Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Position Reduced by Loomis Sayles & Co. L P

Loomis Sayles & Co. L P reduced its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 3.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 182,787 shares of the financial services provider’s stock after selling 6,918 shares during the period. Loomis Sayles & Co. L P owned about 0.24% of Pinnacle Financial Partners worth $17,908,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in PNFP. International Assets Investment Management LLC purchased a new position in Pinnacle Financial Partners during the 2nd quarter worth approximately $29,000. Ashton Thomas Securities LLC purchased a new position in shares of Pinnacle Financial Partners during the third quarter valued at $30,000. Versant Capital Management Inc raised its position in Pinnacle Financial Partners by 44.5% during the second quarter. Versant Capital Management Inc now owns 432 shares of the financial services provider’s stock valued at $35,000 after buying an additional 133 shares during the period. UMB Bank n.a. raised its position in Pinnacle Financial Partners by 83.4% during the third quarter. UMB Bank n.a. now owns 497 shares of the financial services provider’s stock valued at $49,000 after buying an additional 226 shares during the period. Finally, Values First Advisors Inc. purchased a new stake in Pinnacle Financial Partners in the 3rd quarter worth about $49,000. Institutional investors and hedge funds own 87.40% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on PNFP. Citigroup upped their target price on Pinnacle Financial Partners from $113.00 to $123.00 and gave the company a “buy” rating in a report on Thursday, October 17th. Truist Financial upped their price objective on shares of Pinnacle Financial Partners from $113.00 to $119.00 and gave the company a “buy” rating in a research note on Monday, October 21st. Hovde Group lowered shares of Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 target price for the company. in a research note on Monday, November 18th. Barclays upped their price target on shares of Pinnacle Financial Partners from $101.00 to $108.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 17th. Finally, Wells Fargo & Company lifted their price objective on Pinnacle Financial Partners from $100.00 to $104.00 and gave the company an “equal weight” rating in a research report on Thursday, October 17th. Six research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $108.70.

Pinnacle Financial Partners Price Performance

NASDAQ PNFP opened at $128.25 on Wednesday. Pinnacle Financial Partners, Inc. has a fifty-two week low of $70.32 and a fifty-two week high of $131.91. The stock’s 50-day moving average is $107.27 and its two-hundred day moving average is $93.63. The firm has a market cap of $9.91 billion, a P/E ratio of 24.38 and a beta of 1.04. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.90 and a quick ratio of 0.90.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share for the quarter, beating analysts’ consensus estimates of $1.79 by $0.07. The business had revenue of $810.11 million for the quarter, compared to the consensus estimate of $454.18 million. Pinnacle Financial Partners had a return on equity of 8.89% and a net margin of 13.97%. During the same period last year, the business earned $1.79 EPS. On average, analysts anticipate that Pinnacle Financial Partners, Inc. will post 6.8 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 1st will be issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 0.69%. The ex-dividend date of this dividend is Friday, November 1st. Pinnacle Financial Partners’s dividend payout ratio is currently 16.73%.

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.