Bfsg LLC Trims Stock Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Bfsg LLC reduced its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 30.8% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 2,054 shares of the financial services provider’s stock after selling 913 shares during the quarter. Bfsg LLC’s holdings in Pinnacle Financial Partners were worth $201,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Wasatch Advisors LP raised its holdings in Pinnacle Financial Partners by 41.8% during the first quarter. Wasatch Advisors LP now owns 3,341,417 shares of the financial services provider’s stock worth $286,961,000 after purchasing an additional 985,694 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Pinnacle Financial Partners by 10.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,094,498 shares of the financial services provider’s stock worth $247,673,000 after buying an additional 292,401 shares during the last quarter. Swedbank AB bought a new position in shares of Pinnacle Financial Partners during the first quarter worth about $21,470,000. Lee Danner & Bass Inc. bought a new position in Pinnacle Financial Partners in the 2nd quarter valued at about $16,092,000. Finally, Stieven Capital Advisors L.P. bought a new stake in Pinnacle Financial Partners in the first quarter worth about $6,003,000. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Stock Up 0.9 %

NASDAQ PNFP opened at $106.40 on Friday. Pinnacle Financial Partners, Inc. has a 52 week low of $59.66 and a 52 week high of $107.13. 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 company has a market capitalization of $8.22 billion, a P/E ratio of 15.22 and a beta of 1.05. The stock’s 50-day moving average price is $95.65 and its 200-day moving average price is $86.92.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its earnings results on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share for the quarter, beating analysts’ consensus estimates of $1.79 by $0.07. Pinnacle Financial Partners had a net margin of 13.93% and a return on equity of 8.97%. The company had revenue of $810.11 million for the quarter, compared to analysts’ expectations of $454.18 million. During the same quarter in the previous year, the company earned $1.79 EPS. On average, equities research analysts predict that Pinnacle Financial Partners, Inc. will post 6.8 earnings per share for the current year.

Pinnacle Financial Partners Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 1st will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 0.83%. The ex-dividend date is Friday, November 1st. Pinnacle Financial Partners’s dividend payout ratio is currently 12.59%.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on PNFP. JPMorgan Chase & Co. cut their price objective on shares of Pinnacle Financial Partners from $108.00 to $105.00 and set an “overweight” rating on the stock in a research report on Thursday, June 27th. Piper Sandler downgraded Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and upped their price objective for the stock from $95.00 to $98.00 in a report on Thursday, July 18th. Stephens raised their price objective on Pinnacle Financial Partners from $108.00 to $120.00 and gave the stock an “overweight” rating in a research note on Thursday. Wells Fargo & Company boosted their price target on shares of Pinnacle Financial Partners from $100.00 to $104.00 and gave the stock an “equal weight” rating in a research report on Thursday. Finally, Hovde Group lifted 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. Five equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $106.00.

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.