Cahaba Wealth Management Inc. Sells 14,917 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Cahaba Wealth Management Inc. lessened its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 69.6% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,512 shares of the financial services provider's stock after selling 14,917 shares during the period. Cahaba Wealth Management Inc.'s holdings in Pinnacle Financial Partners were worth $638,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of PNFP. Vanguard Group Inc. increased its position in shares of Pinnacle Financial Partners by 0.9% during the fourth quarter. Vanguard Group Inc. now owns 7,161,175 shares of the financial services provider's stock worth $624,598,000 after buying an additional 63,477 shares during the period. Wasatch Advisors LP lifted its stake in shares of Pinnacle Financial Partners by 41.8% in the 1st quarter. Wasatch Advisors LP now owns 3,341,417 shares of the financial services provider's stock valued at $286,961,000 after purchasing an additional 985,694 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Pinnacle Financial Partners by 10.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,094,498 shares of the financial services provider's stock valued at $247,673,000 after purchasing an additional 292,401 shares in the last quarter. Jennison Associates LLC grew its stake in Pinnacle Financial Partners by 2.4% during the first quarter. Jennison Associates LLC now owns 1,097,395 shares of the financial services provider's stock worth $94,244,000 after purchasing an additional 26,216 shares during the period. Finally, Principal Financial Group Inc. lifted its stake in Pinnacle Financial Partners by 0.7% in the first quarter. Principal Financial Group Inc. now owns 813,585 shares of the financial services provider's stock valued at $69,871,000 after buying an additional 5,450 shares during the period. 87.40% of the stock is currently owned by institutional investors.

Pinnacle Financial Partners Stock Performance

Shares of PNFP traded down $0.78 on Friday, reaching $105.62. 361,689 shares of the company's stock traded hands, compared to its average volume of 469,810. The stock's 50 day simple moving average is $96.03 and its two-hundred day simple moving average is $87.08. The stock has a market cap of $8.16 billion, a PE ratio of 20.75 and a beta of 1.05. Pinnacle Financial Partners, Inc. has a 52-week low of $59.66 and a 52-week high of $107.13. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.43.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last announced its earnings results on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.79 by $0.07. The firm had revenue of $810.11 million during the quarter, compared to analyst estimates of $454.18 million. Pinnacle Financial Partners had a return on equity of 8.97% and a net margin of 13.93%. During the same period last year, the firm posted $1.79 EPS. On average, analysts forecast that Pinnacle Financial Partners, Inc. will post 6.77 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 1st will be given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 0.83%. The ex-dividend date is Friday, November 1st. Pinnacle Financial Partners's dividend payout ratio is currently 17.29%.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on PNFP. Piper Sandler cut shares of Pinnacle Financial Partners from an "overweight" rating to a "neutral" rating and increased their price objective for the stock from $95.00 to $98.00 in a research report on Thursday, July 18th. Citigroup boosted their price target on shares of Pinnacle Financial Partners from $113.00 to $123.00 and gave the company a "buy" rating in a research note on Thursday. Truist Financial raised their price objective on shares of Pinnacle Financial Partners from $101.00 to $113.00 and gave the company a "buy" rating in a research note on Friday, September 20th. Hovde Group raised their price target on shares of Pinnacle Financial Partners from $110.00 to $114.00 and gave the company an "outperform" rating in a research report on Friday, September 27th. Finally, Wells Fargo & Company boosted their price objective on Pinnacle Financial Partners from $100.00 to $104.00 and gave the stock an "equal weight" rating in a report on Thursday. Five research analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $106.00.

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.