Wedge Capital Management L L P NC Sells 31,976 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Wedge Capital Management L L P NC lessened its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 19.1% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 135,215 shares of the financial services provider’s stock after selling 31,976 shares during the period. Wedge Capital Management L L P NC owned approximately 0.18% of Pinnacle Financial Partners worth $10,823,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in the company. Rise Advisors LLC acquired a new position in Pinnacle Financial Partners during the first quarter worth about $26,000. Versant Capital Management Inc increased its position in 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 purchasing an additional 133 shares in the last quarter. ICA Group Wealth Management LLC bought a new position in Pinnacle Financial Partners in the 4th quarter valued at approximately $44,000. Principal Securities Inc. acquired a new stake in Pinnacle Financial Partners in the fourth quarter valued at approximately $60,000. Finally, Mather Group LLC. bought a new stake in shares of Pinnacle Financial Partners during the first quarter worth $65,000. Institutional investors and hedge funds own 87.40% of the company’s stock.

Pinnacle Financial Partners Trading Up 1.4 %

PNFP traded up $1.25 during trading on Friday, reaching $90.75. 8,597 shares of the stock traded hands, compared to its average volume of 455,485. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.43. The stock’s 50-day moving average is $84.32 and its 200 day moving average is $82.79. Pinnacle Financial Partners, Inc. has a 12 month low of $59.66 and a 12 month high of $98.58. The stock has a market capitalization of $7.01 billion, a PE ratio of 12.80 and a beta of 1.07.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its earnings results 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. The business had revenue of $366.55 million during 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%. Equities analysts anticipate that Pinnacle Financial Partners, Inc. will post 6.83 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 30th. Stockholders of record on Friday, August 2nd will be paid a $0.22 dividend. The ex-dividend date of this dividend is Friday, August 2nd. This represents a $0.88 annualized dividend and a dividend yield of 0.97%. Pinnacle Financial Partners’s dividend payout ratio is currently 12.59%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on PNFP. Wells Fargo & Company raised their price objective on Pinnacle Financial Partners from $90.00 to $100.00 and gave the company an “overweight” rating in a report on Thursday, July 18th. Citigroup lifted their price target on Pinnacle Financial Partners from $93.00 to $113.00 and gave the company a “buy” rating in a research note on Thursday, July 18th. Barclays upped their price objective on 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. Stephens dropped their price objective on shares of Pinnacle Financial Partners from $109.00 to $102.00 and set an “overweight” rating for the company in a report on Thursday, May 23rd. Finally, Truist Financial boosted their target price on shares of Pinnacle Financial Partners from $87.00 to $101.00 and gave the stock a “buy” rating in a report on Thursday, July 18th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average 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.