Cerity Partners LLC Sells 8,009 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Cerity Partners LLC cut its holdings in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 24.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 25,022 shares of the financial services provider's stock after selling 8,009 shares during the quarter. Cerity Partners LLC's holdings in Pinnacle Financial Partners were worth $2,653,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in PNFP. Golden State Wealth Management LLC purchased a new stake in Pinnacle Financial Partners in the 1st quarter worth about $48,000. Kapitalo Investimentos Ltda purchased a new stake in Pinnacle Financial Partners in the 4th quarter worth about $78,000. UMB Bank n.a. increased its holdings in Pinnacle Financial Partners by 16.6% in the 1st quarter. UMB Bank n.a. now owns 858 shares of the financial services provider's stock worth $91,000 after acquiring an additional 122 shares during the last quarter. GAMMA Investing LLC increased its holdings in Pinnacle Financial Partners by 51.7% in the 1st quarter. GAMMA Investing LLC now owns 1,616 shares of the financial services provider's stock worth $171,000 after acquiring an additional 551 shares during the last quarter. Finally, Blair William & Co. IL purchased a new stake in Pinnacle Financial Partners in the 4th quarter worth about $200,000. 87.40% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on PNFP shares. JPMorgan Chase & Co. lifted their price objective on Pinnacle Financial Partners from $115.00 to $125.00 and gave the stock an "overweight" rating in a report on Tuesday, July 1st. Barclays lifted their price objective on Pinnacle Financial Partners from $125.00 to $140.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. Wall Street Zen raised Pinnacle Financial Partners from a "sell" rating to a "hold" rating in a report on Friday, July 18th. Truist Financial reissued a "buy" rating and issued a $127.00 price objective (up previously from $123.00) on shares of Pinnacle Financial Partners in a report on Friday, July 11th. Finally, Hovde Group raised Pinnacle Financial Partners from a "market perform" rating to an "outperform" rating and set a $111.00 price objective for the company in a report on Wednesday, April 16th. Four research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $129.60.

Pinnacle Financial Partners Price Performance

NASDAQ PNFP traded down $4.80 during trading hours on Wednesday, hitting $107.00. The company had a trading volume of 3,086,240 shares, compared to its average volume of 519,891. The firm has a market capitalization of $8.30 billion, a price-to-earnings ratio of 14.19 and a beta of 1.01. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.88 and a current ratio of 0.89. The firm has a 50 day simple moving average of $110.19 and a 200 day simple moving average of $109.42. Pinnacle Financial Partners, Inc. has a 52 week low of $81.57 and a 52 week high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last issued its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $2.00 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.92 by $0.08. The firm had revenue of $504.99 million during the quarter, compared to the consensus estimate of $495.27 million. Pinnacle Financial Partners had a return on equity of 9.60% and a net margin of 18.69%. The company's revenue for the quarter was up 15.1% on a year-over-year basis. During the same quarter last year, the company posted $1.63 EPS. Equities research analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Friday, August 1st will be given a dividend of $0.24 per share. The ex-dividend date is Friday, August 1st. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.90%. Pinnacle Financial Partners's dividend payout ratio (DPR) is presently 12.73%.

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.