Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Shares Sold by Swiss National Bank

Swiss National Bank trimmed its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 0.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 150,861 shares of the financial services provider’s stock after selling 700 shares during the quarter. Swiss National Bank owned 0.20% of Pinnacle Financial Partners worth $14,780,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in PNFP. CANADA LIFE ASSURANCE Co increased its stake in shares of Pinnacle Financial Partners by 0.3% during the first quarter. CANADA LIFE ASSURANCE Co now owns 57,459 shares of the financial services provider’s stock worth $4,930,000 after acquiring an additional 152 shares during the period. Earnest Partners LLC grew its position in Pinnacle Financial Partners by 3.0% during the first quarter. Earnest Partners LLC now owns 655,122 shares of the financial services provider’s stock worth $56,262,000 after buying an additional 19,353 shares during the period. Silvercrest Asset Management Group LLC grew its position in Pinnacle Financial Partners by 3.9% during the first quarter. Silvercrest Asset Management Group LLC now owns 93,754 shares of the financial services provider’s stock worth $8,052,000 after buying an additional 3,498 shares during the period. Jacobs Levy Equity Management Inc. grew its position in Pinnacle Financial Partners by 5.6% during the first quarter. Jacobs Levy Equity Management Inc. now owns 97,097 shares of the financial services provider’s stock worth $8,339,000 after buying an additional 5,158 shares during the period. Finally, B. Riley Wealth Advisors Inc. grew its position in Pinnacle Financial Partners by 28.2% during the first quarter. B. Riley Wealth Advisors Inc. now owns 3,412 shares of the financial services provider’s stock worth $293,000 after buying an additional 751 shares during the period. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Barclays upped their target price on shares of Pinnacle Financial Partners from $101.00 to $108.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 17th. Citigroup upped their target price on shares of Pinnacle Financial Partners from $113.00 to $123.00 and gave the stock a “buy” rating in a research report on Thursday, October 17th. Wells Fargo & Company upped their target price on shares of Pinnacle Financial Partners from $100.00 to $104.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 17th. Truist Financial increased their price target on shares of Pinnacle Financial Partners from $113.00 to $119.00 and gave the company a “buy” rating in a research report on Monday, October 21st. Finally, Stephens increased their price target on shares of Pinnacle Financial Partners from $108.00 to $120.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. Six investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $108.70.

Pinnacle Financial Partners Stock Performance

Pinnacle Financial Partners stock opened at $126.18 on Friday. Pinnacle Financial Partners, Inc. has a 12-month low of $70.23 and a 12-month high of $129.38. The company has a market capitalization of $9.75 billion, a price-to-earnings ratio of 23.99 and a beta of 1.04. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.90 and a quick ratio of 0.90. The firm’s fifty day moving average price is $105.31 and its 200 day moving average price is $92.56.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its earnings results on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share for the quarter, topping the consensus estimate of $1.79 by $0.07. The company had revenue of $810.11 million during the quarter, compared to the consensus estimate of $454.18 million. Pinnacle Financial Partners had a net margin of 13.97% and a return on equity of 8.89%. During the same quarter in the previous year, the firm earned $1.79 EPS. On average, research analysts forecast that Pinnacle Financial Partners, Inc. will post 6.8 EPS for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 1st will be given a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 0.70%. The ex-dividend date is Friday, November 1st. Pinnacle Financial Partners’s payout ratio is currently 16.73%.

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.