Jackson Square Capital LLC Sells 675 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Jackson Square Capital LLC lowered its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 19.0% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 2,874 shares of the financial services provider’s stock after selling 675 shares during the quarter. Jackson Square Capital LLC’s holdings in Pinnacle Financial Partners were worth $305,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the stock. GAMMA Investing LLC increased its position in shares of Pinnacle Financial Partners by 51.7% during the 1st quarter. GAMMA Investing LLC now owns 1,616 shares of the financial services provider’s stock valued at $171,000 after purchasing an additional 551 shares during the last quarter. Pallas Capital Advisors LLC bought a new position in shares of Pinnacle Financial Partners during the 1st quarter valued at approximately $218,000. UMB Bank n.a. boosted its holdings in Pinnacle Financial Partners by 16.6% during the 1st quarter. UMB Bank n.a. now owns 858 shares of the financial services provider’s stock valued at $91,000 after acquiring an additional 122 shares during the period. Independence Bank of Kentucky boosted its holdings in Pinnacle Financial Partners by 10.4% during the 1st quarter. Independence Bank of Kentucky now owns 7,060 shares of the financial services provider’s stock valued at $749,000 after acquiring an additional 665 shares during the period. Finally, Vest Financial LLC purchased a new position in Pinnacle Financial Partners during the 1st quarter valued at $1,006,000. Institutional investors own 87.40% of the company’s stock.

Analyst Ratings Changes

PNFP has been the subject of a number of recent analyst reports. Truist Financial initiated coverage on Pinnacle Financial Partners in a report on Tuesday, May 13th. They set a “buy” rating and a $123.00 price objective for the company. Hovde Group upgraded Pinnacle Financial Partners from a “market perform” rating to an “outperform” rating and set a $111.00 price objective for the company in a report on Wednesday, April 16th. JPMorgan Chase & Co. dropped their price objective on Pinnacle Financial Partners from $125.00 to $115.00 and set an “overweight” rating for the company in a report on Wednesday, April 16th. Jefferies Financial Group initiated coverage on Pinnacle Financial Partners in a report on Wednesday, May 21st. They set a “buy” rating and a $135.00 price objective for the company. Finally, Wells Fargo & Company dropped their price objective on Pinnacle Financial Partners from $125.00 to $105.00 and set an “equal weight” rating for the company in a report on Wednesday, April 9th. Four research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $121.27.

Pinnacle Financial Partners Trading Down 3.3%

Pinnacle Financial Partners stock opened at $102.06 on Friday. The stock has a 50-day moving average of $102.71 and a two-hundred day moving average of $110.77. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.90 and a current ratio of 0.90. The stock has a market cap of $7.92 billion, a PE ratio of 17.07 and a beta of 1.02. Pinnacle Financial Partners, Inc. has a one year low of $74.33 and a one year high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings data on Monday, April 14th. The financial services provider reported $1.90 earnings per share for the quarter, beating analysts’ consensus estimates of $1.82 by $0.08. The business had revenue of $475.37 million for the quarter, compared to analyst estimates of $478.11 million. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. During the same period in the prior year, the company earned $1.53 earnings per share. On average, research analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, May 30th. Investors of record on Friday, May 2nd were issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 0.94%. The ex-dividend date of this dividend was Friday, May 2nd. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 15.53%.

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.