Cahaba Wealth Management Inc. Sells 4,396 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Cahaba Wealth Management Inc. reduced its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 66.4% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 2,229 shares of the financial services provider's stock after selling 4,396 shares during the period. Cahaba Wealth Management Inc.'s holdings in Pinnacle Financial Partners were worth $236,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of PNFP. Proficio Capital Partners LLC acquired a new stake in Pinnacle Financial Partners during the fourth quarter worth approximately $3,860,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Pinnacle Financial Partners by 24.6% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 20,385 shares of the financial services provider's stock worth $2,332,000 after acquiring an additional 4,021 shares during the last quarter. Wealthfront Advisers LLC acquired a new stake in Pinnacle Financial Partners during the fourth quarter worth approximately $700,000. Swiss National Bank lifted its position in Pinnacle Financial Partners by 0.7% during the fourth quarter. Swiss National Bank now owns 151,961 shares of the financial services provider's stock worth $17,383,000 after acquiring an additional 1,100 shares during the last quarter. Finally, Picton Mahoney Asset Management lifted its position in Pinnacle Financial Partners by 190.1% during the fourth quarter. Picton Mahoney Asset Management now owns 159,187 shares of the financial services provider's stock worth $18,211,000 after acquiring an additional 104,306 shares during the last quarter. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Pinnacle Financial Partners Price Performance

Shares of NASDAQ PNFP traded up $1.62 during midday trading on Wednesday, reaching $116.50. 1,088,781 shares of the company were exchanged, compared to its average volume of 507,552. The stock's 50-day moving average price is $109.70 and its 200-day moving average price is $109.42. The stock has a market cap of $9.04 billion, a P/E ratio of 15.45 and a beta of 1.01. Pinnacle Financial Partners, Inc. has a one year low of $81.57 and a one year high of $131.91. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.37.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last posted its earnings results on Tuesday, July 15th. The financial services provider reported $2.00 earnings per share for the quarter, topping analysts' consensus estimates of $1.92 by $0.08. The firm had revenue of $504.99 million for the quarter, compared to analysts' expectations of $495.27 million. Pinnacle Financial Partners had a net margin of 18.69% and a return on equity of 9.67%. The company's revenue was up 15.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.63 earnings per share. On average, sell-side analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Friday, August 1st will be paid a $0.24 dividend. The ex-dividend date of this dividend is Friday, August 1st. This represents a $0.96 annualized dividend and a dividend yield of 0.82%. Pinnacle Financial Partners's dividend payout ratio is 15.53%.

Analyst Ratings Changes

Several equities research analysts have issued reports on PNFP shares. Jefferies Financial Group started coverage on shares of Pinnacle Financial Partners in a research report on Wednesday, May 21st. They set a "buy" rating and a $135.00 price objective for the company. Citigroup lifted their price target on shares of Pinnacle Financial Partners from $126.00 to $134.00 and gave the company a "buy" rating in a research report on Wednesday, July 2nd. Truist Financial reiterated a "buy" rating and issued a $127.00 price target (up from $123.00) on shares of Pinnacle Financial Partners in a research report on Friday, July 11th. JPMorgan Chase & Co. lifted their price target on shares of Pinnacle Financial Partners from $115.00 to $125.00 and gave the company an "overweight" rating in a research report on Tuesday, July 1st. Finally, Wells Fargo & Company lifted their price target on shares of Pinnacle Financial Partners from $105.00 to $125.00 and gave the company an "equal weight" rating in a research report on Thursday, July 10th. Four investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. Based on data from MarketBeat.com, Pinnacle Financial Partners currently has an average rating of "Moderate Buy" and an average price target of $124.82.

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.