New York State Teachers Retirement System Decreases Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

New York State Teachers Retirement System lowered its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 2.2% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 113,452 shares of the financial services provider's stock after selling 2,504 shares during the period. New York State Teachers Retirement System owned approximately 0.15% of Pinnacle Financial Partners worth $12,030,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. Vanguard Group Inc. raised its holdings in shares of Pinnacle Financial Partners by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 7,200,386 shares of the financial services provider's stock worth $823,652,000 after purchasing an additional 87,058 shares during the period. FMR LLC increased its holdings in shares of Pinnacle Financial Partners by 10.6% in the fourth quarter. FMR LLC now owns 3,003,310 shares of the financial services provider's stock worth $343,549,000 after purchasing an additional 286,894 shares during the period. North Reef Capital Management LP increased its holdings in shares of Pinnacle Financial Partners by 57.1% in the fourth quarter. North Reef Capital Management LP now owns 1,940,000 shares of the financial services provider's stock worth $221,917,000 after purchasing an additional 705,000 shares during the period. Capital Research Global Investors increased its holdings in shares of Pinnacle Financial Partners by 57.0% in the fourth quarter. Capital Research Global Investors now owns 1,559,798 shares of the financial services provider's stock worth $178,425,000 after purchasing an additional 566,061 shares during the period. Finally, Wellington Management Group LLP grew its position in Pinnacle Financial Partners by 16.5% in the fourth quarter. Wellington Management Group LLP now owns 1,504,254 shares of the financial services provider's stock worth $172,072,000 after acquiring an additional 213,505 shares in the last quarter. Institutional investors and hedge funds own 87.40% of the company's stock.

Pinnacle Financial Partners Stock Performance

Shares of NASDAQ:PNFP traded up $0.83 during midday trading on Friday, reaching $117.83. The company's stock had a trading volume of 381,903 shares, compared to its average volume of 510,446. The firm has a market capitalization of $9.14 billion, a PE ratio of 19.07 and a beta of 1.01. Pinnacle Financial Partners, Inc. has a twelve month low of $76.75 and a twelve month high of $131.91. The stock has a fifty day moving average of $107.34 and a 200 day moving average of $109.16. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.37.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last announced its quarterly earnings results on Monday, April 14th. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.82 by $0.08. Pinnacle Financial Partners had a net margin of 15.98% and a return on equity of 9.29%. The firm had revenue of $475.37 million for the quarter, compared to the consensus estimate of $478.11 million. During the same period in the prior year, the firm posted $1.53 earnings per share. On average, equities analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, May 30th. Investors of record on Friday, May 2nd were issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 0.81%. The ex-dividend date of this dividend was Friday, May 2nd. Pinnacle Financial Partners's dividend payout ratio (DPR) is presently 15.53%.

Analysts Set New Price Targets

Several research firms have issued reports on PNFP. Wells Fargo & Company cut their price target on shares of Pinnacle Financial Partners from $125.00 to $105.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 9th. Citigroup increased their price target on shares of Pinnacle Financial Partners from $126.00 to $134.00 and gave the stock a "buy" rating in a research note on Wednesday. Truist Financial started coverage on shares of Pinnacle Financial Partners in a report on Tuesday, May 13th. They set a "buy" rating and a $123.00 target price for the company. Hovde Group raised Pinnacle Financial Partners from a "market perform" rating to an "outperform" rating and set a $111.00 target price on the stock in a research note on Wednesday, April 16th. Finally, Keefe, Bruyette & Woods cut their price target on shares of Pinnacle Financial Partners from $130.00 to $115.00 and set a "market perform" rating on the stock in a report on Thursday, April 17th. Four equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $122.36.

Pinnacle Financial Partners Company Profile

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.