Teachers Retirement System of The State of Kentucky Acquires 12,523 Shares of Pinnacle Financial Partners, Inc. $PNFP

Key Points

• Teachers Retirement System of Kentucky boosted its stake in Pinnacle Financial Partners (PNFP) by 37.1%, acquiring 12,523 shares to hold 46,246 shares worth about $4.41 million (~0.06% of the company).
• Pinnacle beat quarterly expectations with EPS of $2.39 versus $2.30 expected and revenue of $1.22 billion versus $1.20 billion, and analysts maintain a consensus "Moderate Buy" with an average price target of $113.56.
• The company declared a quarterly dividend of $0.50 per share (annualized $2.00, ~2.0% yield; ex-dividend May 1, payable May 29), and CFO Andrew J. Gregory bought 1,000 shares, raising his holdings to 49,485 shares.

Teachers Retirement System of The State of Kentucky raised its stake in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP - Free Report) by 37.1% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 46,246 shares of the company's stock after acquiring an additional 12,523 shares during the period. Teachers Retirement System of The State of Kentucky owned approximately 0.06% of Pinnacle Financial Partners worth $4,412,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. Brown Brothers Harriman & Co. bought a new stake in shares of Pinnacle Financial Partners in the third quarter worth approximately $26,000. BOKF NA lifted its position in Pinnacle Financial Partners by 1,204.5% during the third quarter. BOKF NA now owns 287 shares of the company's stock valued at $27,000 after purchasing an additional 265 shares during the period. Covestor Ltd boosted its holdings in Pinnacle Financial Partners by 193.9% in the third quarter. Covestor Ltd now owns 338 shares of the company's stock worth $32,000 after purchasing an additional 223 shares during the last quarter. Quent Capital LLC purchased a new stake in Pinnacle Financial Partners in the third quarter worth approximately $34,000. Finally, Eastern Bank bought a new stake in Pinnacle Financial Partners in the 3rd quarter worth approximately $37,000. Hedge funds and other institutional investors own 87.40% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on PNFP shares. Citigroup boosted their target price on shares of Pinnacle Financial Partners from $118.00 to $122.00 and gave the company a "buy" rating in a research note on Monday, January 26th. Piper Sandler raised their price target on Pinnacle Financial Partners from $120.00 to $122.00 and gave the stock an "overweight" rating in a research note on Wednesday, January 28th. DA Davidson began coverage on Pinnacle Financial Partners in a report on Monday, January 5th. They issued a "neutral" rating and a $110.00 price objective for the company. TD Cowen reduced their price objective on Pinnacle Financial Partners from $125.00 to $121.00 and set a "buy" rating for the company in a research report on Monday. Finally, JPMorgan Chase & Co. increased their target price on Pinnacle Financial Partners from $105.00 to $120.00 and gave the company an "overweight" rating in a report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $113.56.

Insider Transactions at Pinnacle Financial Partners

In related news, CFO Andrew J. Jr. Gregory purchased 1,000 shares of Pinnacle Financial Partners stock in a transaction on Thursday, February 12th. The stock was acquired at an average price of $94.52 per share, for a total transaction of $94,520.00. Following the completion of the transaction, the chief financial officer directly owned 49,485 shares in the company, valued at $4,677,322.20. This represents a 2.06% increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.30% of the company's stock.

Pinnacle Financial Partners Trading Up 2.6%

PNFP opened at $98.36 on Tuesday. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.90 and a current ratio of 0.90. Pinnacle Financial Partners, Inc. has a 1-year low of $81.08 and a 1-year high of $120.46. The company has a market capitalization of $7.63 billion, a price-to-earnings ratio of 13.64, a price-to-earnings-growth ratio of 0.32 and a beta of 1.00.

Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) last issued 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. The firm had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.20 billion. Pinnacle Financial Partners had a net margin of 15.02% and a return on equity of 10.61%. As a group, sell-side analysts predict that Pinnacle Financial Partners, Inc. will post 10.29 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, May 29th. Shareholders of record on Friday, May 1st will be issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Friday, May 1st. Pinnacle Financial Partners's payout ratio is currently 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.