Teachers Retirement System of The State of Kentucky Boosts Stock Position in Pinnacle Financial Partners, Inc. $PNFP

Teachers Retirement System of The State of Kentucky grew its position in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) by 96.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 90,787 shares of the company’s stock after purchasing an additional 44,541 shares during the quarter. Teachers Retirement System of The State of Kentucky’s holdings in Pinnacle Financial Partners were worth $7,820,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. AQR Capital Management LLC lifted its position in Pinnacle Financial Partners by 1,697.4% in the 3rd quarter. AQR Capital Management LLC now owns 3,267,666 shares of the company’s stock worth $306,474,000 after buying an additional 3,085,867 shares during the last quarter. Nomura Holdings Inc. bought a new position in Pinnacle Financial Partners during the third quarter valued at approximately $187,822,000. Alyeska Investment Group L.P. purchased a new position in shares of Pinnacle Financial Partners during the fourth quarter worth approximately $159,545,000. Norges Bank purchased a new position in shares of Pinnacle Financial Partners during the fourth quarter worth approximately $116,349,000. Finally, Wellington Management Group LLP boosted its stake in shares of Pinnacle Financial Partners by 42.2% in the 4th quarter. Wellington Management Group LLP now owns 3,067,116 shares of the company’s stock valued at $292,634,000 after purchasing an additional 910,367 shares in the last quarter. 87.40% of the stock is owned by hedge funds and other institutional investors.

Pinnacle Financial Partners Trading Down 0.4%

Pinnacle Financial Partners stock opened at $100.10 on Tuesday. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.42. The stock has a market capitalization of $7.76 billion, a price-to-earnings ratio of 13.88, a P/E/G ratio of 0.40 and a beta of 1.04. Pinnacle Financial Partners, Inc. has a 1-year low of $81.08 and a 1-year high of $119.98. The business’s 50-day moving average price is $97.35.

Pinnacle Financial Partners (NYSE:PNFP) last announced its quarterly earnings results on Wednesday, April 22nd. The company reported $2.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.30 by $0.09. The company had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.20 billion. Pinnacle Financial Partners had a return on equity of 10.61% and a net margin of 15.02%. Research analysts forecast that Pinnacle Financial Partners, Inc. will post 10.19 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Friday, May 1st were given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date was Friday, May 1st. Pinnacle Financial Partners’s dividend payout ratio (DPR) is currently 27.74%.

Analyst Upgrades and Downgrades

Several analysts have issued reports on PNFP shares. Citigroup upped their price target on shares of Pinnacle Financial Partners from $122.00 to $126.00 and gave the company a “buy” rating in a research report on Thursday, June 25th. Evercore reissued an “outperform” rating and issued a $120.00 target price on shares of Pinnacle Financial Partners in a research note on Monday, July 6th. Robert W. Baird began coverage on Pinnacle Financial Partners in a report on Tuesday, May 19th. They set an “outperform” rating and a $115.00 target price for the company. Piper Sandler restated an “overweight” rating on shares of Pinnacle Financial Partners in a research report on Wednesday, June 10th. Finally, TD Cowen reduced their price target on Pinnacle Financial Partners from $125.00 to $121.00 and set a “buy” rating on the stock in a research report on Monday, April 27th. Three research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $116.89.

Pinnacle Financial Partners Profile

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.