New York State Teachers Retirement System Sells 1,500 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

New York State Teachers Retirement System decreased its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 1.3% in the 3rd quarter, Holdings Channel reports. The fund owned 115,956 shares of the financial services provider’s stock after selling 1,500 shares during the quarter. New York State Teachers Retirement System’s holdings in Pinnacle Financial Partners were worth $11,360,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. International Assets Investment Management LLC bought a new position in shares of Pinnacle Financial Partners during the 2nd quarter worth $29,000. Versant Capital Management Inc lifted its holdings in Pinnacle Financial Partners by 44.5% during the 2nd quarter. Versant Capital Management Inc now owns 432 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 133 shares in the last quarter. UMB Bank n.a. lifted its holdings in Pinnacle Financial Partners by 83.4% during the 3rd quarter. UMB Bank n.a. now owns 497 shares of the financial services provider’s stock worth $49,000 after purchasing an additional 226 shares in the last quarter. Values First Advisors Inc. purchased a new stake in Pinnacle Financial Partners during the 3rd quarter worth about $49,000. Finally, Quarry LP lifted its holdings in Pinnacle Financial Partners by 3,500.0% during the 2nd quarter. Quarry LP now owns 756 shares of the financial services provider’s stock worth $61,000 after purchasing an additional 735 shares in the last quarter. Institutional investors own 87.40% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Wells Fargo & Company increased their price objective on Pinnacle Financial Partners from $100.00 to $104.00 and gave the stock an “equal weight” rating in a report on Thursday, October 17th. Stephens increased their price objective on Pinnacle Financial Partners from $108.00 to $120.00 and gave the stock an “overweight” rating in a report on Thursday, October 17th. Piper Sandler cut Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and raised their price target for the company from $95.00 to $98.00 in a report on Thursday, July 18th. Citigroup raised their price target on Pinnacle Financial Partners from $113.00 to $123.00 and gave the company a “buy” rating in a report on Thursday, October 17th. Finally, Truist Financial raised their price target on Pinnacle Financial Partners from $113.00 to $119.00 and gave the company a “buy” rating in a report on Monday, October 21st. Five research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Pinnacle Financial Partners presently has a consensus rating of “Moderate Buy” and a consensus target price of $106.60.

Pinnacle Financial Partners Stock Performance

Shares of NASDAQ PNFP opened at $104.64 on Friday. The stock has a market cap of $8.08 billion, a price-to-earnings ratio of 19.89 and a beta of 1.04. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.42. Pinnacle Financial Partners, Inc. has a 1-year low of $63.36 and a 1-year high of $108.43. The stock’s 50-day moving average is $98.42 and its 200 day moving average is $88.68.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.79 by $0.07. The company had revenue of $810.11 million for the quarter, compared to analyst estimates of $454.18 million. Pinnacle Financial Partners had a return on equity of 8.89% and a net margin of 13.97%. During the same quarter last year, the company posted $1.79 earnings per share. On average, sell-side analysts anticipate that Pinnacle Financial Partners, Inc. will post 6.81 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 1st will be paid a dividend of $0.22 per share. The ex-dividend date of this dividend is Friday, November 1st. This represents a $0.88 annualized dividend and a dividend yield of 0.84%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 16.73%.

Pinnacle Financial Partners 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.