Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Stock Position Lowered by Citigroup Inc.

Citigroup Inc. trimmed its holdings in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 34.7% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 63,322 shares of the financial services provider's stock after selling 33,604 shares during the quarter. Citigroup Inc. owned 0.08% of Pinnacle Financial Partners worth $6,204,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of PNFP. Ashton Thomas Securities LLC bought a new position in shares of Pinnacle Financial Partners during the third quarter worth about $30,000. International Assets Investment Management LLC bought a new position in Pinnacle Financial Partners during the 2nd quarter worth approximately $29,000. Versant Capital Management Inc grew its position in shares of Pinnacle Financial Partners by 44.5% in the 2nd 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 in the last quarter. UMB Bank n.a. raised its position in shares of Pinnacle Financial Partners by 83.4% during the 3rd quarter. UMB Bank n.a. now owns 497 shares of the financial services provider's stock valued at $49,000 after acquiring an additional 226 shares in the last quarter. Finally, Values First Advisors Inc. acquired a new stake in shares of Pinnacle Financial Partners during the 3rd quarter valued at approximately $49,000. Institutional investors and hedge funds own 87.40% of the company's stock.

Analyst Upgrades and Downgrades

PNFP has been the subject of several recent research reports. Truist Financial boosted their target price on shares of Pinnacle Financial Partners from $113.00 to $119.00 and gave the company a "buy" rating in a research note on Monday, October 21st. Wells Fargo & Company boosted their price objective on shares of Pinnacle Financial Partners from $100.00 to $104.00 and gave the company an "equal weight" rating in a research report on Thursday, October 17th. Hovde Group downgraded Pinnacle Financial Partners from an "outperform" rating to a "market perform" rating and set a $135.00 target price for the company. in a research note on Monday, November 18th. Citigroup upped their price objective on Pinnacle Financial Partners from $113.00 to $123.00 and gave the stock a "buy" rating in a research note on Thursday, October 17th. Finally, Barclays lifted their price target on Pinnacle Financial Partners from $101.00 to $108.00 and gave the company an "equal weight" rating in a report on Thursday, October 17th. Six investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $108.70.

Pinnacle Financial Partners Price Performance

NASDAQ PNFP traded down $1.95 on Monday, reaching $125.16. 378,704 shares of the stock traded hands, compared to its average volume of 471,607. Pinnacle Financial Partners, Inc. has a 12 month low of $73.62 and a 12 month high of $131.91. The company has a market cap of $9.67 billion, a price-to-earnings ratio of 23.79 and a beta of 1.04. The firm's fifty day simple moving average is $109.45 and its 200 day simple moving average is $94.83. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.42.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last issued its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share for the quarter, beating analysts' consensus estimates of $1.79 by $0.07. Pinnacle Financial Partners had a net margin of 13.97% and a return on equity of 8.89%. The company had revenue of $810.11 million during the quarter, compared to the consensus estimate of $454.18 million. During the same period in the prior year, the company earned $1.79 EPS. As a group, research analysts predict that Pinnacle Financial Partners, Inc. will post 6.8 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

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

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; 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.