Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Shares Sold by Ashton Thomas Private Wealth LLC

Ashton Thomas Private Wealth LLC cut its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 4.4% in the third quarter, Holdings Channel reports. The fund owned 16,112 shares of the financial services provider’s stock after selling 737 shares during the period. Ashton Thomas Private Wealth LLC’s holdings in Pinnacle Financial Partners were worth $1,578,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of PNFP. Dimensional Fund Advisors LP raised its holdings in Pinnacle Financial Partners by 10.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,094,498 shares of the financial services provider’s stock valued at $247,673,000 after buying an additional 292,401 shares during the period. Principal Financial Group Inc. lifted its holdings in shares of Pinnacle Financial Partners by 27.0% in the 3rd quarter. Principal Financial Group Inc. now owns 983,282 shares of the financial services provider’s stock worth $96,332,000 after acquiring an additional 208,938 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in Pinnacle Financial Partners by 0.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 721,005 shares of the financial services provider’s stock valued at $57,709,000 after purchasing an additional 4,744 shares during the last quarter. Earnest Partners LLC lifted its stake in Pinnacle Financial Partners by 0.8% during the second quarter. Earnest Partners LLC now owns 660,415 shares of the financial services provider’s stock worth $52,860,000 after purchasing an additional 5,293 shares in the last quarter. Finally, Artemis Investment Management LLP boosted its position in shares of Pinnacle Financial Partners by 2.9% during the second quarter. Artemis Investment Management LLP now owns 526,696 shares of the financial services provider’s stock worth $42,157,000 after buying an additional 14,811 shares during the period. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Analysts Set New Price Targets

PNFP has been the subject of several research reports. Truist Financial lifted their target price on Pinnacle Financial Partners from $113.00 to $119.00 and gave the company a “buy” rating in a research report on Monday, October 21st. Stephens upped their target price on shares of Pinnacle Financial Partners from $108.00 to $120.00 and gave the stock an “overweight” rating in a research note on Thursday, October 17th. Barclays raised their price target on shares of Pinnacle Financial Partners from $101.00 to $108.00 and gave the company an “equal weight” rating in a research report on Thursday, October 17th. Piper Sandler lowered Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and lifted their target price for the company from $95.00 to $98.00 in a report on Thursday, July 18th. Finally, Citigroup upped their price target on Pinnacle Financial Partners from $113.00 to $123.00 and gave the stock a “buy” rating in a report on Thursday, October 17th. Five analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $106.60.

Pinnacle Financial Partners Stock Down 1.1 %

PNFP opened at $124.80 on Thursday. Pinnacle Financial Partners, Inc. has a 52 week low of $68.92 and a 52 week high of $129.38. The business has a 50 day moving average price of $101.14 and a two-hundred day moving average price of $90.58. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.42. The company has a market cap of $9.64 billion, a PE ratio of 23.73 and a beta of 1.04.

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

Pinnacle Financial Partners Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 1st will be issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.71%. The ex-dividend date of this dividend is Friday, November 1st. Pinnacle Financial Partners’s dividend payout ratio is currently 16.73%.

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.