Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Stock Position Decreased by Swiss National Bank

Swiss National Bank trimmed its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 0.5% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 150,861 shares of the financial services provider’s stock after selling 700 shares during the period. Swiss National Bank’s holdings in Pinnacle Financial Partners were worth $14,780,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the stock. International Assets Investment Management LLC acquired a new stake in shares of Pinnacle Financial Partners during the second quarter valued at approximately $29,000. Ashton Thomas Securities LLC bought a new stake in Pinnacle Financial Partners in the third quarter worth approximately $30,000. Versant Capital Management Inc grew its position in Pinnacle Financial Partners by 44.5% in the second quarter. Versant Capital Management Inc now owns 432 shares of the financial services provider’s stock worth $35,000 after acquiring an additional 133 shares in the last quarter. UMB Bank n.a. grew its position in Pinnacle Financial Partners by 83.4% in the third quarter. UMB Bank n.a. now owns 497 shares of the financial services provider’s stock worth $49,000 after acquiring an additional 226 shares in the last quarter. Finally, Values First Advisors Inc. bought a new stake in shares of Pinnacle Financial Partners during the 3rd quarter worth $49,000. 87.40% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on PNFP shares. Barclays upped their price objective on shares of Pinnacle Financial Partners from $101.00 to $108.00 and gave the stock an “equal weight” rating in a report on Thursday, October 17th. Citigroup upped their price objective on shares of Pinnacle Financial Partners from $113.00 to $123.00 and gave the stock a “buy” rating in a report on Thursday, October 17th. Truist Financial increased their price target on shares of Pinnacle Financial Partners from $113.00 to $119.00 and gave the company a “buy” rating in a report on Monday, October 21st. Stephens increased their price target on shares of Pinnacle Financial Partners from $108.00 to $120.00 and gave the company an “overweight” rating in a report on Thursday, October 17th. Finally, Hovde Group downgraded shares of Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 price target for the company. in a report on Monday, November 18th. Six analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, Pinnacle Financial Partners presently has a consensus rating of “Hold” and an average target price of $108.70.

Pinnacle Financial Partners Trading Up 3.0 %

Shares of PNFP stock opened at $126.18 on Friday. Pinnacle Financial Partners, Inc. has a 52-week low of $70.23 and a 52-week high of $129.38. The stock has a market cap of $9.75 billion, a price-to-earnings ratio of 23.99 and a beta of 1.04. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.90 and a current ratio of 0.90. The firm has a fifty day moving average of $105.31 and a 200-day moving average of $92.56.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $454.18 million. During the same quarter in the prior year, the company posted $1.79 EPS. On average, equities research analysts forecast that Pinnacle Financial Partners, Inc. will post 6.8 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 1st will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.70%. The ex-dividend date is Friday, November 1st. Pinnacle Financial Partners’s dividend payout ratio (DPR) is currently 16.73%.

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.