Jennison Associates LLC Decreases Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Jennison Associates LLC lessened its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 0.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 643,582 shares of the financial services provider's stock after selling 2,956 shares during the period. Jennison Associates LLC owned about 0.83% of Pinnacle Financial Partners worth $68,245,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Golden State Wealth Management LLC bought a new position in Pinnacle Financial Partners during the 1st quarter valued at approximately $48,000. Kapitalo Investimentos Ltda purchased a new stake in shares of Pinnacle Financial Partners in the 4th quarter worth about $78,000. UMB Bank n.a. boosted its position in shares of 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 purchasing an additional 122 shares in the last quarter. GAMMA Investing LLC boosted its stake 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 purchasing an additional 551 shares in the last quarter. Finally, Blair William & Co. IL purchased a new stake in Pinnacle Financial Partners during the 4th quarter valued at $200,000. Institutional investors own 87.40% of the company's stock.

Analysts Set New Price Targets

A number of analysts have issued reports on PNFP shares. Citigroup lifted their price objective on Pinnacle Financial Partners from $134.00 to $140.00 and gave the stock a "buy" rating in a research note on Thursday. UBS Group reiterated a "neutral" rating and set a $121.00 target price on shares of Pinnacle Financial Partners in a report on Wednesday, July 9th. JPMorgan Chase & Co. raised their price target on shares of Pinnacle Financial Partners from $115.00 to $125.00 and gave the company an "overweight" rating in a report on Tuesday, July 1st. Hovde Group upgraded Pinnacle Financial Partners from a "market perform" rating to an "outperform" rating and set a $111.00 price target for the company in a research report on Wednesday, April 16th. Finally, Jefferies Financial Group assumed coverage on shares of Pinnacle Financial Partners in a research report on Wednesday, May 21st. They issued a "buy" rating and a $135.00 target price for the company. Four analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to MarketBeat.com, Pinnacle Financial Partners currently has a consensus rating of "Moderate Buy" and an average target price of $129.60.

Pinnacle Financial Partners Trading Down 1.5%

NASDAQ:PNFP opened at $117.04 on Friday. The stock has a market cap of $9.08 billion, a price-to-earnings ratio of 15.52 and a beta of 1.01. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.89 and a current ratio of 0.89. Pinnacle Financial Partners, Inc. has a 1 year low of $81.57 and a 1 year high of $131.91. The business has a fifty day moving average of $110.15 and a 200-day moving average of $109.47.

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

Pinnacle Financial Partners Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Friday, August 1st will be paid a dividend of $0.24 per share. The ex-dividend date is Friday, August 1st. This represents a $0.96 annualized dividend and a yield of 0.82%. Pinnacle Financial Partners's payout ratio is 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.

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