Public Employees Retirement System of Ohio Makes New $4.29 Million Investment in Pinnacle Financial Partners, Inc. $PNFP

Public Employees Retirement System of Ohio bought a new stake in Pinnacle Financial Partners, Inc. (NYSE:PNFP) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 42,546 shares of the company’s stock, valued at approximately $4,292,000. Public Employees Retirement System of Ohio owned about 0.05% of Pinnacle Financial Partners at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the company. Brown Brothers Harriman & Co. acquired a new stake in Pinnacle Financial Partners during the third quarter worth $26,000. BOKF NA grew its holdings in shares of 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 purchasing an additional 265 shares during the period. Resources Management Corp CT ADV acquired a new stake in shares of Pinnacle Financial Partners during the 1st quarter worth about $26,000. CIBC Private Wealth Group LLC raised its holdings 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 buying an additional 216 shares during the period. Finally, International Assets Investment Management LLC acquired a new stake in shares of Pinnacle Financial Partners during the fourth quarter valued at about $33,000. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Analyst Upgrades and Downgrades

PNFP has been the subject of several research reports. Wall Street Zen upgraded shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a report on Tuesday, May 12th. Weiss Ratings upgraded Pinnacle Financial Partners from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, June 26th. Wells Fargo & Company lifted their target price on Pinnacle Financial Partners from $111.00 to $118.00 and gave the company an “equal weight” rating in a research report on Monday, August 10th. Benchmark raised their price objective on shares of Pinnacle Financial Partners from $125.00 to $130.00 and gave the company a “buy” rating in a research note on Wednesday, August 5th. Finally, DA Davidson boosted their price target on shares of Pinnacle Financial Partners from $109.00 to $112.00 and gave the stock a “neutral” rating in a research note on Friday, July 24th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $118.35.

Pinnacle Financial Partners Trading Up 1.3%

Shares of NYSE:PNFP opened at $101.37 on Friday. The stock has a market cap of $7.86 billion, a P/E ratio of 13.92, a PEG ratio of 0.40 and a beta of 1.01. The firm has a 50 day moving average price of $102.31. Pinnacle Financial Partners, Inc. has a 52 week low of $81.08 and a 52 week high of $110.33. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.93 and a current ratio of 0.94.

Pinnacle Financial Partners (NYSE:PNFP) last announced its quarterly earnings results on Wednesday, July 22nd. The company reported $2.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.46 by $0.04. The company had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. Pinnacle Financial Partners had a return on equity of 10.93% and a net margin of 15.40%. As a group, equities research analysts expect that Pinnacle Financial Partners, Inc. will post 10.19 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 28th. Shareholders of record on Friday, August 7th were given a dividend of $0.50 per share. The ex-dividend date of this dividend was Friday, August 7th. This represents a $2.00 annualized dividend and a yield of 2.0%. Pinnacle Financial Partners’s payout ratio is 27.47%.

Insider Buying and Selling at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, CEO Kevin S. Blair acquired 2,565 shares of the company’s stock in a transaction on Tuesday, September 1st. The shares were bought at an average cost of $97.48 per share, for a total transaction of $250,036.20. Following the completion of the purchase, the chief executive officer owned 152,397 shares in the company, valued at $14,855,659.56. This trade represents a 1.71% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider M. Turner sold 54,107 shares of the stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $108.13, for a total transaction of $5,850,589.91. Following the sale, the insider owned 248,123 shares of the company’s stock, valued at $26,829,539.99. This trade represents a 17.90% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 177,228 shares of company stock worth $19,153,713. 1.30% of the stock is owned by insiders.

Pinnacle Financial Partners Profile

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.