New York State Common Retirement Fund Cuts Stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

New York State Common Retirement Fund reduced its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 5.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 459,110 shares of the financial services provider's stock after selling 25,853 shares during the period. New York State Common Retirement Fund owned 0.59% of Pinnacle Financial Partners worth $48,684,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the stock. Golden State Wealth Management LLC purchased a new position in Pinnacle Financial Partners in the 1st quarter worth approximately $48,000. Kapitalo Investimentos Ltda bought a new stake in shares of Pinnacle Financial Partners during the 4th quarter valued at $78,000. UMB Bank n.a. boosted its holdings in Pinnacle Financial Partners by 16.6% in the 1st quarter. UMB Bank n.a. now owns 858 shares of the financial services provider's stock worth $91,000 after buying an additional 122 shares during the period. GAMMA Investing LLC boosted its holdings in Pinnacle Financial Partners by 51.7% in the 1st quarter. GAMMA Investing LLC now owns 1,616 shares of the financial services provider's stock worth $171,000 after buying an additional 551 shares during the period. Finally, Blair William & Co. IL bought a new position in Pinnacle Financial Partners in the 4th quarter worth $200,000. 87.40% of the stock is owned by institutional investors.

Pinnacle Financial Partners Stock Performance

Shares of NASDAQ:PNFP traded down $0.84 on Friday, hitting $118.04. 342,740 shares of the company were exchanged, compared to its average volume of 506,004. Pinnacle Financial Partners, Inc. has a 1-year low of $81.57 and a 1-year high of $131.91. The stock's 50 day moving average price is $109.92 and its 200 day moving average price is $109.46. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.34. The firm has a market capitalization of $9.16 billion, a P/E ratio of 15.66 and a beta of 1.01.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last posted its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $2.00 EPS for the quarter, topping the consensus estimate of $1.92 by $0.08. The business had revenue of $504.99 million during the quarter, compared to the consensus estimate of $495.27 million. Pinnacle Financial Partners had a net margin of 18.69% and a return on equity of 9.60%. The business's revenue for the quarter was up 15.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.63 earnings per share. Sell-side analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Friday, August 1st will be given a dividend of $0.24 per share. The ex-dividend date is Friday, August 1st. This represents a $0.96 dividend on an annualized basis and a yield of 0.81%. Pinnacle Financial Partners's dividend payout ratio is presently 15.53%.

Wall Street Analyst Weigh In

PNFP has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods increased their price objective on shares of Pinnacle Financial Partners from $115.00 to $130.00 and gave the stock a "market perform" rating in a research report on Thursday. Barclays increased their price objective on shares of Pinnacle Financial Partners from $125.00 to $140.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. Wells Fargo & Company increased their price objective on shares of Pinnacle Financial Partners from $105.00 to $125.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 10th. Citigroup increased their price objective on shares of Pinnacle Financial Partners from $134.00 to $140.00 and gave the stock a "buy" rating in a research report on Thursday. Finally, Jefferies Financial Group initiated coverage on shares of Pinnacle Financial Partners in a research report on Wednesday, May 21st. They issued a "buy" rating and a $135.00 price objective on the stock. Four research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $126.73.

About Pinnacle Financial Partners

Pinnacle Financial Partners, Inc, together with its subsidiaries, operates as the bank holding company for Pinnacle Bank that provides various banking products and services to individuals, businesses, and professional entities in the United States. The company accepts various deposits, including savings, noninterest-bearing and interest-bearing checking, money market, and certificate of deposit accounts; and provides treasury management services, which includes online wire origination, enhanced ACH origination services, positive pay, zero balance and sweep accounts, automated bill pay services, electronic receivables processing, lockbox processing, and merchant card acceptance services.