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

Texas Permanent School Fund Corp grew its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 0.4% during the 1st quarter, Holdings Channel reports. The fund owned 66,564 shares of the financial services provider’s stock after acquiring an additional 271 shares during the period. Texas Permanent School Fund Corp’s holdings in Pinnacle Financial Partners were worth $5,717,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in PNFP. Wasatch Advisors LP lifted its position in shares of Pinnacle Financial Partners by 41.8% in the first quarter. Wasatch Advisors LP now owns 3,341,417 shares of the financial services provider’s stock valued at $286,961,000 after acquiring an additional 985,694 shares in the last quarter. Norges Bank purchased a new stake in shares of Pinnacle Financial Partners in the fourth quarter valued at $83,461,000. Wellington Management Group LLP lifted its position in Pinnacle Financial Partners by 102.7% during the third quarter. Wellington Management Group LLP now owns 1,870,441 shares of the financial services provider’s stock worth $125,394,000 after buying an additional 947,704 shares during the period. Principal Financial Group Inc. lifted its position in Pinnacle Financial Partners by 185.5% during the fourth quarter. Principal Financial Group Inc. now owns 808,135 shares of the financial services provider’s stock worth $70,486,000 after buying an additional 525,101 shares during the period. Finally, Dimensional Fund Advisors LP lifted its position in Pinnacle Financial Partners by 14.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,647,881 shares of the financial services provider’s stock worth $230,951,000 after buying an additional 334,502 shares during the period. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

Pinnacle Financial Partners Stock Up 2.3 %

Shares of PNFP stock traded up $1.95 during trading hours on Friday, reaching $86.94. The company had a trading volume of 128,863 shares, compared to its average volume of 435,382. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.90 and a current ratio of 0.90. Pinnacle Financial Partners, Inc. has a twelve month low of $59.06 and a twelve month high of $92.33. The company has a market capitalization of $6.71 billion, a P/E ratio of 12.16 and a beta of 1.08. The stock’s fifty day simple moving average is $79.20 and its 200 day simple moving average is $81.95.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings data on Monday, April 22nd. The financial services provider reported $1.53 earnings per share for the quarter, beating analysts’ consensus estimates of $1.52 by $0.01. Pinnacle Financial Partners had a return on equity of 9.31% and a net margin of 18.59%. The firm had revenue of $428.14 million during the quarter, compared to analyst estimates of $413.27 million. As a group, sell-side analysts expect that Pinnacle Financial Partners, Inc. will post 6.75 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 31st. Shareholders of record on Friday, May 3rd were paid a dividend of $0.22 per share. The ex-dividend date of this dividend was Thursday, May 2nd. This represents a $0.88 dividend on an annualized basis and a yield of 1.01%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 12.59%.

Insider Buying and Selling at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, CEO M Terry Turner sold 72,000 shares of the firm’s stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $80.97, for a total transaction of $5,829,840.00. Following the completion of the sale, the chief executive officer now owns 222,790 shares in the company, valued at approximately $18,039,306.30. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Pinnacle Financial Partners news, CEO M Terry Turner sold 72,000 shares of the stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $80.97, for a total transaction of $5,829,840.00. Following the transaction, the chief executive officer now owns 222,790 shares of the company’s stock, valued at approximately $18,039,306.30. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Chairman Robert A. Mccabe, Jr. sold 115,249 shares of the stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $81.04, for a total value of $9,339,778.96. Following the transaction, the chairman now directly owns 153,062 shares in the company, valued at approximately $12,404,144.48. The disclosure for this sale can be found here. 1.87% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the company. Truist Financial reduced their target price on Pinnacle Financial Partners from $94.00 to $87.00 and set a “buy” rating on the stock in a research report on Monday. JPMorgan Chase & Co. reduced their target price on Pinnacle Financial Partners from $108.00 to $105.00 and set an “overweight” rating on the stock in a research report on Thursday, June 27th. Stephens reduced their target price on Pinnacle Financial Partners from $109.00 to $102.00 and set an “overweight” rating on the stock in a research report on Thursday, May 23rd. Jefferies Financial Group reduced their target price on Pinnacle Financial Partners from $88.00 to $85.00 and set a “hold” rating on the stock in a research report on Monday, April 8th. Finally, Hovde Group cut their price objective on Pinnacle Financial Partners from $104.00 to $99.00 and set an “outperform” rating on the stock in a report on Tuesday, April 23rd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $93.38.

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.