NFJ Investment Group LLC Sells 4,034 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

NFJ Investment Group LLC lowered its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 9.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 39,161 shares of the financial services provider’s stock after selling 4,034 shares during the quarter. NFJ Investment Group LLC owned about 0.05% of Pinnacle Financial Partners worth $3,837,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of PNFP. Ashton Thomas Securities LLC acquired a new position in shares of Pinnacle Financial Partners in the 3rd quarter valued at about $30,000. International Assets Investment Management LLC bought a new stake in Pinnacle Financial Partners in the second quarter worth approximately $29,000. UMB Bank n.a. lifted its stake in Pinnacle Financial Partners by 83.4% in the third quarter. UMB Bank n.a. now owns 497 shares of the financial services provider’s stock valued at $49,000 after buying an additional 226 shares during the period. Values First Advisors Inc. bought a new position in shares of Pinnacle Financial Partners during the 3rd quarter worth approximately $49,000. Finally, Brooklyn Investment Group acquired a new stake in shares of Pinnacle Financial Partners during the 3rd quarter worth approximately $70,000. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on PNFP. Hovde Group lowered shares of Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 price objective on the stock. in a report on Monday, November 18th. Wells Fargo & Company lifted their price target on shares of Pinnacle Financial Partners from $104.00 to $120.00 and gave the company an “equal weight” rating in a research report on Tuesday. Truist Financial upped their price objective on shares of Pinnacle Financial Partners from $113.00 to $119.00 and gave the stock a “buy” rating in a report on Monday, October 21st. Barclays lifted their price objective on shares of Pinnacle Financial Partners from $101.00 to $108.00 and gave the company an “equal weight” rating in a report on Thursday, October 17th. Finally, Citigroup raised their price target on shares of Pinnacle Financial Partners from $113.00 to $123.00 and gave the company a “buy” rating in a research report on Thursday, October 17th. Six research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $110.30.

Pinnacle Financial Partners Trading Down 0.8 %

NASDAQ:PNFP opened at $124.22 on Wednesday. Pinnacle Financial Partners, Inc. has a 52 week low of $73.62 and a 52 week high of $131.91. The firm has a 50-day moving average price of $109.98 and a two-hundred day moving average price of $95.12. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.90 and a current ratio of 0.90. The firm has a market cap of $9.60 billion, a price-to-earnings ratio of 23.62 and a beta of 1.08.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $1.86 EPS for the quarter, beating analysts’ consensus estimates of $1.79 by $0.07. Pinnacle Financial Partners had a return on equity of 8.89% and a net margin of 13.97%. The company had revenue of $810.11 million during the quarter, compared to the consensus estimate of $454.18 million. During the same period last year, the business posted $1.79 earnings per share. On average, equities 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 announced a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 1st were paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.71%. The ex-dividend date was Friday, November 1st. Pinnacle Financial Partners’s payout ratio is 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.