Public Employees Retirement Association of Colorado Lowers Stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Public Employees Retirement Association of Colorado trimmed its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 0.6% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 144,458 shares of the financial services provider’s stock after selling 806 shares during the period. Public Employees Retirement Association of Colorado owned 0.19% of Pinnacle Financial Partners worth $11,562,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Rise Advisors LLC bought a new position in shares of Pinnacle Financial Partners in the first quarter worth about $26,000. International Assets Investment Management LLC purchased a new stake in Pinnacle Financial Partners during the 2nd quarter valued at approximately $29,000. Versant Capital Management Inc grew its holdings in Pinnacle Financial Partners by 44.5% during the 2nd quarter. Versant Capital Management Inc now owns 432 shares of the financial services provider’s stock valued at $35,000 after buying an additional 133 shares in the last quarter. ICA Group Wealth Management LLC purchased a new stake in Pinnacle Financial Partners during the 4th quarter valued at approximately $44,000. Finally, Mather Group LLC. bought a new stake in shares of Pinnacle Financial Partners during the first quarter valued at approximately $65,000. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Piper Sandler cut shares of Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and raised their target price for the company from $95.00 to $98.00 in a research note on Thursday, July 18th. Barclays lifted their target price on Pinnacle Financial Partners from $93.00 to $97.00 and gave the stock an “equal weight” rating in a report on Thursday, July 18th. Wells Fargo & Company increased their price target on Pinnacle Financial Partners from $90.00 to $100.00 and gave the company an “overweight” rating in a research note on Thursday, July 18th. JPMorgan Chase & Co. lowered their target price on Pinnacle Financial Partners from $108.00 to $105.00 and set an “overweight” rating for the company in a research report on Thursday, June 27th. Finally, Citigroup raised their target price on shares of Pinnacle Financial Partners from $93.00 to $113.00 and gave the company a “buy” rating in a report on Thursday, July 18th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, Pinnacle Financial Partners currently has an average rating of “Hold” and an average price target of $100.20.

Pinnacle Financial Partners Price Performance

Shares of PNFP stock opened at $99.99 on Friday. The stock’s 50-day moving average is $93.67 and its 200 day moving average is $85.02. Pinnacle Financial Partners, Inc. has a 1-year low of $59.66 and a 1-year high of $100.76. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.90 and a quick ratio of 0.90. The company has a market cap of $7.72 billion, a P/E ratio of 14.30 and a beta of 1.05.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $1.63 earnings per share for the quarter, topping analysts’ consensus estimates of $1.60 by $0.03. The firm had revenue of $366.55 million during the quarter, compared to analysts’ expectations of $426.40 million. Pinnacle Financial Partners had a return on equity of 8.97% and a net margin of 13.93%. Research analysts predict that Pinnacle Financial Partners, Inc. will post 6.83 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

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

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.