Pinnacle Financial Partners, Inc. $PNFP Shares Sold by NFJ Investment Group LLC

NFJ Investment Group LLC lowered its position in Pinnacle Financial Partners, Inc. (NYSE:PNFP) by 2.7% during the fourth quarter, Holdings Channel.com reports. The fund owned 453,444 shares of the company’s stock after selling 12,443 shares during the quarter. Pinnacle Financial Partners accounts for 1.6% of NFJ Investment Group LLC’s holdings, making the stock its 14th largest holding. NFJ Investment Group LLC’s holdings in Pinnacle Financial Partners were worth $43,263,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. lifted its stake in shares of Pinnacle Financial Partners by 6.2% during the first quarter. Goldman Sachs Group Inc. now owns 651,268 shares of the company’s stock worth $69,060,000 after purchasing an additional 37,989 shares in the last quarter. Focus Partners Wealth lifted its stake in shares of Pinnacle Financial Partners by 13.9% during the first quarter. Focus Partners Wealth now owns 4,755 shares of the company’s stock worth $504,000 after purchasing an additional 581 shares in the last quarter. Amundi lifted its stake in shares of Pinnacle Financial Partners by 25,700.0% during the second quarter. Amundi now owns 4,386 shares of the company’s stock worth $513,000 after purchasing an additional 4,369 shares in the last quarter. Jump Financial LLC acquired a new position in shares of Pinnacle Financial Partners during the second quarter worth about $229,000. Finally, Cerity Partners LLC lifted its stake in shares of Pinnacle Financial Partners by 4.2% during the second quarter. Cerity Partners LLC now owns 26,061 shares of the company’s stock worth $2,877,000 after purchasing an additional 1,039 shares in the last quarter. Institutional investors and hedge funds own 87.40% of the company’s stock.

Pinnacle Financial Partners Stock Performance

NYSE:PNFP opened at $96.17 on Friday. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.90 and a current ratio of 0.90. Pinnacle Financial Partners, Inc. has a one year low of $81.08 and a one year high of $120.46. The stock has a 50-day simple moving average of $95.49. The firm has a market capitalization of $7.46 billion, a PE ratio of 13.34, a price-to-earnings-growth ratio of 0.37 and a beta of 1.04.

Pinnacle Financial Partners (NYSE:PNFP) last released its quarterly earnings results on Wednesday, April 22nd. The company reported $2.39 EPS for the quarter, topping the consensus estimate of $2.30 by $0.09. Pinnacle Financial Partners had a return on equity of 10.61% and a net margin of 15.02%.The business had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.20 billion. On average, equities research analysts predict that Pinnacle Financial Partners, Inc. will post 10.25 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Friday, May 1st were paid a $0.50 dividend. The ex-dividend date was Friday, May 1st. This represents a $2.00 annualized dividend and a dividend yield of 2.1%. Pinnacle Financial Partners’s payout ratio is 27.74%.

Analyst Upgrades and Downgrades

PNFP has been the topic of a number of recent research reports. Piper Sandler restated an “overweight” rating on shares of Pinnacle Financial Partners in a research note on Wednesday. JPMorgan Chase & Co. reduced their price objective on Pinnacle Financial Partners from $120.00 to $115.00 and set an “overweight” rating on the stock in a research note on Wednesday. Evercore restated an “outperform” rating and set a $115.00 price objective on shares of Pinnacle Financial Partners in a research note on Wednesday, April 29th. Stephens boosted their price objective on Pinnacle Financial Partners from $95.00 to $109.00 and gave the stock an “equal weight” rating in a research note on Thursday, April 30th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Pinnacle Financial Partners in a research note on Thursday, June 4th. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and seven have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Pinnacle Financial Partners has a consensus rating of “Moderate Buy” and an average price target of $114.88.

Pinnacle Financial Partners Company Profile

Pinnacle Financial Partners (NYSE: PNFP) is a bank holding company headquartered in Nashville, Tennessee, that provides a broad range of commercial and consumer banking services. Founded in 2000, the company operates through a network of banking offices and digital channels to serve individuals, small and middle-market businesses, and institutional clients. Pinnacle’s business model emphasizes relationship-based banking and tailored financial solutions for commercial borrowers and deposit customers.

The company’s product and service offerings include commercial and residential lending, treasury and payment solutions, deposit accounts, mortgage services, and cash management.