Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Shares Acquired by Versant Capital Management Inc

Versant Capital Management Inc boosted its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 44.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 432 shares of the financial services provider’s stock after buying an additional 133 shares during the period. Versant Capital Management Inc’s holdings in Pinnacle Financial Partners were worth $35,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Rise Advisors LLC acquired a new stake in Pinnacle Financial Partners in the first quarter worth $26,000. ICA Group Wealth Management LLC acquired a new position in shares of Pinnacle Financial Partners during the fourth quarter valued at $44,000. Principal Securities Inc. acquired a new position in shares of Pinnacle Financial Partners during the fourth quarter valued at $60,000. Mather Group LLC. acquired a new position in shares of Pinnacle Financial Partners during the first quarter valued at $65,000. Finally, GAMMA Investing LLC increased its holdings in shares of Pinnacle Financial Partners by 26.7% during the second quarter. GAMMA Investing LLC now owns 853 shares of the financial services provider’s stock valued at $68,000 after purchasing an additional 180 shares during the period. 87.40% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PNFP has been the topic of a number of research analyst reports. Hovde Group lowered their price target on Pinnacle Financial Partners from $104.00 to $99.00 and set an “outperform” rating on the stock in a report on Tuesday, April 23rd. Truist Financial raised their target price on Pinnacle Financial Partners from $87.00 to $101.00 and gave the company a “buy” rating in a research note on Thursday, July 18th. Piper Sandler cut Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and raised their target price for the company from $95.00 to $98.00 in a research note on Thursday, July 18th. Citigroup raised their target price 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. 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 note on Thursday, May 23rd. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $99.00.

Pinnacle Financial Partners Stock Up 1.8 %

Pinnacle Financial Partners stock traded up $1.55 during mid-day trading on Wednesday, hitting $86.57. The company’s stock had a trading volume of 38,680 shares, compared to its average volume of 457,225. The firm’s 50 day moving average is $82.88 and its 200 day moving average is $82.77. The company has a market cap of $6.69 billion, a PE ratio of 12.16 and a beta of 1.07. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.90 and a quick ratio of 0.90. Pinnacle Financial Partners, Inc. has a 52-week low of $59.66 and a 52-week high of $98.58.

Pinnacle Financial Partners Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Friday, August 2nd will be paid a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 1.02%. The ex-dividend date is Friday, August 2nd. Pinnacle Financial Partners’s dividend payout ratio is currently 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.