California State Teachers Retirement System Buys New Holdings in Pinnacle Financial Partners, Inc. $PNFP

California State Teachers Retirement System bought a new position in Pinnacle Financial Partners, Inc. (NYSE:PNFP - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 17,700,001 shares of the company's stock, valued at approximately $1,785,576,000. California State Teachers Retirement System owned 22.82% of Pinnacle Financial Partners at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Pinnacle Financial Partners by 122.9% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 16,188 shares of the company's stock valued at $1,544,000 after acquiring an additional 8,927 shares during the period. Public Employees Retirement System of Ohio acquired a new position in shares of Pinnacle Financial Partners in the 2nd quarter worth approximately $4,292,000. BlackRock Inc. acquired a new position in shares of Pinnacle Financial Partners in the 2nd quarter worth approximately $1,704,708,000. Man Group plc acquired a new stake in Pinnacle Financial Partners during the 2nd quarter valued at $19,969,000. Finally, Harbor Advisors LLC acquired a new position in Pinnacle Financial Partners in the first quarter worth $1,034,000. Institutional investors own 87.40% of the company's stock.

Pinnacle Financial Partners Price Performance

PNFP stock opened at $99.40 on Friday. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.73. The firm has a market capitalization of $7.71 billion, a PE ratio of 13.65, a P/E/G ratio of 0.40 and a beta of 1.01. The stock's 50-day moving average price is $102.28. Pinnacle Financial Partners, Inc. has a fifty-two week low of $81.08 and a fifty-two week high of $110.33.

Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) last issued its quarterly earnings results on Wednesday, July 22nd. The company reported $2.50 EPS for the quarter, topping the consensus estimate of $2.46 by $0.04. The firm had revenue of $1.24 billion for 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%. Equities analysts expect that Pinnacle Financial Partners, Inc. will post 10.17 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Friday, August 7th were paid a dividend of $0.50 per share. The ex-dividend date was Friday, August 7th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.0%. Pinnacle Financial Partners's dividend payout ratio (DPR) is 27.47%.

Wall Street Analyst Weigh In

PNFP has been the subject of a number of research reports. JPMorgan Chase & Co. lowered their target price on Pinnacle Financial Partners from $125.00 to $120.00 and set an "overweight" rating for the company in a research note on Friday, July 24th. TD Cowen upped their price target on Pinnacle Financial Partners from $116.00 to $119.00 and gave the company a "buy" rating in a research note on Monday, July 27th. Weiss Ratings upgraded Pinnacle Financial Partners from a "hold (c+)" rating to a "buy (b-)" rating in a report on Friday, June 26th. Benchmark lifted their target price on shares of Pinnacle Financial Partners from $125.00 to $130.00 and gave the stock a "buy" rating in a report on Wednesday, August 5th. Finally, Truist Financial upped their target price on shares of Pinnacle Financial Partners from $115.00 to $118.00 and gave the company a "buy" rating in a research report on Tuesday, July 28th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $119.39.

Insider Transactions at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, insider Robert McCabe, Jr. purchased 10,013 shares of the firm's stock in a transaction that occurred on Friday, July 24th. The shares were acquired at an average cost of $99.90 per share, for a total transaction of $1,000,298.70. Following the completion of the purchase, the insider owned 324,233 shares of the company's stock, valued at approximately $32,390,876.70. The trade was a 3.19% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider M. Turner sold 54,107 shares of the business's stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $108.13, for a total value of $5,850,589.91. Following the completion of the sale, the insider owned 248,123 shares of the company's stock, valued at approximately $26,829,539.99. This trade represents a 17.90% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders acquired 13,078 shares of company stock valued at $1,299,640 and sold 177,228 shares valued at $19,153,713. Insiders own 1.30% of the company's stock.

Pinnacle Financial Partners Company Profile

Pinnacle Financial Partners, Inc is a bank holding company headquartered in Nashville, Tennessee. Through its principal subsidiary, Pinnacle Bank, the company provides financial services to businesses, professionals, entrepreneurs and individuals.

Its offerings include commercial and consumer banking, loans, deposit accounts, treasury and cash-management services, and mortgage lending. Pinnacle also provides investment advisory, wealth management, trust, insurance and other financial services through its banking platform and affiliated businesses.

Founded in 2000, Pinnacle has built a regional banking franchise focused primarily on the southeastern United States.

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