Artemis Investment Management LLP lowered its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP – Free Report) by 10.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 470,217 shares of the financial services provider’s stock after selling 56,479 shares during the period. Artemis Investment Management LLP owned 0.61% of Pinnacle Financial Partners worth $46,067,000 as of its most recent SEC filing.
A number of other hedge funds have also recently added to or reduced their stakes in PNFP. Duncan Williams Asset Management LLC acquired a new stake in Pinnacle Financial Partners during the 1st quarter worth approximately $1,085,000. Eventide Asset Management LLC purchased a new position in shares of Pinnacle Financial Partners during the 4th quarter valued at approximately $7,051,000. Norden Group LLC acquired a new stake in Pinnacle Financial Partners in the first quarter valued at $1,065,000. Jennison Associates LLC grew its holdings in Pinnacle Financial Partners by 2.4% during the 1st quarter. Jennison Associates LLC now owns 1,097,395 shares of the financial services provider’s stock worth $94,244,000 after acquiring an additional 26,216 shares in the last quarter. Finally, Atria Investments Inc increased its position in shares of Pinnacle Financial Partners by 40.9% in the 1st quarter. Atria Investments Inc now owns 43,241 shares of the financial services provider’s stock worth $3,713,000 after purchasing an additional 12,551 shares during the last quarter. 87.40% of the stock is owned by institutional investors and hedge funds.
Pinnacle Financial Partners Stock Down 1.1 %
NASDAQ PNFP opened at $93.97 on Wednesday. The stock’s 50 day simple moving average is $93.97 and its 200 day simple moving average is $86.18. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.90 and a quick ratio of 0.90. Pinnacle Financial Partners, Inc. has a one year low of $59.66 and a one year high of $100.76. The firm has a market cap of $7.26 billion, a PE ratio of 13.44 and a beta of 1.05.
Pinnacle Financial Partners Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Friday, August 2nd were paid a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 0.94%. The ex-dividend date was Friday, August 2nd. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 12.59%.
Wall Street Analyst Weigh In
A number of equities analysts have commented on PNFP shares. Piper Sandler lowered Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and upped their target price for the company from $95.00 to $98.00 in a report on Thursday, July 18th. Citigroup raised their target price on Pinnacle Financial Partners from $93.00 to $113.00 and gave the company a “buy” rating in a research report on Thursday, July 18th. JPMorgan Chase & Co. dropped their target price 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. Barclays lifted their price objective on shares of Pinnacle Financial Partners from $97.00 to $101.00 and gave the stock an “equal weight” rating in a research note on Friday, September 27th. Finally, Truist Financial raised their price objective on Pinnacle Financial Partners from $101.00 to $113.00 and gave the stock a “buy” rating in a research note on Friday, September 20th. Five research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, Pinnacle Financial Partners currently has an average rating of “Moderate Buy” and an average price target of $102.10.
View Our Latest Analysis on Pinnacle Financial Partners
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.
Further Reading
- Five stocks we like better than Pinnacle Financial Partners
- 3 Home Improvement Stocks that Can Upgrade Your Portfolio
- NVIDIA’s AI Dominance: Why Analysts Predict Major Upside Ahead
- Dividend Payout Ratio Calculator
- These Stocks Are Using Buybacks to Unlock Big Gains for Investors
- The Role Economic Reports Play in a Successful Investment Strategy
- This Is the Entry Into PepsiCo You’ve Been Waiting For
Receive News & Ratings for Pinnacle Financial Partners Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Pinnacle Financial Partners and related companies with MarketBeat.com's FREE daily email newsletter.