Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Shares Sold by Verdence Capital Advisors LLC

Verdence Capital Advisors LLC trimmed its holdings in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 14.6% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 3,851 shares of the financial services provider’s stock after selling 661 shares during the period. Verdence Capital Advisors LLC’s holdings in Pinnacle Financial Partners were worth $377,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of PNFP. Dimensional Fund Advisors LP lifted its holdings in Pinnacle Financial Partners by 10.4% in the second quarter. Dimensional Fund Advisors LP now owns 3,094,498 shares of the financial services provider’s stock worth $247,673,000 after acquiring an additional 292,401 shares during the last quarter. Swedbank AB bought a new position in Pinnacle Financial Partners during the 1st quarter worth $21,470,000. Principal Financial Group Inc. increased its position in Pinnacle Financial Partners by 27.0% in the third quarter. Principal Financial Group Inc. now owns 983,282 shares of the financial services provider’s stock worth $96,332,000 after buying an additional 208,938 shares during the period. Lee Danner & Bass Inc. bought a new stake in Pinnacle Financial Partners in the second quarter valued at $16,092,000. Finally, Stieven Capital Advisors L.P. acquired a new position in shares of Pinnacle Financial Partners during the first quarter valued at $6,003,000. 87.40% of the stock is currently owned by institutional investors.

Pinnacle Financial Partners Trading Up 4.7 %

Shares of PNFP stock opened at $126.78 on Tuesday. The stock has a 50-day simple moving average of $100.03 and a 200 day simple moving average of $89.94. The stock has a market capitalization of $9.79 billion, a P/E ratio of 24.05 and a beta of 1.04. Pinnacle Financial Partners, Inc. has a fifty-two week low of $63.77 and a fifty-two week high of $127.50. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.42.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share for the quarter, beating the consensus estimate of $1.79 by $0.07. Pinnacle Financial Partners had a net margin of 13.97% and a return on equity of 8.89%. The company had revenue of $810.11 million during the quarter, compared to analyst estimates of $454.18 million. During the same quarter last year, the firm posted $1.79 EPS. On average, sell-side analysts expect that Pinnacle Financial Partners, Inc. will post 6.8 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 1st will be issued a $0.22 dividend. The ex-dividend date of this dividend is Friday, November 1st. This represents a $0.88 annualized dividend and a dividend yield of 0.69%. Pinnacle Financial Partners’s dividend payout ratio is currently 16.73%.

Analysts Set New Price Targets

Several brokerages recently weighed in on PNFP. Barclays lifted their price objective on shares of Pinnacle Financial Partners from $101.00 to $108.00 and gave the company an “equal weight” rating in a research report on Thursday, October 17th. Wells Fargo & Company boosted their price objective on Pinnacle Financial Partners from $100.00 to $104.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 17th. Truist Financial increased their price objective on Pinnacle Financial Partners from $113.00 to $119.00 and gave the stock a “buy” rating in a report on Monday, October 21st. Hovde Group lifted their target price on Pinnacle Financial Partners from $110.00 to $114.00 and gave the company an “outperform” rating in a research note on Friday, September 27th. Finally, Citigroup increased their price target on Pinnacle Financial Partners from $113.00 to $123.00 and gave the stock a “buy” rating in a research note on Thursday, October 17th. Five research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $106.60.

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.