Louisiana State Employees Retirement System Purchases Shares of 43,600 Pinnacle Financial Partners, Inc. $PNFP

Louisiana State Employees Retirement System acquired a new position in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 43,600 shares of the company’s stock, valued at approximately $3,756,000.

Other institutional investors have also modified their holdings of the company. Yousif Capital Management LLC raised its stake in Pinnacle Financial Partners by 92.4% during the 4th quarter. Yousif Capital Management LLC now owns 46,456 shares of the company’s stock worth $4,519,000 after acquiring an additional 22,306 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its holdings in shares of Pinnacle Financial Partners by 122.9% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 16,188 shares of the company’s stock worth $1,544,000 after purchasing an additional 8,927 shares during the last quarter. Hudson Bay Capital Management LP purchased a new position in shares of Pinnacle Financial Partners during the third quarter worth about $1,128,000. Citigroup Inc. increased its position in shares of Pinnacle Financial Partners by 38.1% during the third quarter. Citigroup Inc. now owns 92,054 shares of the company’s stock worth $8,634,000 after purchasing an additional 25,395 shares in the last quarter. Finally, Private Management Group Inc. increased its position in shares of Pinnacle Financial Partners by 96.4% during the third quarter. Private Management Group Inc. now owns 245,160 shares of the company’s stock worth $22,994,000 after purchasing an additional 120,311 shares in the last quarter. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Analyst Upgrades and Downgrades

PNFP has been the subject of a number of research analyst reports. Citigroup upped their target price on Pinnacle Financial Partners from $122.00 to $126.00 and gave the company a “buy” rating in a research report on Thursday. Stephens boosted their price objective on Pinnacle Financial Partners from $95.00 to $109.00 and gave the company an “equal weight” rating in a research note on Thursday, April 30th. TD Cowen reduced their price objective on Pinnacle Financial Partners from $125.00 to $121.00 and set a “buy” rating for the company in a research note on Monday, April 27th. Evercore reissued an “outperform” rating and issued a $115.00 price objective on shares of Pinnacle Financial Partners in a report on Wednesday, April 29th. Finally, Truist Financial raised their target price on shares of Pinnacle Financial Partners from $114.00 to $115.00 and gave the stock a “buy” rating in a research report on Monday, May 11th. Three equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat.com, Pinnacle Financial Partners currently has a consensus rating of “Moderate Buy” and a consensus target price of $116.06.

Pinnacle Financial Partners Trading Up 2.5%

Shares of PNFP stock opened at $101.15 on Friday. The stock has a market cap of $7.85 billion, a P/E ratio of 14.03, a P/E/G ratio of 0.39 and a beta of 1.04. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.42. The company has a 50 day moving average of $96.73. Pinnacle Financial Partners, Inc. has a twelve month low of $81.08 and a twelve month high of $120.46.

Pinnacle Financial Partners (NYSE:PNFP) last released its quarterly earnings results on Wednesday, April 22nd. The company reported $2.39 EPS for the quarter, topping the consensus estimate of $2.30 by $0.09. Pinnacle Financial Partners had a return on equity of 10.61% and a net margin of 15.02%.The business had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.20 billion. As a group, equities analysts predict that Pinnacle Financial Partners, Inc. will post 10.24 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Friday, May 1st were paid a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend was Friday, May 1st. Pinnacle Financial Partners’s payout ratio is currently 27.74%.

About Pinnacle Financial Partners

Pinnacle Financial Partners (NYSE: PNFP) is a bank holding company headquartered in Nashville, Tennessee, that provides a broad range of commercial and consumer banking services. Founded in 2000, the company operates through a network of banking offices and digital channels to serve individuals, small and middle-market businesses, and institutional clients. Pinnacle’s business model emphasizes relationship-based banking and tailored financial solutions for commercial borrowers and deposit customers.

The company’s product and service offerings include commercial and residential lending, treasury and payment solutions, deposit accounts, mortgage services, and cash management.