Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Shares Sold by American International Group Inc.

American International Group Inc. lowered its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 2.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 100,671 shares of the financial services provider’s stock after selling 3,019 shares during the period. American International Group Inc. owned approximately 0.13% of Pinnacle Financial Partners worth $8,646,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently bought and sold shares of PNFP. American Century Companies Inc. boosted its position in Pinnacle Financial Partners by 133.8% in the 3rd quarter. American Century Companies Inc. now owns 84,221 shares of the financial services provider’s stock worth $5,646,000 after purchasing an additional 48,203 shares in the last quarter. Raymond James & Associates raised its stake in Pinnacle Financial Partners by 0.4% in the 4th quarter. Raymond James & Associates now owns 186,621 shares of the financial services provider’s stock valued at $16,277,000 after purchasing an additional 710 shares during the last quarter. Pacer Advisors Inc. increased its stake in shares of Pinnacle Financial Partners by 79.4% in the 4th quarter. Pacer Advisors Inc. now owns 11,539 shares of the financial services provider’s stock worth $1,006,000 after acquiring an additional 5,106 shares during the last quarter. Steel Grove Capital Advisors LLC increased its stake in shares of Pinnacle Financial Partners by 7.9% in the 4th quarter. Steel Grove Capital Advisors LLC now owns 17,039 shares of the financial services provider’s stock worth $1,486,000 after acquiring an additional 1,250 shares during the last quarter. Finally, Caprock Group LLC increased its stake in shares of Pinnacle Financial Partners by 2.2% in the 4th quarter. Caprock Group LLC now owns 5,604 shares of the financial services provider’s stock worth $489,000 after acquiring an additional 122 shares during the last quarter. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Analyst Ratings Changes

PNFP has been the subject of a number of recent analyst reports. Wells Fargo & Company raised their price objective on Pinnacle Financial Partners from $90.00 to $100.00 and gave the stock an “overweight” rating in a research report on Thursday, July 18th. Truist Financial raised their target price on Pinnacle Financial Partners from $87.00 to $101.00 and gave the company a “buy” rating in a report on Thursday, July 18th. Stephens decreased their price objective on Pinnacle Financial Partners from $109.00 to $102.00 and set an “overweight” rating for the company in a research note on Thursday, May 23rd. JPMorgan Chase & Co. decreased their price objective on Pinnacle Financial Partners from $108.00 to $105.00 and set an “overweight” rating for the company in a research note on Thursday, June 27th. Finally, Piper Sandler cut Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and lifted their price objective for the company from $95.00 to $98.00 in a research note on Thursday, July 18th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $99.00.

Pinnacle Financial Partners Stock Performance

PNFP traded up $3.53 during trading on Thursday, hitting $97.69. 137,521 shares of the stock were exchanged, compared to its average volume of 459,658. The firm has a market capitalization of $7.54 billion, a P/E ratio of 13.47 and a beta of 1.08. Pinnacle Financial Partners, Inc. has a 1-year low of $59.66 and a 1-year high of $97.84. The stock has a fifty day moving average price of $80.81 and a two-hundred day moving average price of $82.29. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.43.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its earnings results on Monday, April 22nd. The financial services provider reported $1.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.52 by $0.01. The business had revenue of $428.14 million for the quarter, compared to analyst estimates of $413.27 million. Pinnacle Financial Partners had a return on equity of 8.97% and a net margin of 13.93%. As a group, sell-side analysts predict that Pinnacle Financial Partners, Inc. will post 6.73 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Stockholders of record on Friday, August 2nd will be issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.90%. The ex-dividend date of this dividend is Friday, August 2nd. Pinnacle Financial Partners’s payout ratio is currently 12.59%.

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.