The Manufacturers Life Insurance Company Sells 22,648 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

The Manufacturers Life Insurance Company reduced its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 2.6% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 842,283 shares of the financial services provider’s stock after selling 22,648 shares during the period. The Manufacturers Life Insurance Company owned approximately 1.09% of Pinnacle Financial Partners worth $67,416,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of PNFP. Rise Advisors LLC bought a new stake in shares of Pinnacle Financial Partners in the first quarter worth about $26,000. International Assets Investment Management LLC bought a new stake in Pinnacle Financial Partners in the 2nd quarter worth approximately $29,000. Versant Capital Management Inc raised its holdings in shares of Pinnacle Financial Partners by 44.5% during the 2nd 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. ICA Group Wealth Management LLC bought a new position in shares of Pinnacle Financial Partners during the 4th quarter valued at approximately $44,000. Finally, Mather Group LLC. purchased a new position in shares of Pinnacle Financial Partners in the first quarter valued at $65,000. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Price Performance

PNFP opened at $96.67 on Friday. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.43. The business has a fifty day moving average of $94.18 and a 200 day moving average of $85.48. Pinnacle Financial Partners, Inc. has a 52-week low of $59.66 and a 52-week high of $100.76. The stock has a market cap of $7.47 billion, a P/E ratio of 13.83 and a beta of 1.05.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $1.63 EPS for the quarter, topping analysts’ consensus estimates of $1.60 by $0.03. The firm had revenue of $366.55 million for 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, sell-side analysts anticipate that Pinnacle Financial Partners, Inc. will post 6.81 EPS for the current 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 given 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 presently 12.59%.

Analysts Set New Price Targets

A number of research firms recently issued reports on PNFP. Citigroup upped their price target on shares of Pinnacle Financial Partners from $93.00 to $113.00 and gave the company a “buy” rating in a research note on Thursday, July 18th. JPMorgan Chase & Co. decreased 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 report on Thursday, June 27th. 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. Barclays upped their price objective on Pinnacle Financial Partners from $97.00 to $101.00 and gave the company an “equal weight” rating in a research report on Friday. Finally, Piper Sandler cut Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and lifted their target price for the stock from $95.00 to $98.00 in a report on Thursday, July 18th. 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. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $102.10.

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.