Federated Hermes Inc. Has $499,000 Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Federated Hermes Inc. cut its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 22.4% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 6,237 shares of the financial services provider’s stock after selling 1,805 shares during the quarter. Federated Hermes Inc.’s holdings in Pinnacle Financial Partners were worth $499,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Cornercap Investment Counsel Inc. increased its position in shares of Pinnacle Financial Partners by 2.2% during the second quarter. Cornercap Investment Counsel Inc. now owns 14,522 shares of the financial services provider’s stock valued at $1,162,000 after purchasing an additional 313 shares during the period. Pier Capital LLC raised its stake in shares of Pinnacle Financial Partners by 16.5% in the 2nd quarter. Pier Capital LLC now owns 111,797 shares of the financial services provider’s stock valued at $8,948,000 after buying an additional 15,797 shares in the last quarter. Ellerson Group Inc. ADV raised its stake in shares of Pinnacle Financial Partners by 1.2% in the 2nd quarter. Ellerson Group Inc. ADV now owns 23,395 shares of the financial services provider’s stock valued at $1,873,000 after buying an additional 285 shares in the last quarter. Choreo LLC lifted its holdings in shares of Pinnacle Financial Partners by 154.6% during the 2nd quarter. Choreo LLC now owns 16,356 shares of the financial services provider’s stock worth $1,296,000 after acquiring an additional 9,932 shares during the period. Finally, Wedbush Securities Inc. bought a new stake in Pinnacle Financial Partners in the second quarter valued at about $207,000. 87.40% of the stock is currently owned by institutional investors.

Pinnacle Financial Partners Stock Down 0.2 %

Shares of NASDAQ:PNFP opened at $99.75 on Tuesday. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.43. The firm has a market cap of $7.70 billion, a P/E ratio of 14.27 and a beta of 1.05. Pinnacle Financial Partners, Inc. has a 12 month low of $59.66 and a 12 month high of $100.76. The company’s 50-day moving average price is $93.89 and its two-hundred day moving average price is $85.13.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $1.63 earnings per share for the quarter, beating analysts’ consensus estimates of $1.60 by $0.03. Pinnacle Financial Partners had a net margin of 13.93% and a return on equity of 8.97%. The business had revenue of $366.55 million during the quarter, compared to analyst estimates of $426.40 million. As a group, research analysts forecast that Pinnacle Financial Partners, Inc. will post 6.83 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Friday, August 2nd were paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 0.88%. The ex-dividend date of this dividend was Friday, August 2nd. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 12.59%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on PNFP. 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 note on Friday. Citigroup boosted their price target on Pinnacle Financial Partners from $93.00 to $113.00 and gave the company a “buy” rating in a research note on Thursday, July 18th. Barclays upped their price target on Pinnacle Financial Partners from $93.00 to $97.00 and gave the company an “equal weight” rating in a research report on Thursday, July 18th. JPMorgan Chase & Co. cut their price objective on Pinnacle Financial Partners from $108.00 to $105.00 and set an “overweight” rating for the company in a report on Thursday, June 27th. Finally, Wells Fargo & Company upped their target price on shares of Pinnacle Financial Partners from $90.00 to $100.00 and gave the stock an “overweight” rating in a report on Thursday, July 18th. One research analyst has rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, Pinnacle Financial Partners has a consensus rating of “Hold” and an average target price of $100.20.

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; 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.