Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Shares Sold by Texas Permanent School Fund Corp

Texas Permanent School Fund Corp trimmed its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 7.6% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 61,528 shares of the financial services provider’s stock after selling 5,036 shares during the period. Texas Permanent School Fund Corp owned 0.08% of Pinnacle Financial Partners worth $4,925,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in PNFP. Choreo LLC lifted its holdings in Pinnacle Financial Partners by 154.6% in the 2nd quarter. Choreo LLC now owns 16,356 shares of the financial services provider’s stock valued at $1,296,000 after purchasing an additional 9,932 shares in the last quarter. Wedbush Securities Inc. purchased a new position in Pinnacle Financial Partners in the second quarter valued at approximately $207,000. Oak Thistle LLC acquired a new stake in Pinnacle Financial Partners in the second quarter valued at approximately $314,000. Cahaba Wealth Management Inc. grew its position in Pinnacle Financial Partners by 10.8% in the second quarter. Cahaba Wealth Management Inc. now owns 21,429 shares of the financial services provider’s stock valued at $1,715,000 after acquiring an additional 2,092 shares in the last quarter. Finally, Arizona State Retirement System grew its position in Pinnacle Financial Partners by 2.3% in the second quarter. Arizona State Retirement System now owns 21,577 shares of the financial services provider’s stock valued at $1,727,000 after acquiring an additional 478 shares in the last quarter. 87.40% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Barclays raised their price target on shares of Pinnacle Financial Partners from $93.00 to $97.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 18th. Piper Sandler cut Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and raised their price objective for the stock from $95.00 to $98.00 in a research note on Thursday, July 18th. Wells Fargo & Company raised their price objective on Pinnacle Financial Partners from $90.00 to $100.00 and gave the stock an “overweight” rating in a research note on Thursday, July 18th. Stephens reduced their price objective on Pinnacle Financial Partners from $109.00 to $102.00 and set an “overweight” rating on the stock in a research note on Thursday, May 23rd. Finally, Citigroup raised their price objective on Pinnacle Financial Partners from $93.00 to $113.00 and gave the stock a “buy” rating in a research note on Thursday, July 18th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $99.00.

Pinnacle Financial Partners Price Performance

Shares of NASDAQ PNFP opened at $92.15 on Friday. Pinnacle Financial Partners, Inc. has a fifty-two week low of $59.66 and a fifty-two week high of $99.90. The firm’s 50-day simple moving average is $91.65 and its 200 day simple moving average is $84.38. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.43. The stock has a market cap of $7.12 billion, a P/E ratio of 13.18 and a beta of 1.05.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $1.63 earnings per share for the quarter, beating analysts’ consensus estimates of $1.60 by $0.03. Pinnacle Financial Partners had a net margin of 13.93% and a return on equity of 8.97%. The business had revenue of $366.55 million for the quarter, compared to analysts’ expectations of $426.40 million. Equities analysts expect that Pinnacle Financial Partners, Inc. will post 6.83 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 2nd were paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.95%. The ex-dividend date was Friday, August 2nd. Pinnacle Financial Partners’s dividend payout ratio is currently 12.59%.

About Pinnacle Financial Partners

Pinnacle Financial Partners, Inc, together with its subsidiaries, operates as the bank holding company for Pinnacle Bank that provides various banking products and services to individuals, businesses, and professional entities in the United States. The company accepts various deposits, including savings, noninterest-bearing and interest-bearing checking, money market, and certificate of deposit accounts; and provides treasury management services, which includes online wire origination, enhanced ACH origination services, positive pay, zero balance and sweep accounts, automated bill pay services, electronic receivables processing, lockbox processing, and merchant card acceptance services.