Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Stock Holdings Lowered by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC reduced its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 18.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 154,579 shares of the financial services provider's stock after selling 35,144 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.20% of Pinnacle Financial Partners worth $15,144,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of PNFP. Raymond James & Associates lifted its holdings in shares of Pinnacle Financial Partners by 2.5% during the 3rd quarter. Raymond James & Associates now owns 208,850 shares of the financial services provider's stock valued at $20,461,000 after acquiring an additional 5,134 shares in the last quarter. Blue Trust Inc. lifted its stake in shares of Pinnacle Financial Partners by 10.6% during the third quarter. Blue Trust Inc. now owns 1,315 shares of the financial services provider's stock worth $129,000 after purchasing an additional 126 shares in the last quarter. Hunter Perkins Capital Management LLC grew its stake in shares of Pinnacle Financial Partners by 2.8% in the third quarter. Hunter Perkins Capital Management LLC now owns 15,145 shares of the financial services provider's stock valued at $1,484,000 after buying an additional 410 shares in the last quarter. NBC Securities Inc. grew its stake in shares of Pinnacle Financial Partners by 5.8% in the third quarter. NBC Securities Inc. now owns 7,519 shares of the financial services provider's stock valued at $736,000 after buying an additional 411 shares in the last quarter. Finally, Creative Planning raised its holdings in shares of Pinnacle Financial Partners by 9.4% during the 3rd quarter. Creative Planning now owns 18,710 shares of the financial services provider's stock valued at $1,833,000 after buying an additional 1,614 shares during the period. Hedge funds and other institutional investors own 87.40% of the company's stock.

Wall Street Analysts Forecast Growth

PNFP has been the subject of several recent research reports. Stephens increased their price objective on shares of Pinnacle Financial Partners from $108.00 to $120.00 and gave the company an "overweight" rating in a research report on Thursday, October 17th. 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 report on Friday, September 27th. Truist Financial boosted their price objective on shares of Pinnacle Financial Partners from $113.00 to $119.00 and gave the stock a "buy" rating in a report on Monday, October 21st. Piper Sandler downgraded Pinnacle Financial Partners from an "overweight" rating to a "neutral" rating and raised their target price for the company from $95.00 to $98.00 in a research note on Thursday, July 18th. Finally, Barclays increased their target price on Pinnacle Financial Partners from $101.00 to $108.00 and gave the company an "equal weight" rating in a research note on Thursday, October 17th. Five research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $106.60.

Pinnacle Financial Partners Stock Performance

PNFP traded down $2.35 during trading hours on Friday, hitting $100.76. 311,420 shares of the stock were exchanged, compared to its average volume of 466,340. The stock has a market cap of $7.78 billion, a price-to-earnings ratio of 19.16 and a beta of 1.05. The stock has a 50-day simple moving average of $97.33 and a 200-day simple moving average of $87.80. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.90 and a quick ratio of 0.90. Pinnacle Financial Partners, Inc. has a 12 month low of $60.19 and a 12 month high of $107.13.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last posted its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to the consensus estimate of $454.18 million. During the same period last year, the firm posted $1.79 EPS. Analysts anticipate that Pinnacle Financial Partners, Inc. will post 6.82 earnings per share for the current year.

Pinnacle Financial Partners Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 1st will be issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 0.87%. The ex-dividend date of this dividend is Friday, November 1st. Pinnacle Financial Partners's dividend payout ratio (DPR) is presently 16.73%.

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.