Commonwealth of Pennsylvania Public School Empls Retrmt SYS Has $3.25 Million Stock Holdings in Pinnacle Financial Partners, Inc. $PNFP

Key Points

• Commonwealth of Pennsylvania Public School Empls Retrmt SYS nearly doubled its stake in Pinnacle Financial Partners in Q1, increasing holdings by 97.6% to 37,719 shares valued at about $3.25 million.
• Pinnacle Financial Partners beat quarterly expectations, reporting EPS of $2.39 versus the $2.30 consensus and revenue of $1.22 billion, while also maintaining solid profitability metrics.
• The company recently paid a $0.50 quarterly dividend and has received generally positive analyst sentiment, with a consensus rating of Moderate Buy and an average price target of $116.89.

Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its holdings in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP - Free Report) by 97.6% in the first quarter, according to its most recent filing with the SEC. The firm owned 37,719 shares of the company's stock after acquiring an additional 18,627 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS's holdings in Pinnacle Financial Partners were worth $3,249,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. Brown Brothers Harriman & Co. bought a new position in Pinnacle Financial Partners during the 3rd quarter valued at about $26,000. High Point Wealth Management LLC bought a new stake in Pinnacle Financial Partners during the fourth quarter worth about $27,000. BOKF NA grew its stake in Pinnacle Financial Partners by 1,204.5% during the third quarter. BOKF NA now owns 287 shares of the company's stock worth $27,000 after buying an additional 265 shares during the last quarter. Activest Wealth Management bought a new position in shares of Pinnacle Financial Partners in the fourth quarter valued at approximately $28,000. Finally, CIBC Private Wealth Group LLC boosted its holdings in shares of Pinnacle Financial Partners by 175.6% in the 4th quarter. CIBC Private Wealth Group LLC now owns 339 shares of the company's stock worth $32,000 after acquiring an additional 216 shares in the last quarter. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Pinnacle Financial Partners Stock Performance

Shares of PNFP opened at $99.85 on Thursday. The company has a 50 day simple moving average of $97.38. Pinnacle Financial Partners, Inc. has a 52-week low of $81.08 and a 52-week high of $119.85. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.90 and a quick ratio of 0.90. The firm has a market cap of $7.75 billion, a price-to-earnings ratio of 13.85, a PEG ratio of 0.40 and a beta of 1.04.

Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) last announced its quarterly earnings results on Wednesday, April 22nd. The company reported $2.39 earnings per share for the quarter, beating analysts' consensus estimates of $2.30 by $0.09. Pinnacle Financial Partners had a net margin of 15.02% and a return on equity of 10.61%. The firm had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.20 billion. Equities research analysts predict that Pinnacle Financial Partners, Inc. will post 10.18 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Friday, May 1st were given a dividend of $0.50 per share. The ex-dividend date of this dividend was Friday, May 1st. This represents a $2.00 dividend on an annualized basis and a yield of 2.0%. Pinnacle Financial Partners's dividend payout ratio is 27.74%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on PNFP. Weiss Ratings upgraded shares of Pinnacle Financial Partners from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Friday, June 26th. Piper Sandler reissued an "overweight" rating on shares of Pinnacle Financial Partners in a research note on Wednesday, June 10th. TD Cowen dropped their price objective on shares of Pinnacle Financial Partners from $125.00 to $121.00 and set a "buy" rating for the company in a research report on Monday, April 27th. Citigroup increased their price objective on Pinnacle Financial Partners from $122.00 to $126.00 and gave the company a "buy" rating in a research report on Thursday, June 25th. Finally, Truist Financial upped their price target on Pinnacle Financial Partners from $114.00 to $115.00 and gave the company a "buy" rating in a research note on Monday, May 11th. Three equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $116.89.

Pinnacle Financial Partners Company 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.

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