Deprince Race & Zollo Inc. Sells 130,882 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Deprince Race & Zollo Inc. lowered its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 30.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 293,170 shares of the financial services provider’s stock after selling 130,882 shares during the period. Deprince Race & Zollo Inc. owned 0.38% of Pinnacle Financial Partners worth $23,465,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the stock. Vanguard Group Inc. lifted its position in shares of Pinnacle Financial Partners by 0.9% during the fourth quarter. Vanguard Group Inc. now owns 7,161,175 shares of the financial services provider’s stock worth $624,598,000 after acquiring an additional 63,477 shares in the last quarter. Wasatch Advisors LP raised its position in shares of Pinnacle Financial Partners by 41.8% in the first quarter. Wasatch Advisors LP now owns 3,341,417 shares of the financial services provider’s stock worth $286,961,000 after buying an additional 985,694 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Pinnacle Financial Partners by 10.4% in the second quarter. Dimensional Fund Advisors LP now owns 3,094,498 shares of the financial services provider’s stock worth $247,673,000 after buying an additional 292,401 shares in the last quarter. Jennison Associates LLC raised its position in shares of Pinnacle Financial Partners by 2.4% in the first quarter. Jennison Associates LLC now owns 1,097,395 shares of the financial services provider’s stock worth $94,244,000 after buying an additional 26,216 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its position in shares of Pinnacle Financial Partners by 1.7% in the fourth quarter. The Manufacturers Life Insurance Company now owns 900,251 shares of the financial services provider’s stock worth $78,520,000 after buying an additional 15,203 shares in the last quarter. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on PNFP shares. JPMorgan Chase & Co. lowered their price objective on Pinnacle Financial Partners from $108.00 to $105.00 and set an “overweight” rating on the stock in a research report on Thursday, June 27th. Citigroup increased their price objective on Pinnacle Financial Partners from $93.00 to $113.00 and gave the stock a “buy” rating in a research report on Thursday, July 18th. Wells Fargo & Company raised their price target on Pinnacle Financial Partners from $90.00 to $100.00 and gave the company an “overweight” rating in a research report on Thursday, July 18th. Truist Financial raised their price target on Pinnacle Financial Partners from $101.00 to $113.00 and gave the company a “buy” rating in a research report on Friday, September 20th. Finally, Barclays raised their price target on Pinnacle Financial Partners from $93.00 to $97.00 and gave the company an “equal weight” rating in a research report on Thursday, July 18th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, Pinnacle Financial Partners presently has a consensus rating of “Hold” and a consensus price target of $100.20.

Pinnacle Financial Partners Stock Down 2.4 %

Shares of NASDAQ:PNFP opened at $95.54 on Thursday. 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 stock has a market capitalization of $7.38 billion, a P/E ratio of 13.67 and a beta of 1.05. Pinnacle Financial Partners, Inc. has a 12-month low of $59.66 and a 12-month high of $100.76. The stock’s 50-day moving average price is $94.05 and its 200-day moving average price is $85.31.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $1.63 EPS for the quarter, topping the consensus estimate of $1.60 by $0.03. Pinnacle Financial Partners had a net margin of 13.93% and a return on equity of 8.97%. The business had revenue of $366.55 million during the quarter, compared to analyst estimates of $426.40 million. On average, equities analysts anticipate that Pinnacle Financial Partners, Inc. will post 6.81 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Friday, August 2nd were issued a dividend of $0.22 per share. The ex-dividend date of this dividend was Friday, August 2nd. This represents a $0.88 annualized dividend and a dividend yield of 0.92%. Pinnacle Financial Partners’s payout ratio is 12.59%.

Pinnacle Financial Partners Company 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.