Cahaba Wealth Management Inc. decreased its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 69.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 6,512 shares of the financial services provider's stock after selling 14,917 shares during the period. Cahaba Wealth Management Inc.'s holdings in Pinnacle Financial Partners were worth $638,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also bought and sold shares of the company. Norden Group LLC acquired a new position in shares of Pinnacle Financial Partners during the first quarter valued at about $1,065,000. Jennison Associates LLC raised its holdings in shares of Pinnacle Financial Partners by 2.4% during the first quarter. Jennison Associates LLC now owns 1,097,395 shares of the financial services provider's stock valued at $94,244,000 after purchasing an additional 26,216 shares during the period. Atria Investments Inc raised its holdings in shares of Pinnacle Financial Partners by 40.9% during the first quarter. Atria Investments Inc now owns 43,241 shares of the financial services provider's stock valued at $3,713,000 after purchasing an additional 12,551 shares during the period. Sei Investments Co. raised its holdings in shares of Pinnacle Financial Partners by 34.6% during the first quarter. Sei Investments Co. now owns 231,604 shares of the financial services provider's stock valued at $19,890,000 after purchasing an additional 59,583 shares during the period. Finally, Wasatch Advisors LP raised its holdings in shares of Pinnacle Financial Partners by 41.8% during the first quarter. Wasatch Advisors LP now owns 3,341,417 shares of the financial services provider's stock valued at $286,961,000 after purchasing an additional 985,694 shares during the period. Institutional investors and hedge funds own 87.40% of the company's stock.
Shares of PNFP stock traded down $0.78 during trading on Friday, reaching $105.62. 361,689 shares of the company's stock traded hands, compared to its average volume of 469,810. The company has a market capitalization of $8.16 billion, a P/E ratio of 20.75 and a beta of 1.05. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.43. The firm's 50-day moving average is $96.03 and its 200 day moving average is $87.08. Pinnacle Financial Partners, Inc. has a 1 year low of $59.66 and a 1 year high of $107.13.
Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last announced its quarterly earnings results 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. The company had revenue of $810.11 million for the quarter, compared to analysts' expectations of $454.18 million. Pinnacle Financial Partners had a net margin of 13.93% and a return on equity of 8.97%. During the same period in the prior year, the company posted $1.79 EPS. Equities research analysts expect that Pinnacle Financial Partners, Inc. will post 6.77 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 1st will be paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.83%. The ex-dividend date of this dividend is Friday, November 1st. Pinnacle Financial Partners's payout ratio is currently 17.29%.
Several equities research analysts have recently commented on the stock. Hovde Group boosted their target price on shares of Pinnacle Financial Partners from $110.00 to $114.00 and gave the stock an "outperform" rating in a research report on Friday, September 27th. Piper Sandler downgraded shares of Pinnacle Financial Partners from an "overweight" rating to a "neutral" rating and boosted their target price for the stock from $95.00 to $98.00 in a research report on Thursday, July 18th. Wells Fargo & Company boosted their target price on shares of Pinnacle Financial Partners from $100.00 to $104.00 and gave the stock an "equal weight" rating in a research report on Thursday. Stephens boosted 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 report on Thursday. Finally, Citigroup boosted their target price on shares of Pinnacle Financial Partners from $113.00 to $123.00 and gave the stock a "buy" rating in a research report on Thursday. Five analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat.com, Pinnacle Financial Partners presently has a consensus rating of "Moderate Buy" and an average price target of $106.00.
Read Our Latest Stock Report on PNFP
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.
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