Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Shares Sold by Pacer Advisors Inc.

Pacer Advisors Inc. decreased its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 1.7% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 11,519 shares of the financial services provider’s stock after selling 201 shares during the period. Pacer Advisors Inc.’s holdings in Pinnacle Financial Partners were worth $922,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the company. Verdence Capital Advisors LLC raised its holdings in Pinnacle Financial Partners by 2.9% in the 1st quarter. Verdence Capital Advisors LLC now owns 4,497 shares of the financial services provider’s stock worth $386,000 after purchasing an additional 126 shares during the period. Versant Capital Management Inc lifted its position in shares of Pinnacle Financial Partners by 44.5% during the 2nd 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 in the last quarter. Covenant Partners LLC grew its stake in Pinnacle Financial Partners by 1.4% in the 4th quarter. Covenant Partners LLC now owns 10,699 shares of the financial services provider’s stock valued at $933,000 after acquiring an additional 149 shares during the period. CANADA LIFE ASSURANCE Co increased its holdings in Pinnacle Financial Partners by 0.3% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 57,459 shares of the financial services provider’s stock worth $4,930,000 after acquiring an additional 152 shares in the last quarter. Finally, GAMMA Investing LLC raised its position in Pinnacle Financial Partners by 26.7% during the second quarter. GAMMA Investing LLC now owns 853 shares of the financial services provider’s stock worth $68,000 after acquiring an additional 180 shares during the period. Institutional investors and hedge funds own 87.40% of the company’s stock.

Pinnacle Financial Partners Price Performance

Shares of PNFP stock opened at $96.67 on Friday. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.90 and a quick ratio of 0.90. The company has a market capitalization of $7.47 billion, a PE ratio of 13.83 and a beta of 1.05. The firm’s 50-day moving average is $94.18 and its two-hundred day moving average is $85.48. Pinnacle Financial Partners, Inc. has a 12 month low of $59.66 and a 12 month high of $100.76.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $1.63 EPS for the quarter, beating analysts’ consensus estimates of $1.60 by $0.03. The firm had revenue of $366.55 million for the quarter, compared to analysts’ expectations of $426.40 million. Pinnacle Financial Partners had a return on equity of 8.97% and a net margin of 13.93%. Analysts predict that Pinnacle Financial Partners, Inc. will post 6.81 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 2nd were given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.91%. The ex-dividend date of this dividend was Friday, August 2nd. Pinnacle Financial Partners’s payout ratio is 12.59%.

Wall Street Analysts Forecast Growth

PNFP has been the topic of several research analyst reports. JPMorgan Chase & Co. dropped their target price on shares of Pinnacle Financial Partners from $108.00 to $105.00 and set an “overweight” rating on the stock in a research report on Thursday, June 27th. Barclays increased their target price on Pinnacle Financial Partners from $97.00 to $101.00 and gave the company an “equal weight” rating in a report on Friday. Citigroup lifted their price target on Pinnacle Financial Partners from $93.00 to $113.00 and gave the stock a “buy” rating in a research note on Thursday, July 18th. Hovde Group increased their price objective on Pinnacle Financial Partners from $110.00 to $114.00 and gave the company an “outperform” rating in a research note on Friday. Finally, Truist Financial lifted their target price on shares of Pinnacle Financial Partners from $101.00 to $113.00 and gave the stock a “buy” rating in a research note on Friday, September 20th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, Pinnacle Financial Partners has a consensus rating of “Hold” and a consensus price target of $102.10.

Pinnacle Financial Partners 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; 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.