Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Shares Sold by Nisa Investment Advisors LLC

Nisa Investment Advisors LLC lessened its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 20.6% during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 3,088 shares of the financial services provider’s stock after selling 800 shares during the quarter. Nisa Investment Advisors LLC’s holdings in Pinnacle Financial Partners were worth $247,000 as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of PNFP. NBC Securities Inc. raised its stake in Pinnacle Financial Partners by 1.3% during the fourth quarter. NBC Securities Inc. now owns 9,419 shares of the financial services provider’s stock valued at $821,000 after buying an additional 124 shares in the last quarter. Verdence Capital Advisors LLC lifted its stake in Pinnacle Financial Partners by 2.9% during the first quarter. Verdence Capital Advisors LLC now owns 4,497 shares of the financial services provider’s stock worth $386,000 after purchasing an additional 126 shares during the last quarter. Versant Capital Management Inc increased its stake in Pinnacle Financial Partners by 44.5% during the second quarter. Versant Capital Management Inc now owns 432 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 133 shares during the last quarter. Covenant Partners LLC raised its holdings in shares of Pinnacle Financial Partners by 1.4% during the fourth quarter. Covenant Partners LLC now owns 10,699 shares of the financial services provider’s stock worth $933,000 after purchasing an additional 149 shares during the period. Finally, CANADA LIFE ASSURANCE Co lifted its position in shares of Pinnacle Financial Partners by 0.3% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 57,459 shares of the financial services provider’s stock worth $4,930,000 after buying an additional 152 shares during the last quarter. Institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Price Performance

Shares of NASDAQ PNFP opened at $98.39 on Friday. The stock has a market cap of $7.60 billion, a P/E ratio of 14.08 and a beta of 1.07. The firm’s 50-day simple moving average is $86.47 and its 200 day simple moving average is $83.11. Pinnacle Financial Partners, Inc. has a fifty-two week low of $59.66 and a fifty-two week high of $99.48. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.43.

Pinnacle Financial Partners (NASDAQ:PNFP) last released 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 company had revenue of $366.55 million for the quarter, compared to the consensus estimate of $426.40 million. Pinnacle Financial Partners had a net margin of 13.93% and a return on equity of 8.97%. Equities analysts expect that Pinnacle Financial Partners, Inc. will post 6.83 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Friday, August 2nd will be issued a dividend of $0.22 per share. The ex-dividend date of this dividend is Friday, August 2nd. This represents a $0.88 annualized dividend and a yield of 0.89%. Pinnacle Financial Partners’s payout ratio is 12.59%.

Analysts Set New Price Targets

PNFP has been the subject of a number of recent research reports. Stephens lowered their price objective on shares of Pinnacle Financial Partners from $109.00 to $102.00 and set an “overweight” rating for the company in a research report on Thursday, May 23rd. JPMorgan Chase & Co. cut their price target on Pinnacle Financial Partners from $108.00 to $105.00 and set an “overweight” rating on the stock in a report on Thursday, June 27th. Citigroup upped their price objective on Pinnacle Financial Partners from $93.00 to $113.00 and gave the stock a “buy” rating in a research note on Thursday, July 18th. Truist Financial raised their target price on Pinnacle Financial Partners from $87.00 to $101.00 and gave the company a “buy” rating in a research note on Thursday, July 18th. Finally, Wells Fargo & Company upped their price target on shares of Pinnacle Financial Partners from $90.00 to $100.00 and gave the stock an “overweight” rating in a research report on Thursday, July 18th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, Pinnacle Financial Partners has a consensus rating of “Hold” and a consensus target price of $99.00.

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.