Wasatch Advisors LP Sells 155,050 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Wasatch Advisors LP reduced its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 5.0% in the 3rd quarter, Holdings Channel reports. The firm owned 2,946,927 shares of the financial services provider’s stock after selling 155,050 shares during the quarter. Pinnacle Financial Partners accounts for 1.4% of Wasatch Advisors LP’s investment portfolio, making the stock its 20th largest holding. Wasatch Advisors LP’s holdings in Pinnacle Financial Partners were worth $288,710,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the stock. Eventide Asset Management LLC raised its position in Pinnacle Financial Partners by 37.9% during the 3rd quarter. Eventide Asset Management LLC now owns 62,526 shares of the financial services provider’s stock worth $6,126,000 after purchasing an additional 17,170 shares during the last quarter. Captrust Financial Advisors grew its holdings in Pinnacle Financial Partners by 0.8% during the 3rd quarter. Captrust Financial Advisors now owns 86,908 shares of the financial services provider’s stock worth $8,514,000 after acquiring an additional 658 shares during the period. Infrastructure Capital Advisors LLC acquired a new stake in Pinnacle Financial Partners during the 3rd quarter worth about $202,000. Northwest & Ethical Investments L.P. acquired a new stake in Pinnacle Financial Partners during the 3rd quarter worth about $137,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Pinnacle Financial Partners by 0.6% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 200,132 shares of the financial services provider’s stock worth $19,607,000 after acquiring an additional 1,290 shares during the period. 87.40% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Barclays increased their price target on Pinnacle Financial Partners from $101.00 to $108.00 and gave the stock an “equal weight” rating in a report on Thursday, October 17th. Truist Financial increased their price target on Pinnacle Financial Partners from $113.00 to $119.00 and gave the stock a “buy” rating in a report on Monday, October 21st. Wells Fargo & Company increased their price target on Pinnacle Financial Partners from $100.00 to $104.00 and gave the stock an “equal weight” rating in a report on Thursday, October 17th. Citigroup increased their price target on Pinnacle Financial Partners from $113.00 to $123.00 and gave the stock a “buy” rating in a report on Thursday, October 17th. Finally, Hovde Group downgraded Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 price target for the company. in a report on Monday, November 18th. Six analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $108.70.

Pinnacle Financial Partners Stock Performance

Shares of PNFP opened at $127.11 on Friday. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.90 and a quick ratio of 0.90. The stock has a 50-day moving average of $108.95 and a 200-day moving average of $94.40. The company has a market cap of $9.82 billion, a PE ratio of 24.17 and a beta of 1.04. Pinnacle Financial Partners, Inc. has a one year low of $72.23 and a one year high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share (EPS) 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 the consensus estimate of $454.18 million. Pinnacle Financial Partners had a return on equity of 8.89% and a net margin of 13.97%. During the same quarter in the previous year, the business earned $1.79 EPS. On average, equities research analysts predict that Pinnacle Financial Partners, Inc. will post 6.8 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 1st were paid a dividend of $0.22 per share. The ex-dividend date of this dividend was Friday, November 1st. This represents a $0.88 dividend on an annualized basis and a yield of 0.69%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is currently 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.