Victory Capital Management Inc. decreased its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP – Free Report) by 68.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 195,176 shares of the financial services provider’s stock after selling 432,563 shares during the period. Victory Capital Management Inc. owned 0.25% of Pinnacle Financial Partners worth $10,766,000 at the end of the most recent quarter.
A number of other institutional investors have also made changes to their positions in the business. Thrivent Financial for Lutherans boosted its stake in Pinnacle Financial Partners by 0.7% in the 4th quarter. Thrivent Financial for Lutherans now owns 20,365 shares of the financial services provider’s stock valued at $1,495,000 after purchasing an additional 140 shares during the period. First Horizon Advisors Inc. increased its holdings in Pinnacle Financial Partners by 12.6% in the 4th quarter. First Horizon Advisors Inc. now owns 1,373 shares of the financial services provider’s stock worth $101,000 after purchasing an additional 154 shares in the last quarter. Oregon Public Employees Retirement Fund increased its holdings in Pinnacle Financial Partners by 0.8% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 22,478 shares of the financial services provider’s stock worth $1,650,000 after purchasing an additional 174 shares in the last quarter. Advisors Asset Management Inc. increased its stake in shares of Pinnacle Financial Partners by 1.9% in the fourth quarter. Advisors Asset Management Inc. now owns 9,228 shares of the financial services provider’s stock valued at $677,000 after buying an additional 174 shares during the period. Finally, Louisiana State Employees Retirement System increased its stake in shares of Pinnacle Financial Partners by 1.0% in the fourth quarter. Louisiana State Employees Retirement System now owns 20,500 shares of the financial services provider’s stock valued at $1,505,000 after buying an additional 200 shares during the period. 79.24% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
Several equities research analysts recently commented on PNFP shares. Keefe, Bruyette & Woods cut their target price on Pinnacle Financial Partners from $90.00 to $80.00 and set an “outperform” rating on the stock in a research report on Thursday, April 6th. Truist Financial increased their price target on Pinnacle Financial Partners from $61.00 to $73.00 and gave the company a “buy” rating in a research report on Thursday, July 20th. StockNews.com upgraded Pinnacle Financial Partners to a “sell” rating in a research report on Thursday, July 20th. Wells Fargo & Company reduced their price target on Pinnacle Financial Partners from $95.00 to $85.00 and set an “overweight” rating for the company in a research report on Wednesday, April 5th. Finally, TheStreet cut Pinnacle Financial Partners from a “b-” rating to a “c+” rating in a research report on Wednesday, June 7th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $77.25.
Pinnacle Financial Partners Stock Up 0.9 %
Pinnacle Financial Partners (NASDAQ:PNFP – Get Free Report) last announced its quarterly earnings results on Wednesday, July 19th. The financial services provider reported $1.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.63 by $0.16. Pinnacle Financial Partners had a return on equity of 10.49% and a net margin of 26.38%. The company had revenue of $489.23 million for the quarter, compared to the consensus estimate of $412.20 million. During the same quarter in the previous year, the business earned $1.86 EPS. Pinnacle Financial Partners’s revenue was up 25.4% compared to the same quarter last year. On average, equities analysts expect that Pinnacle Financial Partners, Inc. will post 6.8 EPS for the current year.
Pinnacle Financial Partners Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 25th. Stockholders of record on Friday, August 4th will be paid a $0.22 dividend. The ex-dividend date of this dividend is Thursday, August 3rd. This represents a $0.88 annualized dividend and a dividend yield of 1.16%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 11.04%.
Pinnacle Financial Partners Company 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.
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