Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Shares Sold by Truist Financial Corp

Truist Financial Corp trimmed its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 24.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 179,946 shares of the financial services provider’s stock after selling 57,405 shares during the quarter. Truist Financial Corp owned 0.23% of Pinnacle Financial Partners worth $14,403,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Rise Advisors LLC acquired a new position in Pinnacle Financial Partners during the 1st quarter worth approximately $26,000. International Assets Investment Management LLC acquired a new position in Pinnacle Financial Partners during the second quarter worth $29,000. Versant Capital Management Inc raised its position in Pinnacle Financial Partners by 44.5% in the second quarter. Versant Capital Management Inc now owns 432 shares of the financial services provider’s stock worth $35,000 after acquiring an additional 133 shares in the last quarter. Quarry LP lifted its holdings in Pinnacle Financial Partners by 3,500.0% in the second quarter. Quarry LP now owns 756 shares of the financial services provider’s stock valued at $61,000 after acquiring an additional 735 shares during the period. Finally, Mather Group LLC. purchased a new stake in shares of Pinnacle Financial Partners during the 1st quarter worth $65,000. 87.40% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have recently issued reports on PNFP. JPMorgan Chase & Co. cut their price target on shares of Pinnacle Financial Partners from $108.00 to $105.00 and set an “overweight” rating for the company in a report on Thursday, June 27th. Barclays lifted their price target on shares of Pinnacle Financial Partners from $97.00 to $101.00 and gave the company an “equal weight” rating in a research report on Friday, September 27th. Citigroup upped their price target on Pinnacle Financial Partners from $93.00 to $113.00 and gave the stock a “buy” rating in a report on Thursday, July 18th. Truist Financial lifted their price objective on Pinnacle Financial Partners from $101.00 to $113.00 and gave the stock a “buy” rating in a report on Friday, September 20th. Finally, Wells Fargo & Company lowered Pinnacle Financial Partners from an “overweight” rating to an “equal weight” rating and set a $100.00 target price on the stock. in a report on Tuesday. One analyst has rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $102.10.

Pinnacle Financial Partners Trading Up 3.5 %

Pinnacle Financial Partners stock opened at $96.21 on Friday. The stock has a market cap of $7.43 billion, a PE ratio of 13.76 and a beta of 1.05. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.43. The stock has a 50-day moving average price of $94.05 and a 200 day moving average price of $85.97. Pinnacle Financial Partners, Inc. has a 52 week low of $59.66 and a 52 week high of $100.76.

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, 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. Equities research analysts predict 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 declared a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Friday, August 2nd were paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.91%. The ex-dividend date of this dividend was Friday, August 2nd. Pinnacle Financial Partners’s dividend payout ratio is presently 12.59%.

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.