State of New Jersey Common Pension Fund D Sells 11,477 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

State of New Jersey Common Pension Fund D lowered its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 32.4% during the second quarter, HoldingsChannel.com reports. The fund owned 23,974 shares of the financial services provider’s stock after selling 11,477 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Pinnacle Financial Partners were worth $1,919,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Rise Advisors LLC acquired a new stake in Pinnacle Financial Partners during the first quarter valued at approximately $26,000. International Assets Investment Management LLC bought a new position in shares of Pinnacle Financial Partners during the 2nd quarter worth approximately $29,000. Versant Capital Management Inc lifted its position in shares of Pinnacle Financial Partners by 44.5% during the 2nd quarter. Versant Capital Management Inc now owns 432 shares of the financial services provider’s stock worth $35,000 after buying an additional 133 shares during the period. ICA Group Wealth Management LLC acquired a new stake in Pinnacle Financial Partners in the 4th quarter valued at $44,000. Finally, Mather Group LLC. bought a new stake in Pinnacle Financial Partners in the first quarter valued at $65,000. Institutional investors and hedge funds own 87.40% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Truist Financial lifted their price objective on Pinnacle Financial Partners from $101.00 to $113.00 and gave the company a “buy” rating in a report on Friday. JPMorgan Chase & Co. cut their price target on shares of Pinnacle Financial Partners from $108.00 to $105.00 and set an “overweight” rating for the company in a report on Thursday, June 27th. Wells Fargo & Company upped their price objective on shares of Pinnacle Financial Partners from $90.00 to $100.00 and gave the stock an “overweight” rating in a research note on Thursday, July 18th. Barclays lifted their target price on shares of Pinnacle Financial Partners from $93.00 to $97.00 and gave the company an “equal weight” rating in a research note on Thursday, July 18th. Finally, Piper Sandler lowered Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and increased their price target for the stock from $95.00 to $98.00 in a research report on Thursday, July 18th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $100.20.

Pinnacle Financial Partners Stock Down 0.6 %

NASDAQ PNFP opened at $99.99 on Friday. The stock has a market capitalization of $7.72 billion, a P/E ratio of 14.30 and a beta of 1.05. Pinnacle Financial Partners, Inc. has a 52 week low of $59.66 and a 52 week high of $100.76. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.90 and a current ratio of 0.90. The stock has a fifty day moving average of $93.67 and a 200-day moving average of $85.02.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $1.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.60 by $0.03. The business had revenue of $366.55 million for the quarter, compared to analysts’ expectations of $426.40 million. Pinnacle Financial Partners had a return on equity of 8.97% and a net margin of 13.93%. On average, equities research analysts forecast that Pinnacle Financial Partners, Inc. will post 6.83 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Friday, August 2nd were given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 0.88%. The ex-dividend date of this dividend was Friday, August 2nd. Pinnacle Financial Partners’s dividend payout ratio is 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.