Public Employees Retirement System of Ohio Purchases 6,304 Shares of Pinnacle Financial Partners, Inc. $PNFP

Public Employees Retirement System of Ohio raised its position in Pinnacle Financial Partners, Inc. (NYSE:PNFP) by 17.0% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 43,358 shares of the company’s stock after acquiring an additional 6,304 shares during the period. Public Employees Retirement System of Ohio owned about 0.06% of Pinnacle Financial Partners worth $3,735,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the company. AQR Capital Management LLC grew its holdings in shares of Pinnacle Financial Partners by 1,697.4% during the 3rd quarter. AQR Capital Management LLC now owns 3,267,666 shares of the company’s stock worth $306,474,000 after purchasing an additional 3,085,867 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Pinnacle Financial Partners by 80.4% in the first quarter. Dimensional Fund Advisors LP now owns 5,035,295 shares of the company’s stock valued at $433,712,000 after purchasing an additional 2,244,659 shares in the last quarter. Nomura Holdings Inc. acquired a new position in shares of Pinnacle Financial Partners in the third quarter valued at $187,822,000. Alyeska Investment Group L.P. bought a new position in Pinnacle Financial Partners in the fourth quarter worth $159,545,000. Finally, Norges Bank bought a new position in Pinnacle Financial Partners in the fourth quarter worth $116,349,000. Institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Price Performance

NYSE PNFP opened at $104.85 on Friday. The company has a market cap of $8.13 billion, a price-to-earnings ratio of 14.40, a PEG ratio of 0.42 and a beta of 1.04. Pinnacle Financial Partners, Inc. has a one year low of $81.08 and a one year high of $107.00. The stock’s 50 day simple moving average is $98.60. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.93 and a current ratio of 0.94.

Pinnacle Financial Partners (NYSE:PNFP) last posted its quarterly earnings data on Wednesday, July 22nd. The company reported $2.50 earnings per share for the quarter, beating the consensus estimate of $2.46 by $0.04. The firm had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.24 billion. Pinnacle Financial Partners had a net margin of 15.40% and a return on equity of 10.93%. As a group, equities analysts expect that Pinnacle Financial Partners, Inc. will post 10.18 earnings per share for the current year.

Pinnacle Financial Partners Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Friday, August 7th will be paid a $0.50 dividend. The ex-dividend date of this dividend is Friday, August 7th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.9%. Pinnacle Financial Partners’s dividend payout ratio is 27.47%.

Insider Activity

In related news, insider Robert A. Mccabe, Jr. acquired 10,013 shares of the firm’s stock in a transaction that occurred on Friday, July 24th. The stock was acquired at an average cost of $99.90 per share, with a total value of $1,000,298.70. Following the completion of the purchase, the insider directly owned 324,233 shares in the company, valued at approximately $32,390,876.70. This trade represents a 3.19% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 1.30% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

PNFP has been the topic of several analyst reports. Evercore reissued an “outperform” rating and issued a $120.00 price target on shares of Pinnacle Financial Partners in a report on Monday, July 6th. Barclays lowered their target price on shares of Pinnacle Financial Partners from $135.00 to $130.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 7th. Weiss Ratings upgraded shares of Pinnacle Financial Partners from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, June 26th. Truist Financial upped their price objective on Pinnacle Financial Partners from $115.00 to $118.00 and gave the company a “buy” rating in a research note on Tuesday. Finally, JPMorgan Chase & Co. dropped their target price on Pinnacle Financial Partners from $125.00 to $120.00 and set an “overweight” rating for the company in a report on Friday, July 24th. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, Pinnacle Financial Partners presently has a consensus rating of “Moderate Buy” and an average target price of $117.00.

About Pinnacle Financial Partners

Pinnacle Financial Partners (NYSE: PNFP) is a bank holding company headquartered in Nashville, Tennessee, that provides a broad range of commercial and consumer banking services. Founded in 2000, the company operates through a network of banking offices and digital channels to serve individuals, small and middle-market businesses, and institutional clients. Pinnacle’s business model emphasizes relationship-based banking and tailored financial solutions for commercial borrowers and deposit customers.

The company’s product and service offerings include commercial and residential lending, treasury and payment solutions, deposit accounts, mortgage services, and cash management.