Covestor Ltd cut its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP – Free Report) by 38.8% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 840 shares of the financial services provider’s stock after selling 532 shares during the quarter. Covestor Ltd’s holdings in Pinnacle Financial Partners were worth $72,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently modified their holdings of PNFP. American Century Companies Inc. increased its holdings in Pinnacle Financial Partners by 133.8% in the 3rd quarter. American Century Companies Inc. now owns 84,221 shares of the financial services provider’s stock worth $5,646,000 after buying an additional 48,203 shares in the last quarter. Raymond James & Associates boosted its position in Pinnacle Financial Partners by 0.4% in the fourth quarter. Raymond James & Associates now owns 186,621 shares of the financial services provider’s stock worth $16,277,000 after purchasing an additional 710 shares during the last quarter. Pacer Advisors Inc. boosted its position in Pinnacle Financial Partners by 79.4% in the fourth quarter. Pacer Advisors Inc. now owns 11,539 shares of the financial services provider’s stock worth $1,006,000 after purchasing an additional 5,106 shares during the last quarter. Steel Grove Capital Advisors LLC boosted its position in Pinnacle Financial Partners by 7.9% in the fourth quarter. Steel Grove Capital Advisors LLC now owns 17,039 shares of the financial services provider’s stock worth $1,486,000 after purchasing an additional 1,250 shares during the last quarter. Finally, Caprock Group LLC boosted its position in Pinnacle Financial Partners by 2.2% in the fourth quarter. Caprock Group LLC now owns 5,604 shares of the financial services provider’s stock worth $489,000 after purchasing an additional 122 shares during the last quarter. 87.40% of the stock is currently owned by institutional investors.
Pinnacle Financial Partners Stock Performance
NASDAQ:PNFP opened at $94.16 on Thursday. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.90 and a quick ratio of 0.90. Pinnacle Financial Partners, Inc. has a 1 year low of $59.66 and a 1 year high of $97.49. The stock’s 50 day simple moving average is $80.81 and its two-hundred day simple moving average is $82.29. The company has a market cap of $7.27 billion, a price-to-earnings ratio of 13.47 and a beta of 1.08.
Pinnacle Financial Partners Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Stockholders of record on Friday, August 2nd will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 0.93%. The ex-dividend date of this dividend is Friday, August 2nd. Pinnacle Financial Partners’s dividend payout ratio is currently 12.59%.
Wall Street Analyst Weigh In
Several research analysts have issued reports on the company. Piper Sandler cut Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and raised their target price for the stock from $95.00 to $98.00 in a research report on Thursday, July 18th. Jefferies Financial Group lowered their price objective on Pinnacle Financial Partners from $88.00 to $85.00 and set a “hold” rating on the stock in a research report on Monday, April 8th. Citigroup lifted their price objective on Pinnacle Financial Partners from $93.00 to $113.00 and gave the company a “buy” rating in a research report on Thursday, July 18th. Truist Financial lifted their price objective on Pinnacle Financial Partners from $87.00 to $101.00 and gave the company a “buy” rating in a research report on Thursday, July 18th. Finally, JPMorgan Chase & Co. lowered their price objective on 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. One analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, Pinnacle Financial Partners currently has an average rating of “Hold” and a consensus price target of $99.00.
Read Our Latest Analysis on Pinnacle Financial Partners
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.
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