Commonwealth of Pennsylvania Public School Empls Retrmt SYS Acquires 18,627 Shares of Pinnacle Financial Partners, Inc. $PNFP

by · The Markets Daily

Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its stake in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP – Free Report) by 97.6% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 37,719 shares of the company’s stock after buying an additional 18,627 shares during the quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Pinnacle Financial Partners were worth $3,249,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Yousif Capital Management LLC increased its position in Pinnacle Financial Partners by 92.4% during the fourth quarter. Yousif Capital Management LLC now owns 46,456 shares of the company’s stock worth $4,519,000 after acquiring an additional 22,306 shares during the period. Northwestern Mutual Wealth Management Co. boosted its holdings in Pinnacle Financial Partners by 122.9% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 16,188 shares of the company’s stock valued at $1,544,000 after purchasing an additional 8,927 shares during the period. Hudson Bay Capital Management LP acquired a new position in shares of Pinnacle Financial Partners during the 3rd quarter worth approximately $1,128,000. M&T Bank Corp increased its holdings in shares of Pinnacle Financial Partners by 283.3% during the fourth quarter. M&T Bank Corp now owns 27,583 shares of the company’s stock worth $2,632,000 after purchasing an additional 20,386 shares during the period. Finally, Wealth Enhancement Advisory Services LLC raised its position in shares of Pinnacle Financial Partners by 96.2% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 92,374 shares of the company’s stock valued at $9,032,000 after buying an additional 45,301 shares in the last quarter. Institutional investors own 87.40% of the company’s stock.

Analyst Upgrades and Downgrades

PNFP has been the topic of a number of analyst reports. Evercore reissued an “outperform” rating and set a $120.00 price target on shares of Pinnacle Financial Partners in a research report on Monday, July 6th. Citigroup lifted their price objective on Pinnacle Financial Partners from $122.00 to $126.00 and gave the company a “buy” rating in a report on Thursday, June 25th. Piper Sandler reiterated an “overweight” rating on shares of Pinnacle Financial Partners in a research report on Wednesday, June 10th. Benchmark began coverage on Pinnacle Financial Partners in a report on Wednesday, June 24th. They set a “buy” rating and a $132.00 target price on the stock. Finally, Stephens boosted their price target on Pinnacle Financial Partners from $95.00 to $109.00 and gave the company an “equal weight” rating in a research note on Thursday, April 30th. Three investment analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $116.89.

Check Out Our Latest Report on Pinnacle Financial Partners

Pinnacle Financial Partners Stock Down 0.8%

Shares of PNFP opened at $99.85 on Thursday. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.42. The firm has a market cap of $7.75 billion, a PE ratio of 13.85, a PEG ratio of 0.40 and a beta of 1.04. Pinnacle Financial Partners, Inc. has a 12-month low of $81.08 and a 12-month high of $119.85. The stock has a 50-day moving average price of $97.38.

Pinnacle Financial Partners (NYSE:PNFP – Get Free Report) last released its quarterly earnings results on Wednesday, April 22nd. The company reported $2.39 earnings per share for the quarter, topping the consensus estimate 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 company had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.20 billion. On average, equities research analysts expect that Pinnacle Financial Partners, Inc. will post 10.18 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Friday, May 1st were issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date was Friday, May 1st. Pinnacle Financial Partners’s payout ratio is 27.74%.

About Pinnacle Financial Partners

(Free Report)

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.

See Also

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