Federated Hermes Inc. Sells 766 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Federated Hermes Inc. trimmed its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP – Get Rating) by 6.0% during the 3rd quarter, HoldingsChannel reports. The fund owned 11,939 shares of the financial services provider’s stock after selling 766 shares during the quarter. Federated Hermes Inc.’s holdings in Pinnacle Financial Partners were worth $968,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PNFP. American Century Companies Inc. lifted its holdings in shares of Pinnacle Financial Partners by 12.1% during the first quarter. American Century Companies Inc. now owns 6,848 shares of the financial services provider’s stock valued at $631,000 after purchasing an additional 738 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp bought a new position in shares of Pinnacle Financial Partners during the first quarter valued at $101,000. PNC Financial Services Group Inc. lifted its holdings in shares of Pinnacle Financial Partners by 76.9% during the first quarter. PNC Financial Services Group Inc. now owns 6,527 shares of the financial services provider’s stock valued at $600,000 after purchasing an additional 2,838 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its holdings in shares of Pinnacle Financial Partners by 10.5% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 27,903 shares of the financial services provider’s stock valued at $2,569,000 after purchasing an additional 2,660 shares in the last quarter. Finally, BlackRock Inc. lifted its holdings in shares of Pinnacle Financial Partners by 1.5% during the first quarter. BlackRock Inc. now owns 6,935,015 shares of the financial services provider’s stock valued at $638,577,000 after purchasing an additional 104,706 shares in the last quarter. 79.82% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, Chairman Robert A. Mccabe, Jr. sold 24,168 shares of the stock in a transaction dated Wednesday, March 1st. The stock was sold at an average price of $73.38, for a total transaction of $1,773,447.84. Following the completion of the sale, the chairman now owns 302,071 shares in the company, valued at $22,165,969.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Gregory L. Burns sold 3,000 shares of the stock in a transaction that occurred on Friday, February 3rd. The stock was sold at an average price of $82.00, for a total transaction of $246,000.00. Following the completion of the transaction, the director now directly owns 19,518 shares of the company’s stock, valued at $1,600,476. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Chairman Robert A. Mccabe, Jr. sold 24,168 shares of the stock in a transaction that occurred on Wednesday, March 1st. The shares were sold at an average price of $73.38, for a total value of $1,773,447.84. Following the transaction, the chairman now directly owns 302,071 shares of the company’s stock, valued at $22,165,969.98. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 27,171 shares of company stock worth $2,019,695. 2.10% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

PNFP has been the topic of a number of research analyst reports. Truist Financial lowered their price target on Pinnacle Financial Partners from $96.00 to $90.00 in a report on Friday, December 9th. JPMorgan Chase & Co. reduced their price objective on Pinnacle Financial Partners from $95.00 to $85.00 and set an “overweight” rating for the company in a research report on Tuesday, December 13th. StockNews.com upgraded Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research report on Monday. Finally, Wells Fargo & Company reduced their price objective on Pinnacle Financial Partners from $100.00 to $95.00 and set an “overweight” rating for the company in a research report on Thursday, December 15th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $85.57.

Pinnacle Financial Partners Stock Performance

Shares of PNFP opened at $57.03 on Tuesday. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.17. The business has a 50-day simple moving average of $74.62 and a two-hundred day simple moving average of $78.44. The stock has a market cap of $4.37 billion, a price-to-earnings ratio of 7.94 and a beta of 1.14. Pinnacle Financial Partners, Inc. has a 52 week low of $52.28 and a 52 week high of $99.35.

Pinnacle Financial Partners (NASDAQ:PNFP – Get Rating) last issued its quarterly earnings results on Tuesday, January 17th. The financial services provider reported $1.76 EPS for the quarter, missing analysts’ consensus estimates of $2.08 by ($0.32). The company had revenue of $401.78 million during the quarter, compared to analysts’ expectations of $423.54 million. Pinnacle Financial Partners had a return on equity of 10.90% and a net margin of 31.33%. On average, analysts expect that Pinnacle Financial Partners, Inc. will post 7.31 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, February 24th. Investors of record on Friday, February 3rd were given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 1.54%. The ex-dividend date was Thursday, February 2nd. Pinnacle Financial Partners’s dividend payout ratio is currently 12.26%.

Pinnacle Financial Partners Profile

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Pinnacle Financial Partners, Inc is a bank holding company, which engages in the provision of financial solutions. It offers banking, investment, trust, mortgage, and insurance products and services designed for businesses and individuals. The company was founded by Dale W. Polley, M. Terry Turner, Sue G.