NFJ Investment Group LLC Has $3.84 Million Stock Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

NFJ Investment Group LLC cut its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 9.3% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 39,161 shares of the financial services provider's stock after selling 4,034 shares during the period. NFJ Investment Group LLC owned about 0.05% of Pinnacle Financial Partners worth $3,837,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Victory Capital Management Inc. boosted its holdings in Pinnacle Financial Partners by 17.9% in the 3rd quarter. Victory Capital Management Inc. now owns 186,612 shares of the financial services provider's stock worth $18,282,000 after acquiring an additional 28,327 shares during the period. B. Metzler seel. Sohn & Co. Holding AG purchased a new position in Pinnacle Financial Partners in the 3rd quarter worth approximately $3,606,000. Pier Capital LLC boosted its holdings in Pinnacle Financial Partners by 16.5% in the 2nd quarter. Pier Capital LLC now owns 111,797 shares of the financial services provider's stock worth $8,948,000 after acquiring an additional 15,797 shares during the period. Edgestream Partners L.P. boosted its holdings in Pinnacle Financial Partners by 1,017.9% in the 2nd quarter. Edgestream Partners L.P. now owns 71,064 shares of the financial services provider's stock worth $5,688,000 after acquiring an additional 64,707 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Pinnacle Financial Partners by 1.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 920,088 shares of the financial services provider's stock worth $90,141,000 after acquiring an additional 9,856 shares during the period. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. 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. Truist Financial increased their target price on Pinnacle Financial Partners from $113.00 to $119.00 and gave the company a "buy" rating in a research note on Monday, October 21st. Stephens increased their target price on Pinnacle Financial Partners from $108.00 to $120.00 and gave the company an "overweight" rating in a research note on Thursday, October 17th. Citigroup increased their target price on Pinnacle Financial Partners from $113.00 to $123.00 and gave the company a "buy" rating in a research note on Thursday, October 17th. Finally, Keefe, Bruyette & Woods reiterated a "market perform" rating and set a $135.00 target price (up from $115.00) on shares of Pinnacle Financial Partners in a research note on Wednesday. Seven analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, Pinnacle Financial Partners currently has an average rating of "Hold" and a consensus target price of $112.55.

Pinnacle Financial Partners Stock Performance

NASDAQ PNFP traded down $0.15 during trading hours on Wednesday, hitting $124.07. The company had a trading volume of 172,596 shares, compared to its average volume of 470,059. Pinnacle Financial Partners, Inc. has a fifty-two week low of $73.62 and a fifty-two week high of $131.91. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.42. The business has a fifty day simple moving average of $109.98 and a 200-day simple moving average of $95.12. The firm has a market cap of $9.58 billion, a P/E ratio of 23.62 and a beta of 1.08.

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

Pinnacle Financial Partners Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 1st were issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.71%. The ex-dividend date of this dividend was Friday, November 1st. Pinnacle Financial Partners's dividend payout ratio (DPR) is 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.