Park Avenue Securities LLC Sells 3,076 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Park Avenue Securities LLC reduced its holdings in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 30.8% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 6,925 shares of the financial services provider’s stock after selling 3,076 shares during the quarter. Park Avenue Securities LLC’s holdings in Pinnacle Financial Partners were worth $678,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Duncan Williams Asset Management LLC bought a new position in shares of Pinnacle Financial Partners during the 1st quarter worth approximately $1,085,000. Eventide Asset Management LLC acquired a new stake in Pinnacle Financial Partners during the 4th quarter worth approximately $7,051,000. Norden Group LLC acquired a new stake in Pinnacle Financial Partners during the 1st quarter worth approximately $1,065,000. Jennison Associates LLC lifted its holdings 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 purchasing an additional 26,216 shares during the last quarter. Finally, Atria Investments Inc lifted its holdings in Pinnacle Financial Partners by 40.9% during the 1st quarter. Atria Investments Inc now owns 43,241 shares of the financial services provider’s stock worth $3,713,000 after purchasing an additional 12,551 shares during the last quarter. 87.40% of the stock is currently owned by institutional investors.

Pinnacle Financial Partners Price Performance

Pinnacle Financial Partners stock opened at $95.80 on Friday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.90 and a current ratio of 0.90. 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 capitalization of $7.40 billion, a P/E ratio of 13.71 and a beta of 1.05. The stock has a fifty day moving average of $94.05 and a 200-day moving average of $86.32.

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. Pinnacle Financial Partners had a return on equity of 8.97% and a net margin of 13.93%. The company had revenue of $366.55 million during the quarter, compared to analysts’ expectations of $426.40 million. On average, sell-side analysts expect that Pinnacle Financial Partners, Inc. will post 6.8 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The firm also recently declared 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. The ex-dividend date of this dividend was Friday, August 2nd. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.92%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is currently 12.59%.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. JPMorgan Chase & Co. dropped their price target 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. Piper Sandler cut Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and lifted their price target for the stock from $95.00 to $98.00 in a report on Thursday, July 18th. Truist Financial lifted their price target on Pinnacle Financial Partners from $101.00 to $113.00 and gave the stock a “buy” rating in a report on Friday, September 20th. Wells Fargo & Company cut Pinnacle Financial Partners from an “overweight” rating to an “equal weight” rating and set a $100.00 price target for the company. in a report on Tuesday, October 1st. Finally, Hovde Group lifted their price objective on Pinnacle Financial Partners from $110.00 to $114.00 and gave the company an “outperform” rating in a report on Friday, September 27th. Five equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, Pinnacle Financial Partners has an average rating of “Moderate Buy” and a consensus target price 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.