Public Employees Retirement Association of Colorado Lowers Stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Public Employees Retirement Association of Colorado lessened its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 0.6% in the 2nd quarter, Holdings Channel.com reports. The firm owned 144,458 shares of the financial services provider’s stock after selling 806 shares during the quarter. Public Employees Retirement Association of Colorado’s holdings in Pinnacle Financial Partners were worth $11,562,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of PNFP. Wasatch Advisors LP raised its stake in shares of Pinnacle Financial Partners by 41.8% during the 1st quarter. Wasatch Advisors LP now owns 3,341,417 shares of the financial services provider’s stock worth $286,961,000 after buying an additional 985,694 shares during the period. Norges Bank acquired a new position in Pinnacle Financial Partners during the fourth quarter worth $83,461,000. Dimensional Fund Advisors LP lifted its holdings in Pinnacle Financial Partners by 10.4% during the second quarter. Dimensional Fund Advisors LP now owns 3,094,498 shares of the financial services provider’s stock valued at $247,673,000 after purchasing an additional 292,401 shares in the last quarter. Swedbank AB acquired a new stake in shares of Pinnacle Financial Partners in the first quarter valued at about $21,470,000. Finally, Lee Danner & Bass Inc. purchased a new stake in shares of Pinnacle Financial Partners during the second quarter worth about $16,092,000. Institutional investors and hedge funds own 87.40% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. Citigroup lifted their price objective on Pinnacle Financial Partners from $93.00 to $113.00 and gave the stock a “buy” rating in a report on Thursday, July 18th. JPMorgan Chase & Co. lowered their price target on Pinnacle Financial Partners from $108.00 to $105.00 and set an “overweight” rating on the stock in a research note on Thursday, June 27th. Wells Fargo & Company increased their price objective on Pinnacle Financial Partners from $90.00 to $100.00 and gave the company an “overweight” rating in a research note on Thursday, July 18th. Piper Sandler cut shares of Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and lifted their target price for the stock from $95.00 to $98.00 in a research note on Thursday, July 18th. Finally, Truist Financial increased their target price on shares of Pinnacle Financial Partners from $101.00 to $113.00 and gave the company a “buy” rating in a research report on Friday. One research analyst has rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $100.20.

Pinnacle Financial Partners Price Performance

Shares of PNFP opened at $99.99 on Friday. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.90 and a quick ratio of 0.90. The stock has a market cap of $7.72 billion, a PE ratio of 14.30 and a beta of 1.05. The firm has a 50-day simple moving average of $93.67 and a two-hundred day simple moving average of $85.02. Pinnacle Financial Partners, Inc. has a 1-year low of $59.66 and a 1-year high of $100.76.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $1.63 EPS for the quarter, topping the consensus estimate of $1.60 by $0.03. The business had revenue of $366.55 million during the quarter, compared to analyst estimates of $426.40 million. Pinnacle Financial Partners had a return on equity of 8.97% and a net margin of 13.93%. As a group, analysts forecast that Pinnacle Financial Partners, Inc. will post 6.83 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Friday, August 2nd were given a dividend of $0.22 per share. The ex-dividend date of this dividend was Friday, August 2nd. This represents a $0.88 annualized dividend and a dividend yield of 0.88%. Pinnacle Financial Partners’s dividend payout ratio is presently 12.59%.

Pinnacle Financial Partners Company Profile

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.