Swiss National Bank Sells 19,500 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Swiss National Bank reduced its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 10.6% in the first quarter, according to its most recent filing with the SEC. The fund owned 165,061 shares of the financial services provider’s stock after selling 19,500 shares during the period. Swiss National Bank owned approximately 0.22% of Pinnacle Financial Partners worth $9,105,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in PNFP. American Century Companies Inc. lifted its holdings in shares of Pinnacle Financial Partners by 12.1% during the 1st quarter. American Century Companies Inc. now owns 6,848 shares of the financial services provider’s stock worth $631,000 after acquiring an additional 738 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp bought a new stake in Pinnacle Financial Partners in the first quarter worth $101,000. PNC Financial Services Group Inc. lifted its stake in Pinnacle Financial Partners by 76.9% in the first quarter. PNC Financial Services Group Inc. now owns 6,527 shares of the financial services provider’s stock worth $600,000 after purchasing an additional 2,838 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its stake in Pinnacle Financial Partners by 10.5% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 27,903 shares of the financial services provider’s stock worth $2,569,000 after purchasing an additional 2,660 shares during the last quarter. Finally, BlackRock Inc. lifted its stake in Pinnacle Financial Partners by 1.5% in the first quarter. BlackRock Inc. now owns 6,935,015 shares of the financial services provider’s stock worth $638,577,000 after purchasing an additional 104,706 shares during the last quarter. 79.24% of the stock is owned by institutional investors.

Pinnacle Financial Partners Price Performance

PNFP stock opened at $65.31 on Friday. The firm’s 50-day moving average price is $65.22 and its two-hundred day moving average price is $60.64. Pinnacle Financial Partners, Inc. has a 12-month low of $43.31 and a 12-month high of $89.00. The stock has a market capitalization of $5.01 billion, a price-to-earnings ratio of 8.19 and a beta of 1.17. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.47.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings results on Wednesday, July 19th. The financial services provider reported $1.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.63 by $0.16. Pinnacle Financial Partners had a net margin of 26.38% and a return on equity of 10.49%. The company had revenue of $489.23 million for the quarter, compared to analysts’ expectations of $412.20 million. During the same quarter in the previous year, the company earned $1.86 earnings per share. Pinnacle Financial Partners’s quarterly revenue was up 25.4% on a year-over-year basis. As a group, equities analysts predict that Pinnacle Financial Partners, Inc. will post 6.89 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 25th. Investors of record on Friday, August 4th were given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 1.35%. The ex-dividend date of this dividend was Thursday, August 3rd. Pinnacle Financial Partners’s dividend payout ratio is currently 11.04%.

Analyst Upgrades and Downgrades

PNFP has been the subject of several recent research reports. Truist Financial boosted their price target on shares of Pinnacle Financial Partners from $61.00 to $73.00 and gave the stock a “buy” rating in a research note on Thursday, July 20th. StockNews.com initiated coverage on shares of Pinnacle Financial Partners in a research note on Thursday, August 17th. They issued a “sell” rating for the company. JPMorgan Chase & Co. boosted their price target on shares of Pinnacle Financial Partners from $65.00 to $71.00 in a research note on Thursday, June 29th. Finally, TheStreet downgraded shares of Pinnacle Financial Partners from a “b-” rating to a “c+” rating in a research note on Wednesday, June 7th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $77.25.

Pinnacle Financial Partners Company Profile

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.