Argent Trust Co Reduces Stock Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Argent Trust Co cut its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 2.9% during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 3,975 shares of the financial services provider’s stock after selling 120 shares during the period. Argent Trust Co’s holdings in Pinnacle Financial Partners were worth $318,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Wasatch Advisors LP boosted its stake in shares of Pinnacle Financial Partners by 41.8% in the first quarter. Wasatch Advisors LP now owns 3,341,417 shares of the financial services provider’s stock valued at $286,961,000 after purchasing an additional 985,694 shares during the period. Norges Bank purchased a new position in Pinnacle Financial Partners in the 4th quarter valued at about $83,461,000. Dimensional Fund Advisors LP boosted its position in Pinnacle Financial Partners by 10.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,094,498 shares of the financial services provider’s stock valued at $247,673,000 after buying an additional 292,401 shares during the last quarter. Swedbank AB acquired a new stake in shares of Pinnacle Financial Partners during the first quarter valued at about $21,470,000. Finally, Lee Danner & Bass Inc. purchased a new stake in shares of Pinnacle Financial Partners during the second quarter worth about $16,092,000. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on PNFP shares. Piper Sandler lowered Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and raised their price objective for the company from $95.00 to $98.00 in a research note on Thursday, July 18th. Truist Financial raised their price target on shares of Pinnacle Financial Partners from $101.00 to $113.00 and gave the stock a “buy” rating in a research report on Friday. Wells Fargo & Company upped their price target on shares of Pinnacle Financial Partners from $90.00 to $100.00 and gave the company an “overweight” rating in a report on Thursday, July 18th. Barclays raised their price objective on shares of Pinnacle Financial Partners from $93.00 to $97.00 and gave the stock an “equal weight” rating in a report on Thursday, July 18th. Finally, Citigroup upped their target price 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. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $100.20.

Pinnacle Financial Partners Price Performance

Shares of NASDAQ:PNFP opened at $99.99 on Friday. The company has a market cap of $7.72 billion, a PE ratio of 14.30 and a beta of 1.05. Pinnacle Financial Partners, Inc. has a fifty-two week low of $59.66 and a fifty-two week high of $100.76. The firm has a 50-day simple moving average of $93.67 and a 200 day simple moving average of $85.02. 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 issued its earnings results on Tuesday, July 16th. The financial services provider reported $1.63 EPS for the quarter, beating analysts’ consensus estimates of $1.60 by $0.03. The company had revenue of $366.55 million during the quarter, compared to the consensus estimate of $426.40 million. Pinnacle Financial Partners had a return on equity of 8.97% and a net margin of 13.93%. On average, sell-side analysts anticipate that Pinnacle Financial Partners, Inc. will post 6.83 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. Shareholders of record on Friday, August 2nd were given a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 0.88%. The ex-dividend date of this dividend was Friday, August 2nd. Pinnacle Financial Partners’s dividend payout ratio is presently 12.59%.

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.