Thrivent Financial for Lutherans Sells 1,654 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Thrivent Financial for Lutherans decreased its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 4.1% during the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 38,974 shares of the financial services provider’s stock after selling 1,654 shares during the quarter. Thrivent Financial for Lutherans’ holdings in Pinnacle Financial Partners were worth $3,120,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of PNFP. Sei Investments Co. increased its holdings in Pinnacle Financial Partners by 15.8% during the 2nd quarter. Sei Investments Co. now owns 268,208 shares of the financial services provider’s stock valued at $21,467,000 after purchasing an additional 36,604 shares in the last quarter. King Luther Capital Management Corp grew its holdings in shares of Pinnacle Financial Partners by 6.2% during the second quarter. King Luther Capital Management Corp now owns 75,392 shares of the financial services provider’s stock worth $6,034,000 after purchasing an additional 4,413 shares during the last quarter. Intech Investment Management LLC acquired a new stake in shares of Pinnacle Financial Partners in the second quarter valued at $368,000. Hsbc Holdings PLC lifted its position in Pinnacle Financial Partners by 14.6% during the 2nd quarter. Hsbc Holdings PLC now owns 4,818 shares of the financial services provider’s stock worth $386,000 after buying an additional 613 shares in the last quarter. Finally, Vanguard Personalized Indexing Management LLC grew its holdings in Pinnacle Financial Partners by 9.5% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 10,046 shares of the financial services provider’s stock worth $804,000 after acquiring an additional 875 shares during the last quarter. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Pinnacle Financial Partners Price Performance

Shares of PNFP opened at $96.67 on Monday. 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 market cap of $7.47 billion, a P/E ratio of 13.83 and a beta of 1.05. The stock’s 50-day moving average price is $94.18 and its two-hundred day moving average price is $85.50. Pinnacle Financial Partners, Inc. has a 1 year low of $59.66 and a 1 year high of $100.76.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $1.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $426.40 million. On average, equities analysts predict that Pinnacle Financial Partners, Inc. will post 6.81 earnings per share for the current year.

Pinnacle Financial Partners Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 2nd were given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.91%. The ex-dividend date was Friday, August 2nd. Pinnacle Financial Partners’s dividend payout ratio is currently 12.59%.

Wall Street Analysts Forecast Growth

PNFP has been the topic of a number of research reports. 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 research report on Friday. Hovde Group upped their price objective on Pinnacle Financial Partners from $110.00 to $114.00 and gave the stock 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 on the stock in a research report on Thursday, June 27th. Citigroup boosted their target price on Pinnacle Financial Partners from $93.00 to $113.00 and gave the stock a “buy” rating in a research report on Thursday, July 18th. Finally, Truist Financial raised their price target on Pinnacle Financial Partners from $101.00 to $113.00 and gave the company a “buy” rating in a report on Friday, September 20th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price 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.