Private Management Group Inc. Lowers Stock Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Private Management Group Inc. lessened its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 28.1% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 254,705 shares of the financial services provider’s stock after selling 99,692 shares during the period. Private Management Group Inc.’s holdings in Pinnacle Financial Partners were worth $24,953,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in PNFP. US Bancorp DE raised its stake in shares of Pinnacle Financial Partners by 14.9% during the third quarter. US Bancorp DE now owns 8,100 shares of the financial services provider’s stock worth $794,000 after acquiring an additional 1,049 shares in the last quarter. Sippican Capital Advisors boosted its holdings in Pinnacle Financial Partners by 10.6% in the third quarter. Sippican Capital Advisors now owns 9,215 shares of the financial services provider’s stock valued at $903,000 after acquiring an additional 880 shares in the last quarter. Strategic Blueprint LLC boosted its stake in Pinnacle Financial Partners by 3.4% in the 3rd quarter. Strategic Blueprint LLC now owns 4,025 shares of the financial services provider’s stock worth $394,000 after purchasing an additional 133 shares in the last quarter. State of Alaska Department of Revenue boosted its stake in Pinnacle Financial Partners by 7.2% in the 3rd quarter. State of Alaska Department of Revenue now owns 8,892 shares of the financial services provider’s stock worth $871,000 after purchasing an additional 600 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its position in Pinnacle Financial Partners by 15.1% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 19,477 shares of the financial services provider’s stock worth $1,908,000 after buying an additional 2,552 shares during the last quarter. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on PNFP. Hovde Group upped their price target 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 upped their price target on Pinnacle Financial Partners from $101.00 to $108.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 17th. Piper Sandler downgraded 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. Wells Fargo & Company increased their target price on Pinnacle Financial Partners from $100.00 to $104.00 and gave the company an “equal weight” rating in a research report on Thursday, October 17th. Finally, Stephens increased their price target on Pinnacle Financial Partners from $108.00 to $120.00 and gave the company an “overweight” rating in a report on Thursday, October 17th. Five equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, Pinnacle Financial Partners has a consensus rating of “Moderate Buy” and an average target price of $106.60.

Pinnacle Financial Partners Trading Down 0.6 %

Shares of NASDAQ PNFP traded down $0.59 during mid-day trading on Friday, reaching $104.64. 265,384 shares of the company’s stock were exchanged, compared to its average volume of 463,864. The company’s 50-day moving average is $98.42 and its 200-day moving average is $88.61. Pinnacle Financial Partners, Inc. has a 52-week low of $63.36 and a 52-week high of $108.43. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.90 and a current ratio of 0.90. The firm has a market capitalization of $8.08 billion, a price-to-earnings ratio of 19.89 and a beta of 1.05.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its earnings results on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share for the quarter, topping the consensus estimate of $1.79 by $0.07. The business had revenue of $810.11 million for the quarter, compared to analyst estimates of $454.18 million. Pinnacle Financial Partners had a return on equity of 8.89% and a net margin of 13.97%. During the same quarter last year, the company earned $1.79 EPS. Analysts expect that Pinnacle Financial Partners, Inc. will post 6.81 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

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