Strs Ohio Makes New $1.45 Million Investment in Pinnacle Financial Partners, Inc. $PNFP

Key Points

• Strs Ohio has acquired 13,702 shares of Pinnacle Financial Partners, valued at approximately $1.45 million, indicating strong institutional interest in the company.
• Pinnacle Financial Partners reported a quarterly earnings per share of $2.00, exceeding analysts' expectations, and achieved a revenue increase of 15.1% year-over-year.
• The firm has announced a quarterly dividend of $0.24 per share, with an annualized yield of 1.0%, reflecting its solid payout ratio of 12.73%.

Strs Ohio bought a new stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 13,702 shares of the financial services provider's stock, valued at approximately $1,453,000.

Other hedge funds also recently modified their holdings of the company. GAMMA Investing LLC boosted its position in shares of Pinnacle Financial Partners by 51.7% during the first quarter. GAMMA Investing LLC now owns 1,616 shares of the financial services provider's stock valued at $171,000 after buying an additional 551 shares during the last quarter. Jefferies Financial Group Inc. purchased a new position in shares of Pinnacle Financial Partners during the first quarter valued at approximately $850,000. Golden State Wealth Management LLC purchased a new position in shares of Pinnacle Financial Partners during the first quarter valued at approximately $48,000. M&T Bank Corp boosted its position in shares of Pinnacle Financial Partners by 9.0% during the first quarter. M&T Bank Corp now owns 8,187 shares of the financial services provider's stock valued at $868,000 after buying an additional 674 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its position in shares of Pinnacle Financial Partners by 3.2% during the first quarter. Allspring Global Investments Holdings LLC now owns 142,165 shares of the financial services provider's stock valued at $14,892,000 after buying an additional 4,356 shares during the last quarter. Hedge funds and other institutional investors own 87.40% of the company's stock.

Pinnacle Financial Partners Trading Down 1.7%

Shares of NASDAQ:PNFP traded down $1.66 on Friday, reaching $96.02. 2,081,217 shares of the company traded hands, compared to its average volume of 1,081,055. The business's 50-day simple moving average is $97.62 and its 200 day simple moving average is $102.19. Pinnacle Financial Partners, Inc. has a 52 week low of $81.57 and a 52 week high of $131.91. The stock has a market capitalization of $7.45 billion, a P/E ratio of 12.73 and a beta of 1.07. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.34.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last announced its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $2.00 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.92 by $0.08. Pinnacle Financial Partners had a return on equity of 9.60% and a net margin of 18.69%.The firm had revenue of $504.99 million for the quarter, compared to analysts' expectations of $495.27 million. During the same period last year, the firm earned $1.63 earnings per share. The company's revenue for the quarter was up 15.1% compared to the same quarter last year. As a group, equities analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 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 29th. Investors of record on Friday, August 1st were paid a $0.24 dividend. The ex-dividend date of this dividend was Friday, August 1st. This represents a $0.96 annualized dividend and a dividend yield of 1.0%. Pinnacle Financial Partners's dividend payout ratio (DPR) is presently 12.73%.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on PNFP shares. Stephens cut their target price on Pinnacle Financial Partners from $133.00 to $104.00 and set an "equal weight" rating on the stock in a research report on Tuesday, July 29th. Jefferies Financial Group reaffirmed a "hold" rating and issued a $110.00 target price (down from $145.00) on shares of Pinnacle Financial Partners in a report on Friday, July 25th. Truist Financial reiterated a "buy" rating and issued a $127.00 price objective (up previously from $123.00) on shares of Pinnacle Financial Partners in a research note on Friday, July 11th. JPMorgan Chase & Co. upped their price objective on Pinnacle Financial Partners from $115.00 to $125.00 and gave the company an "overweight" rating in a research note on Tuesday, July 1st. Finally, Barclays dropped their price objective on Pinnacle Financial Partners from $140.00 to $125.00 and set an "overweight" rating on the stock in a research note on Monday, July 28th. Four research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $113.50.

Insider Buying and Selling

In other Pinnacle Financial Partners news, Director G Kennedy Thompson bought 10,000 shares of the business's stock in a transaction that occurred on Friday, August 1st. The shares were bought at an average cost of $85.65 per share, with a total value of $856,500.00. Following the completion of the purchase, the director directly owned 28,372 shares of the company's stock, valued at $2,430,061.80. This trade represents a 54.43% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Thomas C. Farnsworth III bought 1,000 shares of the business's stock in a transaction that occurred on Friday, August 1st. The stock was acquired at an average cost of $84.94 per share, for a total transaction of $84,940.00. Following the completion of the purchase, the director directly owned 28,277 shares of the company's stock, valued at $2,401,848.38. The trade was a 3.67% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired 12,174 shares of company stock valued at $1,047,079 over the last ninety days. 1.46% of the stock is owned by insiders.

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.