Jennison Associates LLC Decreases Stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Jennison Associates LLC decreased its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 10.6% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 693,181 shares of the financial services provider's stock after selling 81,762 shares during the quarter. Jennison Associates LLC owned approximately 0.90% of Pinnacle Financial Partners worth $67,911,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. B. Metzler seel. Sohn & Co. Holding AG purchased a new position in shares of Pinnacle Financial Partners in the 3rd quarter valued at about $3,606,000. Caprock Group LLC raised its position in shares of Pinnacle Financial Partners by 2.7% in the third quarter. Caprock Group LLC now owns 5,774 shares of the financial services provider's stock valued at $566,000 after buying an additional 154 shares during the last quarter. Pathstone Holdings LLC lifted its stake in shares of Pinnacle Financial Partners by 5.9% in the third quarter. Pathstone Holdings LLC now owns 33,290 shares of the financial services provider's stock worth $3,261,000 after buying an additional 1,861 shares in the last quarter. Baron Wealth Management LLC acquired a new stake in Pinnacle Financial Partners in the 3rd quarter valued at about $203,000. Finally, LMR Partners LLP purchased a new position in Pinnacle Financial Partners in the 3rd quarter worth approximately $552,000. 87.40% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PNFP has been the subject of a number of analyst reports. Citigroup upped their price target on Pinnacle Financial Partners from $113.00 to $123.00 and gave the company a "buy" rating in a research report on Thursday, October 17th. Hovde Group cut shares of Pinnacle Financial Partners from an "outperform" rating to a "market perform" rating and set a $135.00 price objective for the company. in a research report on Monday. Stephens boosted their target price on shares of Pinnacle Financial Partners from $108.00 to $120.00 and gave the company an "overweight" rating in a report on Thursday, October 17th. Barclays raised their price target on shares of Pinnacle Financial Partners from $101.00 to $108.00 and gave the stock an "equal weight" rating in a report on Thursday, October 17th. Finally, Wells Fargo & Company increased their price objective on Pinnacle Financial Partners from $100.00 to $104.00 and gave the stock an "equal weight" rating in a research report on Thursday, October 17th. Six research analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $108.70.

Pinnacle Financial Partners Price Performance

PNFP stock opened at $122.61 on Thursday. The business's fifty day moving average price is $104.70 and its 200 day moving average price is $92.35. Pinnacle Financial Partners, Inc. has a 12-month low of $70.21 and a 12-month high of $129.38. The company has a market capitalization of $9.47 billion, a PE ratio of 23.09 and a beta of 1.04. The company has a current ratio of 0.90, a quick 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 (EPS) for the quarter, topping the consensus estimate of $1.79 by $0.07. The business had revenue of $810.11 million for the quarter, compared to analysts' expectations of $454.18 million. Pinnacle Financial Partners had a net margin of 13.97% and a return on equity of 8.89%. During the same quarter in the prior year, the company earned $1.79 earnings per share. On average, sell-side analysts anticipate 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 will be paid on Friday, November 29th. Shareholders of record on Friday, November 1st will be paid a $0.22 dividend. The ex-dividend date of this dividend is Friday, November 1st. This represents a $0.88 annualized dividend and a dividend yield of 0.72%. Pinnacle Financial Partners's dividend payout ratio (DPR) is 16.73%.

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.