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NFJ Investment Group LLC Reduces Stock Holdings in Pinnacle Financial Partners, Inc. $PNFP

Pinnacle Financial Partners logo with Finance background

Key Points

  • NFJ Investment Group LLC reduced its stake in Pinnacle Financial Partners by 28.2%, now holding 27,186 shares worth approximately $2.88 million.
  • Brokerages have shown mixed sentiment, with JPMorgan Chase raising the price target to $125 while Wells Fargo lowered it to $110, indicating divergent views among analysts.
  • Pinnacle Financial Partners recently announced a quarterly dividend of $0.24 per share, yielding 1.0%, with a low dividend payout ratio of 12.73%.
  • Five stocks to consider instead of Pinnacle Financial Partners.

NFJ Investment Group LLC trimmed its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 28.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 27,186 shares of the financial services provider's stock after selling 10,702 shares during the period. NFJ Investment Group LLC's holdings in Pinnacle Financial Partners were worth $2,883,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Millennium Management LLC bought a new position in shares of Pinnacle Financial Partners during the first quarter valued at approximately $77,207,000. Nuveen LLC bought a new position in shares of Pinnacle Financial Partners during the first quarter valued at approximately $26,879,000. GAMMA Investing LLC increased its stake in shares of Pinnacle Financial Partners by 15,990.2% during the first quarter. GAMMA Investing LLC now owns 171,361 shares of the financial services provider's stock valued at $18,171,000 after purchasing an additional 170,296 shares in the last quarter. Jacobs Levy Equity Management Inc. increased its stake in shares of Pinnacle Financial Partners by 49.0% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 434,749 shares of the financial services provider's stock valued at $49,731,000 after purchasing an additional 143,026 shares in the last quarter. Finally, Junto Capital Management LP increased its stake in shares of Pinnacle Financial Partners by 28.7% during the first quarter. Junto Capital Management LP now owns 446,076 shares of the financial services provider's stock valued at $47,302,000 after purchasing an additional 99,495 shares in the last quarter. 87.40% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, CFO Harold R. Carpenter acquired 1,000 shares of Pinnacle Financial Partners stock in a transaction that occurred on Thursday, July 31st. The stock was purchased at an average price of $89.73 per share, for a total transaction of $89,730.00. Following the purchase, the chief financial officer directly owned 105,050 shares in the company, valued at $9,426,136.50. The trade was a 0.96% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director G Kennedy Thompson purchased 10,000 shares of the business's stock in a transaction on Friday, August 1st. The shares were bought at an average price of $85.65 per share, for a total transaction of $856,500.00. Following the purchase, the director directly owned 28,372 shares in the company, valued at $2,430,061.80. This represents a 54.43% increase in their position. The disclosure for this purchase can be found here. Insiders acquired 12,174 shares of company stock valued at $1,047,079 in the last three months. Corporate insiders own 1.46% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on PNFP shares. Wall Street Zen upgraded shares of Pinnacle Financial Partners from a "sell" rating to a "hold" rating in a report on Friday, July 18th. Hovde Group cut shares of Pinnacle Financial Partners from a "strong-buy" rating to a "hold" rating in a report on Friday, July 25th. Wells Fargo & Company dropped their target price on shares of Pinnacle Financial Partners from $125.00 to $110.00 and set an "equal weight" rating on the stock in a report on Friday, July 25th. Truist Financial restated a "buy" rating and issued a $127.00 target price (up previously from $123.00) on shares of Pinnacle Financial Partners in a report on Friday, July 11th. Finally, Barclays dropped their target price on shares of Pinnacle Financial Partners from $140.00 to $125.00 and set an "overweight" rating on the stock in a report on Monday, July 28th. Four investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $113.50.

Read Our Latest Report on Pinnacle Financial Partners

Pinnacle Financial Partners Price Performance

NASDAQ PNFP traded down $0.37 on Thursday, reaching $97.32. The company had a trading volume of 573,289 shares, compared to its average volume of 775,996. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.34. The stock has a market capitalization of $7.55 billion, a PE ratio of 12.90 and a beta of 1.07. The firm's 50 day moving average price is $100.65 and its 200 day moving average price is $102.99. Pinnacle Financial Partners, Inc. has a 12 month low of $81.57 and a 12 month high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last announced 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 company had revenue of $504.99 million for the quarter, compared to the consensus estimate of $495.27 million. Pinnacle Financial Partners had a net margin of 18.69% and a return on equity of 9.60%. Pinnacle Financial Partners's revenue for the quarter was up 15.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.63 EPS. As a group, equities analysts predict 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 disclosed a quarterly dividend, which was paid on Friday, August 29th. Shareholders of record on Friday, August 1st were paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend was Friday, August 1st. Pinnacle Financial Partners's dividend payout ratio (DPR) is presently 12.73%.

Pinnacle Financial Partners Profile

(Free Report)

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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Institutional Ownership by Quarter for Pinnacle Financial Partners (NASDAQ:PNFP)

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