California State Teachers Retirement System Acquires Shares of 175,456 Pinnacle Financial Partners, Inc. $PNFP

California State Teachers Retirement System purchased a new stake in Pinnacle Financial Partners, Inc. (NYSE:PNFP - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 175,456 shares of the company's stock, valued at approximately $17,700,001. California State Teachers Retirement System owned about 0.23% of Pinnacle Financial Partners as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of PNFP. Northwestern Mutual Wealth Management Co. grew its stake in shares of Pinnacle Financial Partners by 122.9% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 16,188 shares of the company's stock worth $1,544,000 after purchasing an additional 8,927 shares during the last quarter. Public Employees Retirement System of Ohio bought a new stake in Pinnacle Financial Partners in the 2nd quarter valued at about $4,292,000. BlackRock Inc. bought a new stake in Pinnacle Financial Partners during the 2nd quarter worth $1,704,708,000. Man Group plc acquired a new position in shares of Pinnacle Financial Partners during the second quarter valued at about $19,969,000. Finally, Harbor Advisors LLC bought a new position in shares of Pinnacle Financial Partners during the 1st quarter worth $1,034,000. Institutional investors and hedge funds own 87.40% of the company's stock.

Pinnacle Financial Partners Stock Performance

NYSE PNFP traded down $0.51 during trading on Tuesday, reaching $99.58. 239,530 shares of the company's stock were exchanged, compared to its average volume of 1,379,013. The stock has a 50 day simple moving average of $102.28. Pinnacle Financial Partners, Inc. has a 1 year low of $81.08 and a 1 year high of $110.33. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.93 and a current ratio of 0.94. The firm has a market cap of $7.73 billion, a PE ratio of 13.70, a P/E/G ratio of 0.40 and a beta of 1.01.

Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) last posted its earnings results on Wednesday, July 22nd. The company reported $2.50 EPS for the quarter, topping analysts' consensus estimates of $2.46 by $0.04. Pinnacle Financial Partners had a net margin of 15.40% and a return on equity of 10.93%. The business had revenue of $1.24 billion for the quarter, compared to analysts' expectations of $1.24 billion. Research analysts forecast that Pinnacle Financial Partners, Inc. will post 10.17 EPS for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 28th. Shareholders of record on Friday, August 7th were issued 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 of this dividend was Friday, August 7th. Pinnacle Financial Partners's dividend payout ratio (DPR) is currently 27.47%.

Analysts Set New Price Targets

A number of equities analysts recently commented on PNFP shares. Morgan Stanley began coverage on Pinnacle Financial Partners in a research note on Tuesday, September 8th. They set an "overweight" rating and a $137.00 price target for the company. Piper Sandler boosted their price target on Pinnacle Financial Partners from $122.00 to $123.00 and gave the stock an "overweight" rating in a research note on Friday, July 24th. Wells Fargo & Company raised their target price on Pinnacle Financial Partners from $111.00 to $118.00 and gave the company an "equal weight" rating in a research note on Monday, August 10th. Truist Financial upped their price objective on shares of Pinnacle Financial Partners from $115.00 to $118.00 and gave the stock a "buy" rating in a research note on Tuesday, July 28th. Finally, Robert W. Baird assumed coverage on shares of Pinnacle Financial Partners in a report on Tuesday, May 19th. They issued an "outperform" rating and a $115.00 target price on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $119.39.

Insider Activity at Pinnacle Financial Partners

In other news, CEO Kevin S. Blair acquired 2,565 shares of the firm's stock in a transaction dated Tuesday, September 1st. The shares were purchased at an average cost of $97.48 per share, for a total transaction of $250,036.20. Following the transaction, the chief executive officer directly owned 152,397 shares of the company's stock, valued at approximately $14,855,659.56. This trade represents a 1.71% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Gregory G. Montana purchased 500 shares of the firm's stock in a transaction on Thursday, September 10th. The stock was acquired at an average price of $98.61 per share, with a total value of $49,305.00. Following the completion of the purchase, the director owned 4,959 shares of the company's stock, valued at $489,006.99. The trade was a 11.21% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last ninety days, insiders bought 13,078 shares of company stock valued at $1,299,640 and sold 177,228 shares valued at $19,153,713. Corporate insiders own 1.30% of the company's stock.

About Pinnacle Financial Partners

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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