Thrivent Financial for Lutherans Reduces Stock Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Thrivent Financial for Lutherans cut its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 4.1% during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 38,974 shares of the financial services provider’s stock after selling 1,654 shares during the period. Thrivent Financial for Lutherans owned approximately 0.05% of Pinnacle Financial Partners worth $3,120,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Verdence Capital Advisors LLC lifted its position in shares of Pinnacle Financial Partners by 2.9% during the first quarter. Verdence Capital Advisors LLC now owns 4,497 shares of the financial services provider’s stock worth $386,000 after purchasing an additional 126 shares in the last quarter. Versant Capital Management Inc lifted its holdings 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 in the last quarter. Covenant Partners LLC boosted its position in Pinnacle Financial Partners by 1.4% in the 4th quarter. Covenant Partners LLC now owns 10,699 shares of the financial services provider’s stock valued at $933,000 after buying an additional 149 shares during the last quarter. CANADA LIFE ASSURANCE Co grew its stake in shares of 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 acquiring an additional 152 shares in the last quarter. Finally, GAMMA Investing LLC increased its position in shares of Pinnacle Financial Partners by 26.7% during the second quarter. GAMMA Investing LLC now owns 853 shares of the financial services provider’s stock worth $68,000 after acquiring an additional 180 shares during the last quarter. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Trading Up 0.2 %

Shares of NASDAQ:PNFP opened at $96.67 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 company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.43. The company has a market cap of $7.47 billion, a PE ratio of 13.83 and a beta of 1.05. The company’s 50-day moving average price is $94.18 and its 200 day moving average price is $85.50.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $1.63 EPS for the quarter, beating analysts’ consensus estimates of $1.60 by $0.03. The business had revenue of $366.55 million for the quarter, compared to analyst estimates of $426.40 million. Pinnacle Financial Partners had a net margin of 13.93% and a return on equity of 8.97%. Sell-side analysts anticipate that Pinnacle Financial Partners, Inc. will post 6.81 earnings per share for the current year.

Pinnacle Financial Partners Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 2nd were issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 0.91%. The ex-dividend date was Friday, August 2nd. Pinnacle Financial Partners’s payout ratio is currently 12.59%.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Barclays raised their price objective on Pinnacle Financial Partners from $97.00 to $101.00 and gave the company an “equal weight” rating in a research note on Friday. Wells Fargo & Company raised their price target on shares of Pinnacle Financial Partners from $90.00 to $100.00 and gave the stock an “overweight” rating in a research report on Thursday, July 18th. Citigroup upped their price target on shares of Pinnacle Financial Partners from $93.00 to $113.00 and gave the company a “buy” rating in a report on Thursday, July 18th. JPMorgan Chase & Co. decreased their price objective on shares of Pinnacle Financial Partners from $108.00 to $105.00 and set an “overweight” rating for the company in a report on Thursday, June 27th. Finally, Truist Financial increased their price target on shares of Pinnacle Financial Partners from $101.00 to $113.00 and gave the stock a “buy” rating in a research report on Friday, September 20th. One analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $102.10.

Pinnacle Financial Partners 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.