New York State Teachers Retirement System Purchases 45,265 Shares of Pinnacle Financial Partners, Inc. $PNFP

New York State Teachers Retirement System grew its holdings in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) by 39.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 160,156 shares of the company’s stock after buying an additional 45,265 shares during the quarter. New York State Teachers Retirement System’s holdings in Pinnacle Financial Partners were worth $13,796,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Brown Brothers Harriman & Co. bought a new position in Pinnacle Financial Partners during the 3rd quarter worth $26,000. High Point Wealth Management LLC acquired a new stake in Pinnacle Financial Partners in the fourth quarter valued at approximately $27,000. BOKF NA grew its position in Pinnacle Financial Partners by 1,204.5% during the 3rd quarter. BOKF NA now owns 287 shares of the company’s stock worth $27,000 after acquiring an additional 265 shares during the last quarter. Activest Wealth Management bought a new stake in shares of Pinnacle Financial Partners during the fourth quarter worth about $28,000. Finally, CIBC Private Wealth Group LLC increased its position in Pinnacle Financial Partners by 175.6% in the 4th quarter. CIBC Private Wealth Group LLC now owns 339 shares of the company’s stock valued at $32,000 after acquiring an additional 216 shares during the period. 87.40% of the stock is owned by hedge funds and other institutional investors.

Pinnacle Financial Partners Stock Down 0.1%

NYSE PNFP opened at $99.40 on Monday. Pinnacle Financial Partners, Inc. has a fifty-two week low of $81.08 and a fifty-two week high of $120.46. The firm has a market capitalization of $7.71 billion, a PE ratio of 13.79, a price-to-earnings-growth ratio of 0.38 and a beta of 1.04. The business has a fifty day moving average of $97.13. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.90 and a current ratio of 0.90.

Pinnacle Financial Partners (NYSE:PNFP) last announced its quarterly earnings results on Wednesday, April 22nd. The company reported $2.39 earnings per share for the quarter, beating analysts’ consensus estimates of $2.30 by $0.09. Pinnacle Financial Partners had a net margin of 15.02% and a return on equity of 10.61%. The company had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.20 billion. As a group, analysts anticipate that Pinnacle Financial Partners, Inc. will post 10.23 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Friday, May 1st were paid a $0.50 dividend. The ex-dividend date was Friday, May 1st. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.0%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 27.74%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on PNFP shares. Wall Street Zen upgraded shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a report on Tuesday, May 12th. TD Cowen lowered their target price on shares of Pinnacle Financial Partners from $125.00 to $121.00 and set a “buy” rating on the stock in a report on Monday, April 27th. JPMorgan Chase & Co. lifted their price objective on shares of Pinnacle Financial Partners from $115.00 to $125.00 and gave the stock an “overweight” rating in a report on Wednesday, July 1st. Citigroup upped their price objective on Pinnacle Financial Partners from $122.00 to $126.00 and gave the company a “buy” rating in a research note on Thursday, June 25th. Finally, Truist Financial upped their price target on shares of Pinnacle Financial Partners from $114.00 to $115.00 and gave the company a “buy” rating in a research note on Monday, May 11th. Three analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $116.61.

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.