Diversify Wealth Management LLC Sells 283 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Diversify Wealth Management LLC lessened its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 7.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,489 shares of the financial services provider’s stock after selling 283 shares during the quarter. Diversify Wealth Management LLC’s holdings in Pinnacle Financial Partners were worth $356,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. International Assets Investment Management LLC acquired a new stake in Pinnacle Financial Partners in the 2nd quarter worth $29,000. Versant Capital Management Inc grew its position 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 purchasing an additional 133 shares during the last quarter. UMB Bank n.a. grew its position in Pinnacle Financial Partners by 83.4% in the 3rd quarter. UMB Bank n.a. now owns 497 shares of the financial services provider’s stock worth $49,000 after purchasing an additional 226 shares during the last quarter. Values First Advisors Inc. acquired a new stake in Pinnacle Financial Partners in the 3rd quarter worth $49,000. Finally, Quarry LP grew its position in Pinnacle Financial Partners by 3,500.0% in the 2nd quarter. Quarry LP now owns 756 shares of the financial services provider’s stock worth $61,000 after purchasing an additional 735 shares during the last quarter. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have recently weighed in on PNFP. Piper Sandler lowered shares of 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 research report on Thursday, July 18th. Stephens lifted their target price on shares of Pinnacle Financial Partners from $108.00 to $120.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. Hovde Group lifted their target price on shares of Pinnacle Financial Partners from $110.00 to $114.00 and gave the company an “outperform” rating in a research report on Friday, September 27th. Barclays lifted their target price 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. Finally, Truist Financial lifted their target price on shares of Pinnacle Financial Partners from $113.00 to $119.00 and gave the company a “buy” rating in a research report on Monday, October 21st. Five research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $106.60.

Pinnacle Financial Partners Stock Performance

NASDAQ PNFP opened at $104.64 on Friday. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.42. The firm’s fifty day moving average price is $98.42 and its two-hundred day moving average price is $88.61. Pinnacle Financial Partners, Inc. has a 1 year low of $63.36 and a 1 year high of $108.43. The firm has a market capitalization of $8.08 billion, a P/E ratio of 19.89 and a beta of 1.05.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $454.18 million. During the same period in the prior year, the firm posted $1.79 earnings per share. As a group, research analysts anticipate that Pinnacle Financial Partners, Inc. will post 6.81 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 1st will be given a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 0.84%. The ex-dividend date of this dividend is Friday, November 1st. Pinnacle Financial Partners’s payout ratio is presently 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.