Allspring Global Investments Holdings LLC Sells 35,144 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Allspring Global Investments Holdings LLC lowered its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 18.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 154,579 shares of the financial services provider’s stock after selling 35,144 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.20% of Pinnacle Financial Partners worth $15,144,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently bought and sold shares of the company. International Assets Investment Management LLC acquired a new stake in Pinnacle Financial Partners in the second quarter worth about $29,000. Versant Capital Management Inc grew its holdings in shares of Pinnacle Financial Partners by 44.5% during the second 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 during the last quarter. UMB Bank n.a. raised its stake in shares of Pinnacle Financial Partners by 83.4% in the third quarter. UMB Bank n.a. now owns 497 shares of the financial services provider’s stock worth $49,000 after purchasing an additional 226 shares during the last quarter. Quarry LP increased its stake in shares of Pinnacle Financial Partners by 3,500.0% in the second quarter. Quarry LP now owns 756 shares of the financial services provider’s stock worth $61,000 after acquiring an additional 735 shares during the period. Finally, GAMMA Investing LLC boosted its holdings in Pinnacle Financial Partners by 26.7% in the second quarter. GAMMA Investing LLC now owns 853 shares of the financial services provider’s stock valued at $68,000 after purchasing an additional 180 shares during the last quarter. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Price Performance

PNFP stock opened at $100.76 on Friday. The business has a fifty day moving average of $97.33 and a two-hundred day moving average of $87.77. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.42. The stock has a market cap of $7.78 billion, a price-to-earnings ratio of 19.16 and a beta of 1.05. Pinnacle Financial Partners, Inc. has a 52-week low of $60.19 and a 52-week high of $107.13.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its earnings results on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share for the quarter, beating the consensus estimate of $1.79 by $0.07. Pinnacle Financial Partners had a net margin of 13.97% and a return on equity of 8.89%. The firm had revenue of $810.11 million during the quarter, compared to the consensus estimate of $454.18 million. During the same quarter last year, the firm earned $1.79 EPS. As a group, research analysts anticipate that Pinnacle Financial Partners, Inc. will post 6.82 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 1st will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 0.87%. The ex-dividend date of this dividend is Friday, November 1st. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 16.73%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on PNFP shares. Truist Financial boosted their price objective on Pinnacle Financial Partners from $113.00 to $119.00 and gave the company a “buy” rating in a report on Monday, October 21st. Hovde Group upped their price objective on shares of Pinnacle Financial Partners from $110.00 to $114.00 and gave the stock an “outperform” rating in a research report on Friday, September 27th. Barclays raised their target price on Pinnacle Financial Partners from $101.00 to $108.00 and gave the company an “equal weight” rating in a research report on Thursday, October 17th. Wells Fargo & Company boosted their price objective on Pinnacle Financial Partners from $100.00 to $104.00 and gave the company an “equal weight” rating in a research report on Thursday, October 17th. Finally, Stephens lifted their target price on shares of Pinnacle Financial Partners from $108.00 to $120.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. Five equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $106.60.

Pinnacle Financial Partners 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.