Cahaba Wealth Management Inc. Lowers Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Cahaba Wealth Management Inc. cut its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 69.6% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,512 shares of the financial services provider’s stock after selling 14,917 shares during the quarter. Cahaba Wealth Management Inc.’s holdings in Pinnacle Financial Partners were worth $638,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of PNFP. Rise Advisors LLC bought a new position in shares of Pinnacle Financial Partners in the 1st quarter worth $26,000. International Assets Investment Management LLC bought a new position in shares of Pinnacle Financial Partners in the 2nd quarter worth $29,000. Versant Capital Management Inc increased its holdings 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 buying an additional 133 shares during the last quarter. UMB Bank n.a. increased its holdings in shares of Pinnacle Financial Partners by 83.4% in the 3rd quarter. UMB Bank n.a. now owns 497 shares of the financial services provider’s stock worth $49,000 after buying an additional 226 shares during the last quarter. Finally, Quarry LP increased its holdings in shares of Pinnacle Financial Partners by 3,500.0% in the 2nd quarter. Quarry LP now owns 756 shares of the financial services provider’s stock worth $61,000 after buying an additional 735 shares during the last quarter. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently commented on PNFP. JPMorgan Chase & Co. reduced their target price on shares of Pinnacle Financial Partners from $108.00 to $105.00 and set an “overweight” rating on the stock in a report on Thursday, June 27th. Citigroup raised their price target on shares of Pinnacle Financial Partners from $113.00 to $123.00 and gave the stock a “buy” rating in a report on Thursday. Wells Fargo & Company raised their price target on shares of Pinnacle Financial Partners from $100.00 to $104.00 and gave the stock an “equal weight” rating in a report on Thursday. Truist Financial raised their target price on shares of Pinnacle Financial Partners from $101.00 to $113.00 and gave the stock a “buy” rating in a research report on Friday, September 20th. Finally, Stephens raised their target price on shares of Pinnacle Financial Partners from $108.00 to $120.00 and gave the stock an “overweight” rating in a research report on Thursday. Five analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, Pinnacle Financial Partners has a consensus rating of “Moderate Buy” and a consensus target price of $106.00.

Pinnacle Financial Partners Stock Down 0.7 %

NASDAQ PNFP traded down $0.78 during trading hours on Friday, reaching $105.62. 361,689 shares of the company’s stock traded hands, compared to its average volume of 469,810. Pinnacle Financial Partners, Inc. has a 52-week low of $59.66 and a 52-week high of $107.13. The firm has a market cap of $8.16 billion, a PE ratio of 20.75 and a beta of 1.05. The firm has a 50-day simple moving average of $96.03 and a 200 day simple moving average of $87.08. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.90 and a quick ratio of 0.90.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings data 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. The business had revenue of $810.11 million during the quarter, compared to analyst estimates of $454.18 million. Pinnacle Financial Partners had a net margin of 13.93% and a return on equity of 8.97%. During the same period last year, the business earned $1.79 EPS. Sell-side analysts anticipate that Pinnacle Financial Partners, Inc. will post 6.77 EPS for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

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

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.