TCV Trust & Wealth Management Inc. Trims Stock Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

TCV Trust & Wealth Management Inc. lessened its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 2.7% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,095 shares of the financial services provider’s stock after selling 115 shares during the quarter. TCV Trust & Wealth Management Inc.’s holdings in Pinnacle Financial Partners were worth $401,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in PNFP. Norden Group LLC acquired a new position in shares of Pinnacle Financial Partners in the first quarter valued at approximately $1,065,000. Jennison Associates LLC raised its holdings in Pinnacle Financial Partners by 2.4% in the 1st quarter. Jennison Associates LLC now owns 1,097,395 shares of the financial services provider’s stock valued at $94,244,000 after acquiring an additional 26,216 shares during the last quarter. Atria Investments Inc lifted its stake in shares of Pinnacle Financial Partners by 40.9% during the 1st quarter. Atria Investments Inc now owns 43,241 shares of the financial services provider’s stock worth $3,713,000 after purchasing an additional 12,551 shares during the period. Sei Investments Co. lifted its stake in shares of Pinnacle Financial Partners by 34.6% during the 1st quarter. Sei Investments Co. now owns 231,604 shares of the financial services provider’s stock worth $19,890,000 after purchasing an additional 59,583 shares during the period. Finally, Wasatch Advisors LP boosted 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 worth $286,961,000 after purchasing an additional 985,694 shares during the last quarter. Institutional investors and hedge funds own 87.40% of the company’s stock.

Pinnacle Financial Partners Stock Down 2.3 %

Shares of Pinnacle Financial Partners stock opened at $100.76 on Friday. Pinnacle Financial Partners, Inc. has a twelve month low of $60.19 and a twelve month high of $107.13. The stock has a market cap of $7.78 billion, a price-to-earnings ratio of 19.16 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 0.42. The company has a fifty day moving average price of $97.33 and a 200 day moving average price of $87.80.

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 company had revenue of $810.11 million during the quarter, compared to the consensus estimate 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 in the prior year, the business earned $1.79 earnings per share. Equities research analysts forecast that Pinnacle Financial Partners, Inc. will post 6.82 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The company 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 annualized dividend and a yield of 0.87%. The ex-dividend date is Friday, November 1st. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 16.73%.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on PNFP shares. Stephens upped their target price on Pinnacle Financial Partners from $108.00 to $120.00 and gave the company an “overweight” rating in a research note on Thursday, October 17th. Truist Financial upped their price objective on shares of Pinnacle Financial Partners from $113.00 to $119.00 and gave the company a “buy” rating in a research note on Monday, October 21st. Wells Fargo & Company raised 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, October 17th. Hovde Group upped their price target 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. Finally, Citigroup lifted their price target on shares of Pinnacle Financial Partners from $113.00 to $123.00 and gave the company a “buy” rating in a report on Thursday, October 17th. Five investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $106.60.

Pinnacle Financial Partners 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.