Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Holdings Lifted by Teacher Retirement System of Texas

Teacher Retirement System of Texas lifted its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 452.0% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 17,691 shares of the financial services provider's stock after acquiring an additional 14,486 shares during the quarter. Teacher Retirement System of Texas' holdings in Pinnacle Financial Partners were worth $1,876,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in PNFP. Golden State Wealth Management LLC bought a new stake in shares of Pinnacle Financial Partners in the 1st quarter worth approximately $48,000. Kapitalo Investimentos Ltda bought a new stake in shares of Pinnacle Financial Partners in the 4th quarter worth approximately $78,000. UMB Bank n.a. lifted its holdings in shares of 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 purchasing an additional 122 shares during the last quarter. GAMMA Investing LLC lifted its holdings in shares of 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 purchasing an additional 551 shares during the last quarter. Finally, Blair William & Co. IL bought a new stake in Pinnacle Financial Partners during the 4th quarter valued at $200,000. Institutional investors own 87.40% of the company's stock.

Pinnacle Financial Partners Price Performance

Shares of NASDAQ PNFP traded up $0.84 during mid-day trading on Monday, reaching $119.04. The company had a trading volume of 453,553 shares, compared to its average volume of 506,321. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.37. The stock has a market cap of $9.23 billion, a PE ratio of 19.26 and a beta of 1.01. The company has a 50-day moving average price of $108.98 and a two-hundred day moving average price of $109.30. Pinnacle Financial Partners, Inc. has a 1-year low of $81.57 and a 1-year high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last issued its 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. The business had revenue of $475.37 million for the quarter, compared to analysts' expectations of $478.11 million. Pinnacle Financial Partners had a return on equity of 9.29% and a net margin of 15.98%. During the same period in the previous year, the firm posted $1.53 EPS. On average, equities analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Citigroup lifted their target price on Pinnacle Financial Partners from $126.00 to $134.00 and gave the company a "buy" rating in a research note on Wednesday, July 2nd. Wells Fargo & Company lifted their target price on Pinnacle Financial Partners from $105.00 to $125.00 and gave the company an "equal weight" rating in a research note on Thursday. Jefferies Financial Group initiated coverage on Pinnacle Financial Partners in a research note on Wednesday, May 21st. They set a "buy" rating and a $135.00 target price on the stock. Barclays boosted their price objective on Pinnacle Financial Partners from $125.00 to $140.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 8th. Finally, Hovde Group raised Pinnacle Financial Partners from a "market perform" rating to an "outperform" rating and set a $111.00 price objective on the stock in a research note on Wednesday, April 16th. Four research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $124.82.

Pinnacle Financial Partners 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.