Teachers Retirement System of The State of Kentucky Grows Position in Pinnacle Financial Partners, Inc. $PNFP

Teachers Retirement System of The State of Kentucky grew its holdings in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) by 96.3% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 90,787 shares of the company’s stock after purchasing an additional 44,541 shares during the quarter. Teachers Retirement System of The State of Kentucky owned about 0.12% of Pinnacle Financial Partners worth $7,820,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Brown Brothers Harriman & Co. purchased a new position in Pinnacle Financial Partners in the 3rd quarter valued at approximately $26,000. High Point Wealth Management LLC purchased a new stake in shares of Pinnacle Financial Partners during the fourth quarter worth $27,000. BOKF NA lifted its position in shares of Pinnacle Financial Partners by 1,204.5% during the third quarter. BOKF NA now owns 287 shares of the company’s stock worth $27,000 after acquiring an additional 265 shares in the last quarter. Activest Wealth Management bought a new position in shares of Pinnacle Financial Partners in the fourth quarter worth $28,000. Finally, CIBC Private Wealth Group LLC boosted its holdings in shares of Pinnacle Financial Partners by 175.6% in the fourth quarter. CIBC Private Wealth Group LLC now owns 339 shares of the company’s stock worth $32,000 after acquiring an additional 216 shares during the period. Institutional investors own 87.40% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on PNFP. Evercore reiterated an “outperform” rating and set a $120.00 price objective on shares of Pinnacle Financial Partners in a research note on Monday, July 6th. Barclays cut their target price on Pinnacle Financial Partners from $135.00 to $130.00 and set an “overweight” rating for the company in a research note on Tuesday, April 7th. Benchmark assumed coverage on Pinnacle Financial Partners in a report on Wednesday, June 24th. They set a “buy” rating and a $132.00 target price for the company. Citigroup upped their price target on Pinnacle Financial Partners from $122.00 to $126.00 and gave the company a “buy” rating in a research report on Thursday, June 25th. Finally, Robert W. Baird began coverage on shares of Pinnacle Financial Partners in a report on Tuesday, May 19th. They issued an “outperform” rating and a $115.00 price target on the stock. Three investment 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. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $116.89.

Pinnacle Financial Partners Trading Down 0.4%

Shares of PNFP opened at $100.10 on Tuesday. Pinnacle Financial Partners, Inc. has a 12-month low of $81.08 and a 12-month high of $119.98. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.42. The company has a market cap of $7.76 billion, a P/E ratio of 13.88, a PEG ratio of 0.40 and a beta of 1.04. The firm’s 50-day simple moving average is $97.35.

Pinnacle Financial Partners (NYSE:PNFP) last posted its quarterly earnings data on Wednesday, April 22nd. The company reported $2.39 earnings per share for the quarter, topping the consensus estimate 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 analysts’ expectations of $1.20 billion. As a group, analysts predict that Pinnacle Financial Partners, Inc. will post 10.19 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

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

Pinnacle Financial Partners Company 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.