and a beta of 1.04. The firm has a fifty day moving average of $109.45 and a two-hundred day moving average of $94.83. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.90 and a quick ratio of 0.90. Pinnacle Financial Partners, Inc. has a 1-year low of $73.62 and a 1-year high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced 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. Pinnacle Financial Partners had a return on equity of 8.89% and a net margin of 13.97%. The firm had revenue of $810.11 million during the quarter, compared to analyst estimates of $454.18 million. During the same period in the previous year, the company earned $1.79 earnings per share. As a group, research analysts anticipate that Pinnacle Financial Partners, Inc. will post 6.8 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 1st were given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 0.70%. The ex-dividend date was Friday, November 1st. Pinnacle Financial Partners’s dividend payout ratio is currently 16.73%.

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.