Swedbank AB Purchases New Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Swedbank AB acquired a new stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 250,000 shares of the financial services provider’s stock, valued at approximately $21,470,000.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Raymond James & Associates raised its position in shares of Pinnacle Financial Partners by 0.4% during the fourth quarter. Raymond James & Associates now owns 186,621 shares of the financial services provider’s stock worth $16,277,000 after acquiring an additional 710 shares during the last quarter. Pacer Advisors Inc. boosted its stake in shares of Pinnacle Financial Partners by 79.4% in the 4th quarter. Pacer Advisors Inc. now owns 11,539 shares of the financial services provider’s stock valued at $1,006,000 after purchasing an additional 5,106 shares during the last quarter. International Assets Investment Management LLC increased its position in shares of Pinnacle Financial Partners by 6,999.3% during the fourth quarter. International Assets Investment Management LLC now owns 30,527 shares of the financial services provider’s stock worth $2,663,000 after buying an additional 30,097 shares during the period. Sowell Financial Services LLC bought a new position in Pinnacle Financial Partners during the fourth quarter worth $918,000. Finally, Prime Capital Investment Advisors LLC lifted its holdings in Pinnacle Financial Partners by 6.9% in the fourth quarter. Prime Capital Investment Advisors LLC now owns 4,722 shares of the financial services provider’s stock valued at $412,000 after buying an additional 304 shares during the period. Institutional investors and hedge funds own 87.40% of the company’s stock.

Pinnacle Financial Partners Stock Performance

Shares of PNFP traded down $3.76 on Friday, reaching $88.26. 415,591 shares of the company’s stock traded hands, compared to its average volume of 642,203. The stock’s 50 day simple moving average is $82.65 and its two-hundred day simple moving average is $82.78. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.43. Pinnacle Financial Partners, Inc. has a 52-week low of $59.66 and a 52-week high of $98.58. The stock has a market cap of $6.82 billion, a PE ratio of 12.63 and a beta of 1.07.

Pinnacle Financial Partners Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Friday, August 2nd will be issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.00%. The ex-dividend date of this dividend is Friday, August 2nd. Pinnacle Financial Partners’s dividend payout ratio (DPR) is currently 12.59%.

Wall Street Analyst Weigh In

PNFP has been the subject of several research analyst reports. Stephens lowered their price objective on Pinnacle Financial Partners from $109.00 to $102.00 and set an “overweight” rating for the company in a research report on Thursday, May 23rd. Hovde Group cut their price target on Pinnacle Financial Partners from $104.00 to $99.00 and set an “outperform” rating on the stock in a report on Tuesday, April 23rd. Truist Financial lifted their price objective on shares of Pinnacle Financial Partners from $87.00 to $101.00 and gave the company a “buy” rating in a research note on Thursday, July 18th. Jefferies Financial Group reduced their price target on shares of Pinnacle Financial Partners from $88.00 to $85.00 and set a “hold” rating for the company in a report on Monday, April 8th. Finally, Barclays upped their price objective on shares of Pinnacle Financial Partners from $93.00 to $97.00 and gave the company an “equal weight” rating in a report on Thursday, July 18th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $99.00.

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.