Interval Partners LP Sells 47,555 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Interval Partners LP lowered its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 56.3% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 36,866 shares of the financial services provider’s stock after selling 47,555 shares during the quarter. Interval Partners LP’s holdings in Pinnacle Financial Partners were worth $3,166,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Rise Advisors LLC acquired a new stake in Pinnacle Financial Partners in the first quarter worth about $26,000. ICA Group Wealth Management LLC bought a new stake in Pinnacle Financial Partners in the 4th quarter valued at approximately $44,000. Principal Securities Inc. acquired a new position in shares of Pinnacle Financial Partners during the 4th quarter worth approximately $60,000. Mather Group LLC. acquired a new position in shares of Pinnacle Financial Partners during the 1st quarter worth approximately $65,000. Finally, CWM LLC increased its holdings in shares of Pinnacle Financial Partners by 62.3% during the 4th quarter. CWM LLC now owns 865 shares of the financial services provider’s stock worth $75,000 after acquiring an additional 332 shares during the last quarter. 87.40% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have commented on PNFP shares. Stephens decreased their price objective on Pinnacle Financial Partners from $109.00 to $102.00 and set an “overweight” rating on the stock in a report on Thursday, May 23rd. Barclays upped their price objective on Pinnacle Financial Partners from $93.00 to $97.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 18th. JPMorgan Chase & Co. dropped their price objective on Pinnacle Financial Partners from $108.00 to $105.00 and set an “overweight” rating for the company in a research report on Thursday, June 27th. Citigroup upped their target price on Pinnacle Financial Partners from $93.00 to $113.00 and gave the stock a “buy” rating in a report on Thursday, July 18th. Finally, Piper Sandler cut Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and upped their target price for the stock from $95.00 to $98.00 in a report on Thursday, July 18th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $99.00.

Pinnacle Financial Partners Price Performance

Shares of Pinnacle Financial Partners stock traded down $0.10 during trading on Wednesday, reaching $96.94. 117,426 shares of the stock traded hands, compared to its average volume of 457,527. The company has a market capitalization of $7.49 billion, a price-to-earnings ratio of 13.88 and a beta of 1.08. Pinnacle Financial Partners, Inc. has a 52-week low of $59.66 and a 52-week high of $98.58. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.90 and a quick ratio of 0.90. The business has a fifty day simple moving average of $81.91 and a two-hundred day simple moving average of $82.59.

Pinnacle Financial Partners Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Shareholders of record on Friday, August 2nd will be given a dividend of $0.22 per share. The ex-dividend date of this dividend is Friday, August 2nd. This represents a $0.88 annualized dividend and a dividend yield of 0.91%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 12.59%.

Pinnacle Financial Partners Company 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.