Bfsg LLC Sells 419 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Bfsg LLC lowered its holdings in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 12.4% in the second quarter, Holdings Channel.com reports. The fund owned 2,967 shares of the financial services provider’s stock after selling 419 shares during the quarter. Bfsg LLC’s holdings in Pinnacle Financial Partners were worth $237,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in PNFP. NBC Securities Inc. raised its holdings in shares of Pinnacle Financial Partners by 1.3% in the 4th quarter. NBC Securities Inc. now owns 9,419 shares of the financial services provider’s stock valued at $821,000 after purchasing an additional 124 shares in the last quarter. Verdence Capital Advisors LLC grew its position in Pinnacle Financial Partners by 2.9% during the 1st quarter. Verdence Capital Advisors LLC now owns 4,497 shares of the financial services provider’s stock worth $386,000 after purchasing an additional 126 shares during the last quarter. Versant Capital Management Inc raised its stake in Pinnacle Financial Partners by 44.5% in the 2nd quarter. Versant Capital Management Inc now owns 432 shares of the financial services provider’s stock worth $35,000 after acquiring an additional 133 shares during the last quarter. Covenant Partners LLC lifted its holdings in shares of Pinnacle Financial Partners by 1.4% during the fourth quarter. Covenant Partners LLC now owns 10,699 shares of the financial services provider’s stock worth $933,000 after purchasing an additional 149 shares during the period. Finally, CANADA LIFE ASSURANCE Co raised its position in Pinnacle Financial Partners by 0.3% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 57,459 shares of the financial services provider’s stock worth $4,930,000 after buying an additional 152 shares during the last quarter. 87.40% of the stock is currently owned by institutional investors.

Pinnacle Financial Partners Trading Up 0.9 %

Shares of NASDAQ PNFP traded up $0.88 during trading on Thursday, reaching $99.07. The stock had a trading volume of 527,545 shares, compared to its average volume of 452,867. The business’s 50-day moving average price is $88.20 and its 200-day moving average price is $83.57. Pinnacle Financial Partners, Inc. has a fifty-two week low of $59.66 and a fifty-two week high of $99.84. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.90 and a current ratio of 0.90. The company has a market cap of $7.65 billion, a P/E ratio of 14.17 and a beta of 1.07.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its earnings results on Tuesday, July 16th. The financial services provider reported $1.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.60 by $0.03. The company had revenue of $366.55 million for the quarter, compared to analyst estimates of $426.40 million. Pinnacle Financial Partners had a net margin of 13.93% and a return on equity of 8.97%. On average, equities research analysts predict that Pinnacle Financial Partners, Inc. will post 6.83 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 30th. Stockholders of record on Friday, August 2nd will be paid a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 0.89%. The ex-dividend date of this dividend is Friday, August 2nd. Pinnacle Financial Partners’s payout ratio is presently 12.59%.

Analyst Ratings Changes

Several equities analysts have recently issued reports on PNFP shares. Piper Sandler cut Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and boosted their price objective for the company from $95.00 to $98.00 in a report on Thursday, July 18th. Barclays boosted their target price on shares of Pinnacle Financial Partners from $93.00 to $97.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 18th. JPMorgan Chase & Co. reduced 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. Stephens decreased their target price on shares of Pinnacle Financial Partners from $109.00 to $102.00 and set an “overweight” rating on the stock in a research note on Thursday, May 23rd. Finally, Citigroup boosted their price target on shares of Pinnacle Financial Partners from $93.00 to $113.00 and gave the company a “buy” rating in a research report on Thursday, July 18th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $99.00.

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.