Renaissance Technologies LLC Trims Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Renaissance Technologies LLC lessened its holdings in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 25.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 56,296 shares of the financial services provider’s stock after selling 19,700 shares during the quarter. Renaissance Technologies LLC owned approximately 0.07% of Pinnacle Financial Partners worth $4,506,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently bought and sold shares of PNFP. Vanguard Group Inc. raised its stake in Pinnacle Financial Partners by 0.9% during 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 purchasing an additional 63,477 shares in the last quarter. Wasatch Advisors LP lifted its holdings in Pinnacle Financial Partners by 41.8% during the first quarter. Wasatch Advisors LP now owns 3,341,417 shares of the financial services provider’s stock worth $286,961,000 after buying an additional 985,694 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Pinnacle Financial Partners by 10.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,094,498 shares of the financial services provider’s stock worth $247,673,000 after purchasing an additional 292,401 shares during the last quarter. Jennison Associates LLC grew its position in shares of Pinnacle Financial Partners by 2.4% in 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. Finally, The Manufacturers Life Insurance Company increased its position in Pinnacle Financial Partners by 1.7% during the 4th quarter. The Manufacturers Life Insurance Company now owns 900,251 shares of the financial services provider’s stock valued at $78,520,000 after buying an additional 15,203 shares in the last quarter. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Pinnacle Financial Partners Stock Up 0.2 %

Pinnacle Financial Partners stock opened at $96.67 on Friday. The stock has a market capitalization 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. The stock has a 50 day moving average of $94.11 and a two-hundred day moving average of $85.38. 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 released its earnings results on Tuesday, July 16th. The financial services provider reported $1.63 EPS for the quarter, topping the consensus estimate of $1.60 by $0.03. The company had revenue of $366.55 million during the quarter, compared to analysts’ expectations of $426.40 million. Pinnacle Financial Partners had a net margin of 13.93% and a return on equity of 8.97%. As a group, research analysts expect that Pinnacle Financial Partners, Inc. will post 6.81 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

The firm 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 (DPR) is 12.59%.

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.