Oregon Public Employees Retirement Fund Grows Position in Pinnacle Financial Partners, Inc. $PNFP

Key Points

• Oregon Public Employees Retirement Fund increased its stake in Pinnacle Financial Partners by 92.5% in the fourth quarter, ending with 29,759 shares valued at about $2.84 million.
• Several other institutional investors also added to PNFP, and hedge funds and other institutions now own 87.4% of the company’s stock.
• Analysts remain constructive on the stock: the consensus rating is Moderate Buy with an average price target of $115.19, while Pinnacle recently beat quarterly EPS and revenue estimates and declared a $0.50 quarterly dividend.

Oregon Public Employees Retirement Fund raised its holdings in Pinnacle Financial Partners, Inc. (NYSE:PNFP - Free Report) by 92.5% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 29,759 shares of the company's stock after acquiring an additional 14,300 shares during the period. Oregon Public Employees Retirement Fund's holdings in Pinnacle Financial Partners were worth $2,839,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of PNFP. Goldman Sachs Group Inc. raised its holdings in shares of Pinnacle Financial Partners by 6.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 651,268 shares of the company's stock valued at $69,060,000 after acquiring an additional 37,989 shares in the last quarter. Focus Partners Wealth raised its holdings in shares of Pinnacle Financial Partners by 13.9% in the 1st quarter. Focus Partners Wealth now owns 4,755 shares of the company's stock valued at $504,000 after acquiring an additional 581 shares in the last quarter. Amundi raised its holdings in shares of Pinnacle Financial Partners by 25,700.0% in the 2nd quarter. Amundi now owns 4,386 shares of the company's stock valued at $513,000 after acquiring an additional 4,369 shares in the last quarter. Jump Financial LLC purchased a new stake in shares of Pinnacle Financial Partners in the 2nd quarter valued at about $229,000. Finally, Cerity Partners LLC raised its holdings in shares of Pinnacle Financial Partners by 4.2% in the 2nd quarter. Cerity Partners LLC now owns 26,061 shares of the company's stock valued at $2,877,000 after acquiring an additional 1,039 shares in the last quarter. Hedge funds and other institutional investors own 87.40% of the company's stock.

Analysts Set New Price Targets

PNFP has been the topic of a number of research reports. Truist Financial raised their price target on Pinnacle Financial Partners from $114.00 to $115.00 and gave the company a "buy" rating in a research report on Monday, May 11th. JPMorgan Chase & Co. raised their price target on Pinnacle Financial Partners from $105.00 to $120.00 and gave the company an "overweight" rating in a research report on Friday, April 24th. UBS Group raised their price target on Pinnacle Financial Partners from $110.00 to $120.00 and gave the company a "buy" rating in a research report on Friday, April 24th. Deutsche Bank Aktiengesellschaft set a $116.00 price target on Pinnacle Financial Partners and gave the company a "buy" rating in a research report on Wednesday, January 21st. Finally, Stephens raised their price target on Pinnacle Financial Partners from $95.00 to $109.00 and gave the company an "equal weight" rating in a research report on Thursday, April 30th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $115.19.

Pinnacle Financial Partners Stock Down 1.5%

NYSE PNFP opened at $94.00 on Friday. The company's 50-day moving average price is $91.13. Pinnacle Financial Partners, Inc. has a twelve month low of $81.08 and a twelve month high of $120.46. The stock has a market capitalization of $7.29 billion, a P/E ratio of 13.04, a price-to-earnings-growth ratio of 0.36 and a beta of 1.06. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.42.

Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) last announced its quarterly earnings data on Wednesday, April 22nd. The company reported $2.39 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.30 by $0.09. Pinnacle Financial Partners had a return on equity of 10.61% and a net margin of 15.02%.The firm had revenue of $1.22 billion for the quarter, compared to analysts' expectations of $1.20 billion. On average, equities analysts expect that Pinnacle Financial Partners, Inc. will post 10.34 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 29th. Stockholders of record on Friday, May 1st will be paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend is Friday, May 1st. Pinnacle Financial Partners's dividend payout ratio (DPR) is 27.74%.

Pinnacle Financial Partners 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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