Versant Capital Management Inc Has $35,000 Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Versant Capital Management Inc grew its holdings in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 44.5% in the 2nd quarter, Holdings Channel reports. The fund owned 432 shares of the financial services provider’s stock after buying an additional 133 shares during the period. Versant Capital Management Inc’s holdings in Pinnacle Financial Partners were worth $35,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Wasatch Advisors LP lifted its holdings in shares of Pinnacle Financial Partners by 41.8% in the first quarter. Wasatch Advisors LP now owns 3,341,417 shares of the financial services provider’s stock worth $286,961,000 after acquiring an additional 985,694 shares during the last quarter. Norges Bank bought a new position in shares of Pinnacle Financial Partners in the fourth quarter worth about $83,461,000. Principal Financial Group Inc. raised its holdings in Pinnacle Financial Partners by 185.5% in the 4th quarter. Principal Financial Group Inc. now owns 808,135 shares of the financial services provider’s stock valued at $70,486,000 after buying an additional 525,101 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Pinnacle Financial Partners by 14.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,647,881 shares of the financial services provider’s stock valued at $230,951,000 after buying an additional 334,502 shares during the last quarter. Finally, Swedbank AB bought a new position in Pinnacle Financial Partners in the 1st quarter valued at approximately $21,470,000. Institutional investors own 87.40% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on PNFP. Citigroup raised their price objective on shares of Pinnacle Financial Partners from $93.00 to $113.00 and gave the company a “buy” rating in a report on Thursday, July 18th. JPMorgan Chase & Co. decreased their target price on shares of Pinnacle Financial Partners from $108.00 to $105.00 and set an “overweight” rating for the company in a research report on Thursday, June 27th. Truist Financial increased their target price on shares of Pinnacle Financial Partners from $87.00 to $101.00 and gave the company a “buy” rating in a research report on Thursday, July 18th. Stephens decreased their target price on shares of Pinnacle Financial Partners from $109.00 to $102.00 and set an “overweight” rating for the company in a research report on Thursday, May 23rd. Finally, Piper Sandler downgraded shares of Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and increased their target price for the company from $95.00 to $98.00 in a research report on Thursday, July 18th. One analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $99.00.

Pinnacle Financial Partners Stock Up 1.8 %

NASDAQ:PNFP traded up $1.55 during trading hours on Wednesday, hitting $86.57. 38,680 shares of the company traded hands, compared to its average volume of 457,225. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.43. The firm’s 50-day simple moving average is $82.88 and its 200-day simple moving average is $82.77. Pinnacle Financial Partners, Inc. has a one year low of $59.66 and a one year high of $98.58. The company has a market cap of $6.69 billion, a PE ratio of 12.16 and a beta of 1.07.

Pinnacle Financial Partners Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 30th. Shareholders of record on Friday, August 2nd will be paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 1.02%. The ex-dividend date of this dividend is Friday, August 2nd. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 12.59%.

Pinnacle Financial Partners 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.