Pitcairn Co. Reduces Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Pitcairn Co. lessened its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 8.9% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 5,521 shares of the financial services provider’s stock after selling 539 shares during the quarter. Pitcairn Co.’s holdings in Pinnacle Financial Partners were worth $541,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Cerity Partners LLC raised its position in Pinnacle Financial Partners by 24.5% in the third quarter. Cerity Partners LLC now owns 36,261 shares of the financial services provider’s stock valued at $3,552,000 after purchasing an additional 7,130 shares during the period. Charles Schwab Investment Management Inc. increased its position in shares of Pinnacle Financial Partners by 1.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 920,088 shares of the financial services provider’s stock worth $90,141,000 after purchasing an additional 9,856 shares during the last quarter. King Luther Capital Management Corp raised its holdings in Pinnacle Financial Partners by 0.3% in the 3rd quarter. King Luther Capital Management Corp now owns 75,651 shares of the financial services provider’s stock valued at $7,412,000 after buying an additional 259 shares during the period. EverSource Wealth Advisors LLC lifted its position in Pinnacle Financial Partners by 0.6% in the third quarter. EverSource Wealth Advisors LLC now owns 17,976 shares of the financial services provider’s stock valued at $1,761,000 after buying an additional 100 shares during the last quarter. Finally, First Horizon Advisors Inc. boosted its stake in Pinnacle Financial Partners by 59.7% during the third quarter. First Horizon Advisors Inc. now owns 3,297 shares of the financial services provider’s stock worth $323,000 after buying an additional 1,233 shares during the period. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Pinnacle Financial Partners Stock Performance

Shares of PNFP opened at $129.87 on Tuesday. Pinnacle Financial Partners, Inc. has a 1 year low of $70.32 and a 1 year high of $131.91. The stock has a market capitalization of $10.03 billion, a PE ratio of 24.69 and a beta of 1.04. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.90 and a current ratio of 0.90. The stock has a 50-day simple moving average of $106.63 and a 200-day simple moving average of $93.32.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $1.86 EPS for the quarter, beating analysts’ consensus estimates 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 company had revenue of $810.11 million for the quarter, compared to the consensus estimate of $454.18 million. During the same period in the prior year, the firm posted $1.79 EPS. On average, analysts predict that Pinnacle Financial Partners, Inc. will post 6.8 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

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 0.68%. The ex-dividend date is Friday, November 1st. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 16.73%.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on PNFP. Wells Fargo & Company boosted their price target on shares of Pinnacle Financial Partners from $100.00 to $104.00 and gave the company an “equal weight” rating in a research note on Thursday, October 17th. Hovde Group cut Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 price target on the stock. in a research note on Monday, November 18th. Citigroup lifted their price objective on Pinnacle Financial Partners from $113.00 to $123.00 and gave the company a “buy” rating in a research note on Thursday, October 17th. Stephens increased their target price on Pinnacle Financial Partners from $108.00 to $120.00 and gave the stock an “overweight” rating in a research note on Thursday, October 17th. Finally, Barclays lifted 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. Six investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $108.70.

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.