Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Shares Sold by American Century Companies Inc.

American Century Companies Inc. cut its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 65.7% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 32,371 shares of the financial services provider’s stock after selling 61,935 shares during the period. American Century Companies Inc.’s holdings in Pinnacle Financial Partners were worth $2,591,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Vanguard Group Inc. boosted its stake in Pinnacle Financial Partners by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 7,161,175 shares of the financial services provider’s stock valued at $624,598,000 after acquiring an additional 63,477 shares during the period. Wasatch Advisors LP boosted its position in Pinnacle Financial Partners by 41.8% during the 1st quarter. Wasatch Advisors LP now owns 3,341,417 shares of the financial services provider’s stock valued at $286,961,000 after purchasing an additional 985,694 shares during the period. Jennison Associates LLC grew its stake in Pinnacle Financial Partners by 2.4% during the 1st quarter. Jennison Associates LLC now owns 1,097,395 shares of the financial services provider’s stock worth $94,244,000 after buying an additional 26,216 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in Pinnacle Financial Partners by 1.7% in the fourth quarter. The Manufacturers Life Insurance Company now owns 900,251 shares of the financial services provider’s stock worth $78,520,000 after buying an additional 15,203 shares during the period. Finally, Principal Financial Group Inc. lifted its stake in Pinnacle Financial Partners by 0.7% in the first quarter. Principal Financial Group Inc. now owns 813,585 shares of the financial services provider’s stock valued at $69,871,000 after buying an additional 5,450 shares during the last quarter. Institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Stock Performance

NASDAQ:PNFP opened at $96.67 on Friday. The company has a 50-day moving average of $94.11 and a 200-day moving average of $85.38. The firm has a market cap of $7.47 billion, a price-to-earnings ratio of 13.83 and a beta of 1.05. 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 twelve month low of $59.66 and a twelve month high of $100.76.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $1.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.60 by $0.03. Pinnacle Financial Partners had a net margin of 13.93% and a return on equity of 8.97%. The firm had revenue of $366.55 million for the quarter, compared to analyst estimates of $426.40 million. Analysts forecast that Pinnacle Financial Partners, Inc. will post 6.81 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

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

Wall Street Analysts Forecast Growth

Several research firms have recently commented on PNFP. Piper Sandler lowered shares of Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and upped their price target for the stock from $95.00 to $98.00 in a research report on Thursday, July 18th. Citigroup upped their target price on shares of Pinnacle Financial Partners from $93.00 to $113.00 and gave the stock a “buy” rating in a research report on Thursday, July 18th. Hovde Group lifted their price target on Pinnacle Financial Partners from $110.00 to $114.00 and gave the company an “outperform” rating in a report on Friday. JPMorgan Chase & Co. decreased their price objective on 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, Barclays lifted their target price on Pinnacle Financial Partners from $97.00 to $101.00 and gave the company an “equal weight” rating in a research note on Friday. One 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’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $102.10.

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.