Patriot Investment Management Group Inc. Lowers Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Patriot Investment Management Group Inc. decreased its holdings in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 1.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 25,636 shares of the financial services provider’s stock after selling 483 shares during the quarter. Patriot Investment Management Group Inc.’s holdings in Pinnacle Financial Partners were worth $2,512,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of PNFP. Versant Capital Management Inc lifted its position in 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. GAMMA Investing LLC lifted its stake in Pinnacle Financial Partners by 16.5% in the third quarter. GAMMA Investing LLC now owns 994 shares of the financial services provider’s stock worth $97,000 after purchasing an additional 141 shares during the last quarter. CANADA LIFE ASSURANCE Co boosted its position in Pinnacle Financial Partners by 0.3% during the first quarter. CANADA LIFE ASSURANCE Co now owns 57,459 shares of the financial services provider’s stock valued at $4,930,000 after buying an additional 152 shares during the period. Duncan Williams Asset Management LLC lifted its stake in shares of Pinnacle Financial Partners by 1.5% in the 3rd quarter. Duncan Williams Asset Management LLC now owns 12,828 shares of the financial services provider’s stock valued at $1,257,000 after acquiring an additional 195 shares during the last quarter. Finally, Bank of Montreal Can increased its stake in Pinnacle Financial Partners by 2.4% in the 2nd quarter. Bank of Montreal Can now owns 9,158 shares of the financial services provider’s stock worth $734,000 after purchasing an additional 215 shares during the period. 87.40% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

PNFP has been the subject of a number of recent analyst reports. Truist Financial upped their price target on shares of Pinnacle Financial Partners from $101.00 to $113.00 and gave the company a “buy” rating in a report on Friday, September 20th. Citigroup upped their price target on Pinnacle Financial Partners from $93.00 to $113.00 and gave the company a “buy” rating in a research report on Thursday, July 18th. Wells Fargo & Company lowered Pinnacle Financial Partners from an “overweight” rating to an “equal weight” rating and set a $100.00 price objective on the stock. in a research report on Tuesday, October 1st. Piper Sandler lowered Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and raised their price target for the stock from $95.00 to $98.00 in a research note on Thursday, July 18th. Finally, Barclays increased their price target on shares of Pinnacle Financial Partners from $97.00 to $101.00 and gave the stock an “equal weight” rating in a research note on Friday, September 27th. Five research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $102.10.

Pinnacle Financial Partners Stock Up 3.0 %

NASDAQ:PNFP opened at $98.69 on Monday. Pinnacle Financial Partners, Inc. has a fifty-two week low of $59.66 and a fifty-two week high of $100.76. The firm has a market cap of $7.62 billion, a P/E ratio of 14.12 and a beta of 1.05. The firm has a 50-day simple moving average of $94.25 and a two-hundred day simple moving average of $86.46. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.90 and a current ratio of 0.90.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $1.63 EPS for the quarter, topping the consensus estimate of $1.60 by $0.03. The company had revenue of $366.55 million during the quarter, compared to analyst estimates of $426.40 million. Pinnacle Financial Partners had a return on equity of 8.97% and a net margin of 13.93%. Analysts predict that Pinnacle Financial Partners, Inc. will post 6.8 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 2nd were issued a $0.22 dividend. The ex-dividend date was Friday, August 2nd. This represents a $0.88 dividend on an annualized basis and a yield of 0.89%. Pinnacle Financial Partners’s dividend payout ratio is currently 12.59%.

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.