Salzhauer Michael Sells 6,984 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Salzhauer Michael lessened its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 10.5% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 59,729 shares of the financial services provider’s stock after selling 6,984 shares during the quarter. Pinnacle Financial Partners comprises about 3.7% of Salzhauer Michael’s holdings, making the stock its 7th largest holding. Salzhauer Michael owned approximately 0.08% of Pinnacle Financial Partners worth $4,781,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. Rise Advisors LLC acquired a new stake in Pinnacle Financial Partners during the 1st quarter valued at $26,000. International Assets Investment Management LLC acquired a new stake in shares of Pinnacle Financial Partners during the second quarter valued at about $29,000. Versant Capital Management Inc increased its position in shares of Pinnacle Financial Partners by 44.5% during the second quarter. Versant Capital Management Inc now owns 432 shares of the financial services provider’s stock worth $35,000 after acquiring an additional 133 shares during the last quarter. ICA Group Wealth Management LLC purchased a new stake in shares of Pinnacle Financial Partners during the fourth quarter worth about $44,000. Finally, Principal Securities Inc. acquired a new position in shares of Pinnacle Financial Partners in the fourth quarter worth about $60,000. Institutional investors and hedge funds own 87.40% of the company’s stock.

Pinnacle Financial Partners Trading Up 3.0 %

Shares of NASDAQ PNFP opened at $94.91 on Monday. Pinnacle Financial Partners, Inc. has a 12-month low of $59.66 and a 12-month high of $99.90. The company has a market cap of $7.33 billion, a price-to-earnings ratio of 13.58 and a beta of 1.05. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.43. The stock’s 50 day simple moving average is $92.00 and its 200 day simple moving average is $84.49.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its earnings results on Tuesday, July 16th. The financial services provider reported $1.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.60 by $0.03. The company 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%. Equities research analysts expect that Pinnacle Financial Partners, Inc. will post 6.83 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Friday, August 2nd were given a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 0.93%. The ex-dividend date of this dividend was Friday, August 2nd. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 12.59%.

Wall Street Analyst Weigh In

Several research firms have issued reports on PNFP. Piper Sandler downgraded Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and lifted their price objective for the stock from $95.00 to $98.00 in a report on Thursday, July 18th. Truist Financial increased their price objective on shares of Pinnacle Financial Partners from $87.00 to $101.00 and gave the company a “buy” rating in a research note on Thursday, July 18th. Wells Fargo & Company boosted their target price on shares of Pinnacle Financial Partners from $90.00 to $100.00 and gave the stock an “overweight” rating in a research report on Thursday, July 18th. Citigroup increased their price target on shares of Pinnacle Financial Partners from $93.00 to $113.00 and gave the stock 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 for the company in a report on Thursday, June 27th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the stock. According to MarketBeat, Pinnacle Financial Partners currently has a consensus rating of “Hold” and a consensus target price of $99.00.

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.