Kennedy Capital Management LLC Cuts Stock Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Kennedy Capital Management LLC cut its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 10.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 132,256 shares of the financial services provider’s stock after selling 15,563 shares during the quarter. Kennedy Capital Management LLC owned about 0.17% of Pinnacle Financial Partners worth $11,358,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Caprock Group LLC increased its stake in Pinnacle Financial Partners by 2.2% in the 4th quarter. Caprock Group LLC now owns 5,604 shares of the financial services provider’s stock worth $489,000 after acquiring an additional 122 shares during the last quarter. NBC Securities Inc. increased its stake in Pinnacle Financial Partners by 1.3% in the 4th quarter. NBC Securities Inc. now owns 9,419 shares of the financial services provider’s stock worth $821,000 after acquiring an additional 124 shares during the last quarter. Verdence Capital Advisors LLC boosted its holdings in shares of Pinnacle Financial Partners by 2.9% in the 1st quarter. Verdence Capital Advisors LLC now owns 4,497 shares of the financial services provider’s stock worth $386,000 after purchasing an additional 126 shares in the last quarter. Covenant Partners LLC boosted its holdings in shares of Pinnacle Financial Partners by 1.4% in the 4th quarter. Covenant Partners LLC now owns 10,699 shares of the financial services provider’s stock worth $933,000 after purchasing an additional 149 shares in the last quarter. Finally, CANADA LIFE ASSURANCE Co boosted its holdings in shares of Pinnacle Financial Partners by 0.3% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 57,459 shares of the financial services provider’s stock worth $4,930,000 after purchasing an additional 152 shares in the last quarter. 87.40% of the stock is currently owned by institutional investors.

Pinnacle Financial Partners Stock Up 1.2 %

Shares of PNFP stock traded up $1.19 during trading hours on Tuesday, reaching $97.04. 305,569 shares of the company’s stock were exchanged, compared to its average volume of 459,794. 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’s 50 day moving average is $81.63 and its 200-day moving average is $82.50. Pinnacle Financial Partners, Inc. has a fifty-two week low of $59.66 and a fifty-two week high of $98.58. The company has a market cap of $7.49 billion, a price-to-earnings ratio of 13.71 and a beta of 1.08.

Pinnacle Financial Partners Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Friday, August 2nd will be given a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 0.91%. The ex-dividend date of this dividend is Friday, August 2nd. Pinnacle Financial Partners’s payout ratio is 12.59%.

Analyst Upgrades and Downgrades

PNFP has been the subject of a number of research reports. Jefferies Financial Group cut their price objective on Pinnacle Financial Partners from $88.00 to $85.00 and set a “hold” rating for the company in a report on Monday, April 8th. Hovde Group dropped their target price on Pinnacle Financial Partners from $104.00 to $99.00 and set an “outperform” rating for the company in a report on Tuesday, April 23rd. Truist Financial increased their target price on Pinnacle Financial Partners from $87.00 to $101.00 and gave the company a “buy” rating in a report on Thursday, July 18th. Barclays increased their price objective on Pinnacle Financial Partners from $93.00 to $97.00 and gave the stock an “equal weight” rating in a report on Thursday, July 18th. Finally, Stephens decreased their target price on Pinnacle Financial Partners from $109.00 to $102.00 and set an “overweight” rating for the company in a research report on Thursday, May 23rd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, Pinnacle Financial Partners currently has an average rating of “Hold” and a consensus price target of $99.00.

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.