New York State Teachers Retirement System Cuts Stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

New York State Teachers Retirement System lessened its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 2.2% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 113,452 shares of the financial services provider’s stock after selling 2,504 shares during the period. New York State Teachers Retirement System owned approximately 0.15% of Pinnacle Financial Partners worth $12,030,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Golden State Wealth Management LLC purchased a new stake in shares of Pinnacle Financial Partners in the first quarter valued at approximately $48,000. Kapitalo Investimentos Ltda purchased a new stake in shares of Pinnacle Financial Partners during the 4th quarter worth $78,000. UMB Bank n.a. boosted its position in shares of Pinnacle Financial Partners by 16.6% during the 1st quarter. UMB Bank n.a. now owns 858 shares of the financial services provider’s stock worth $91,000 after purchasing an additional 122 shares in the last quarter. GAMMA Investing LLC grew its stake in shares of Pinnacle Financial Partners by 51.7% during the 1st quarter. GAMMA Investing LLC now owns 1,616 shares of the financial services provider’s stock worth $171,000 after purchasing an additional 551 shares during the period. Finally, Blair William & Co. IL purchased a new position in shares of Pinnacle Financial Partners in the 4th quarter valued at about $200,000. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently commented on PNFP shares. Hovde Group raised shares of Pinnacle Financial Partners from a “market perform” rating to an “outperform” rating and set a $111.00 price objective on the stock in a report on Wednesday, April 16th. Citigroup raised their price objective on Pinnacle Financial Partners from $126.00 to $134.00 and gave the company a “buy” rating in a research note on Wednesday. Keefe, Bruyette & Woods reduced their price objective on Pinnacle Financial Partners from $130.00 to $115.00 and set a “market perform” rating for the company in a report on Thursday, April 17th. Wells Fargo & Company decreased their target price on Pinnacle Financial Partners from $125.00 to $105.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 9th. Finally, Jefferies Financial Group started coverage on Pinnacle Financial Partners in a research report on Wednesday, May 21st. They issued a “buy” rating and a $135.00 price target for the company. Four equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $122.36.

Pinnacle Financial Partners Stock Performance

NASDAQ PNFP opened at $117.83 on Friday. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.37. Pinnacle Financial Partners, Inc. has a fifty-two week low of $76.75 and a fifty-two week high of $131.91. The business has a fifty day moving average of $106.99 and a 200-day moving average of $109.17. The stock has a market cap of $9.14 billion, a price-to-earnings ratio of 19.07 and a beta of 1.01.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its earnings results on Monday, April 14th. The financial services provider reported $1.90 earnings per share for the quarter, beating the consensus estimate of $1.82 by $0.08. The firm had revenue of $475.37 million during the quarter, compared to the consensus estimate of $478.11 million. Pinnacle Financial Partners had a net margin of 15.98% and a return on equity of 9.29%. During the same quarter in the previous year, the company posted $1.53 EPS. As a group, analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 30th. Stockholders of record on Friday, May 2nd were given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.81%. The ex-dividend date was Friday, May 2nd. Pinnacle Financial Partners’s dividend payout ratio is presently 15.53%.

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.