Federated Hermes Inc. Sells 296 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Federated Hermes Inc. decreased its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 3.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 9,333 shares of the financial services provider’s stock after selling 296 shares during the quarter. Federated Hermes Inc.’s holdings in Pinnacle Financial Partners were worth $814,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PNFP. Raymond James & Associates boosted its position in shares of Pinnacle Financial Partners by 6.1% during the third quarter. Raymond James & Associates now owns 185,911 shares of the financial services provider’s stock worth $12,463,000 after acquiring an additional 10,755 shares during the last quarter. Stratos Wealth Partners LTD. boosted its position in shares of Pinnacle Financial Partners by 4.3% during the third quarter. Stratos Wealth Partners LTD. now owns 9,744 shares of the financial services provider’s stock worth $653,000 after acquiring an additional 401 shares during the last quarter. Jackson Square Capital LLC bought a new position in shares of Pinnacle Financial Partners during the third quarter worth $566,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Pinnacle Financial Partners by 8.7% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,296 shares of the financial services provider’s stock worth $958,000 after acquiring an additional 1,143 shares during the last quarter. Finally, Advisor Partners II LLC bought a new position in shares of Pinnacle Financial Partners during the third quarter worth $383,000. Institutional investors own 87.40% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Jefferies Financial Group dropped their target price on shares of Pinnacle Financial Partners from $88.00 to $85.00 and set a “hold” rating for the company in a research report on Monday, April 8th. Stephens reaffirmed an “overweight” rating and set a $109.00 price target on shares of Pinnacle Financial Partners in a research note on Tuesday, April 23rd. Barclays initiated coverage on shares of Pinnacle Financial Partners in a research note on Friday, March 8th. They set an “equal weight” rating and a $93.00 price target on the stock. Truist Financial decreased their price target on shares of Pinnacle Financial Partners from $99.00 to $94.00 and set a “buy” rating on the stock in a research note on Thursday, April 25th. Finally, UBS Group decreased their price target on shares of Pinnacle Financial Partners from $91.00 to $90.00 and set a “neutral” rating on the stock in a research note on Thursday, January 18th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $95.50.

Insider Activity

In other news, CFO Harold R. Carpenter sold 6,306 shares of the stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $82.22, for a total value of $518,479.32. Following the sale, the chief financial officer now owns 63,856 shares of the company’s stock, valued at $5,250,240.32. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, Chairman Richard D. Callicutt II sold 11,030 shares of the firm’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $82.22, for a total value of $906,886.60. Following the transaction, the chairman now owns 97,226 shares of the company’s stock, valued at approximately $7,993,921.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Harold R. Carpenter sold 6,306 shares of the firm’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total transaction of $518,479.32. Following the completion of the transaction, the chief financial officer now directly owns 63,856 shares in the company, valued at approximately $5,250,240.32. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 235,093 shares of company stock valued at $19,103,353. 1.87% of the stock is currently owned by company insiders.

Pinnacle Financial Partners Trading Up 2.0 %

Shares of PNFP opened at $78.25 on Thursday. Pinnacle Financial Partners, Inc. has a twelve month low of $43.31 and a twelve month high of $92.33. The company has a market cap of $6.03 billion, a P/E ratio of 11.19 and a beta of 1.08. 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 company’s fifty day simple moving average is $81.84 and its 200-day simple moving average is $79.60.

Pinnacle Financial Partners Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, May 31st. Stockholders of record on Friday, May 3rd will be paid a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 1.12%. The ex-dividend date is Thursday, May 2nd. Pinnacle Financial Partners’s dividend payout ratio is currently 12.59%.

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.