Victory Capital Management Inc. Sells 47,243 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Key Points

• Victory Capital Management Inc. significantly reduced its stake in Pinnacle Financial Partners by 76.9%, selling 47,243 shares during the 1st quarter, leaving it with only 14,178 shares valued at approximately $1.5 million.
• Research analysts have varying opinions on Pinnacle Financial Partners, with target price adjustments resulting in a new average target of $118.30 and a consensus rating of "Hold".
• Pinnacle Financial Partners announced a quarterly dividend of $0.24 per share, which will be paid on August 29th, representing an annual yield of 1.04%.

Victory Capital Management Inc. trimmed its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 76.9% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,178 shares of the financial services provider's stock after selling 47,243 shares during the period. Victory Capital Management Inc.'s holdings in Pinnacle Financial Partners were worth $1,503,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. GAMMA Investing LLC raised its stake in Pinnacle Financial Partners by 51.7% during the 1st quarter. GAMMA Investing LLC now owns 1,616 shares of the financial services provider's stock valued at $171,000 after purchasing an additional 551 shares during the period. Golden State Wealth Management LLC bought a new stake in shares of Pinnacle Financial Partners during the first quarter valued at approximately $48,000. M&T Bank Corp lifted its holdings in shares of Pinnacle Financial Partners by 9.0% in the first quarter. M&T Bank Corp now owns 8,187 shares of the financial services provider's stock worth $868,000 after buying an additional 674 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its position in shares of Pinnacle Financial Partners by 3.2% during the first quarter. Allspring Global Investments Holdings LLC now owns 142,165 shares of the financial services provider's stock worth $14,892,000 after acquiring an additional 4,356 shares during the last quarter. Finally, Impax Asset Management Group plc purchased a new position in Pinnacle Financial Partners during the first quarter valued at $7,423,000. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

Pinnacle Financial Partners Trading Down 2.0%

Shares of PNFP traded down $1.76 during midday trading on Friday, hitting $86.13. The stock had a trading volume of 3,218,654 shares, compared to its average volume of 1,522,487. Pinnacle Financial Partners, Inc. has a 1 year low of $81.57 and a 1 year high of $131.91. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.89 and a quick ratio of 0.88. The stock's 50 day moving average is $107.86 and its 200 day moving average is $108.24. The firm has a market cap of $6.68 billion, a PE ratio of 11.42 and a beta of 1.04.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last announced its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $2.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.92 by $0.08. The business had revenue of $504.99 million during 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%. The firm's quarterly revenue was up 15.1% compared to the same quarter last year. During the same quarter last year, the firm earned $1.63 earnings per share. As a group, analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Friday, August 1st will be paid a $0.24 dividend. The ex-dividend date is Friday, August 1st. This represents a $0.96 dividend on an annualized basis and a yield of 1.1%. Pinnacle Financial Partners's dividend payout ratio (DPR) is presently 12.73%.

Insiders Place Their Bets

In related news, CFO Harold R. Carpenter purchased 1,000 shares of Pinnacle Financial Partners stock in a transaction that occurred on Thursday, July 31st. The shares were bought at an average price of $89.73 per share, with a total value of $89,730.00. Following the purchase, the chief financial officer directly owned 105,050 shares of the company's stock, valued at approximately $9,426,136.50. This represents a 0.96% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.46% of the stock is currently owned by insiders.

Analysts Set New Price Targets

PNFP has been the topic of several research analyst reports. Truist Financial reiterated a "buy" rating and issued a $127.00 price target (up previously from $123.00) on shares of Pinnacle Financial Partners in a research note on Friday, July 11th. Hovde Group cut Pinnacle Financial Partners from a "strong-buy" rating to a "hold" rating in a report on Friday, July 25th. Barclays reduced their price objective on Pinnacle Financial Partners from $140.00 to $125.00 and set an "overweight" rating on the stock in a research note on Monday, July 28th. Wells Fargo & Company lowered their target price on Pinnacle Financial Partners from $125.00 to $110.00 and set an "equal weight" rating for the company in a research report on Friday, July 25th. Finally, Citigroup decreased their price target on shares of Pinnacle Financial Partners from $140.00 to $120.00 and set a "buy" rating on the stock in a research note on Friday, July 25th. Seven equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $118.30.

About Pinnacle Financial Partners

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.