Profund Advisors LLC Lowers Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Profund Advisors LLC decreased its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 15.4% in the second quarter, Holdings Channel.com reports. The fund owned 3,640 shares of the financial services provider’s stock after selling 662 shares during the period. Profund Advisors LLC’s holdings in Pinnacle Financial Partners were worth $291,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the stock. PNC Financial Services Group Inc. boosted its holdings in shares of Pinnacle Financial Partners by 16.5% during the 4th quarter. PNC Financial Services Group Inc. now owns 4,373 shares of the financial services provider’s stock valued at $381,000 after purchasing an additional 618 shares during the last quarter. Corient Private Wealth LLC boosted its stake in Pinnacle Financial Partners by 10.1% during the fourth quarter. Corient Private Wealth LLC now owns 12,440 shares of the financial services provider’s stock valued at $1,085,000 after buying an additional 1,138 shares during the last quarter. Assetmark Inc. purchased a new position in Pinnacle Financial Partners during the 4th quarter valued at approximately $101,000. US Bancorp DE increased its stake in Pinnacle Financial Partners by 62.1% in the 4th quarter. US Bancorp DE now owns 7,041 shares of the financial services provider’s stock worth $614,000 after acquiring an additional 2,698 shares during the last quarter. Finally, Allianz Asset Management GmbH raised its holdings in shares of Pinnacle Financial Partners by 10.2% during the 4th quarter. Allianz Asset Management GmbH now owns 78,913 shares of the financial services provider’s stock worth $6,883,000 after acquiring an additional 7,327 shares in the last quarter. 87.40% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PNFP has been the subject of a number of recent research reports. Citigroup raised their target price 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. Piper Sandler downgraded shares of Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and boosted their target price for the stock from $95.00 to $98.00 in a report on Thursday, July 18th. Wells Fargo & Company increased their price target on shares of Pinnacle Financial Partners from $90.00 to $100.00 and gave the company an “overweight” rating in a report on Thursday, July 18th. Hovde Group lifted their price target on Pinnacle Financial Partners from $110.00 to $114.00 and gave the stock an “outperform” rating in a research report on Friday. Finally, Truist Financial upped their price objective on Pinnacle Financial Partners from $101.00 to $113.00 and gave the company a “buy” rating in a research report on Friday, September 20th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $102.10.

Pinnacle Financial Partners Stock Up 0.2 %

Shares of NASDAQ PNFP opened at $96.67 on Friday. Pinnacle Financial Partners, Inc. has a 1 year low of $59.66 and a 1 year high of $100.76. The firm has a 50-day simple moving average of $94.11 and a two-hundred day simple moving average of $85.38. The company has a market cap of $7.47 billion, a P/E ratio of 13.83 and a beta of 1.05. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.90 and a quick ratio of 0.90.

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

Pinnacle Financial Partners Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Friday, August 2nd were paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis 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 currently 12.59%.

Pinnacle Financial Partners Company 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.