New York State Teachers Retirement System Acquires 45,265 Shares of Pinnacle Financial Partners, Inc. $PNFP

New York State Teachers Retirement System grew its stake in Pinnacle Financial Partners, Inc. (NYSE:PNFP) by 39.4% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 160,156 shares of the company’s stock after purchasing an additional 45,265 shares during the period. New York State Teachers Retirement System owned about 0.21% of Pinnacle Financial Partners worth $13,796,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. boosted its stake in Pinnacle Financial Partners by 6.2% during the first quarter. Goldman Sachs Group Inc. now owns 651,268 shares of the company’s stock worth $69,060,000 after acquiring an additional 37,989 shares in the last quarter. Focus Partners Wealth boosted its position in shares of Pinnacle Financial Partners by 13.9% during the 1st quarter. Focus Partners Wealth now owns 4,755 shares of the company’s stock worth $504,000 after purchasing an additional 581 shares in the last quarter. Amundi grew its stake 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 buying an additional 4,369 shares during the period. Jump Financial LLC acquired a new position in shares of Pinnacle Financial Partners during the second quarter worth approximately $229,000. Finally, Cerity Partners LLC raised its holdings in Pinnacle Financial Partners by 4.2% during the second quarter. Cerity Partners LLC now owns 26,061 shares of the company’s stock worth $2,877,000 after buying an additional 1,039 shares during the last quarter. Institutional investors and hedge funds own 87.40% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently commented on the stock. TD Cowen lowered their target price on shares of Pinnacle Financial Partners from $125.00 to $121.00 and set a “buy” rating for the company in a report on Monday, April 27th. Robert W. Baird assumed coverage on shares of Pinnacle Financial Partners in a research note on Tuesday, May 19th. They set an “outperform” rating and a $115.00 price target for the company. Benchmark initiated coverage on shares of Pinnacle Financial Partners in a report on Wednesday, June 24th. They issued a “buy” rating and a $132.00 price target on the stock. Stephens boosted their price target on shares of 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. Finally, Piper Sandler reissued an “overweight” rating on shares of Pinnacle Financial Partners in a report on Wednesday, June 10th. Three investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $116.61.

Pinnacle Financial Partners Stock Performance

NYSE:PNFP opened at $99.40 on Monday. 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 fifty-two week low of $81.08 and a fifty-two week high of $120.46. The stock has a market capitalization of $7.71 billion, a price-to-earnings ratio of 13.79, a PEG ratio of 0.38 and a beta of 1.04. The company’s 50 day moving average is $97.13.

Pinnacle Financial Partners (NYSE:PNFP) last issued its quarterly earnings data on Wednesday, April 22nd. The company reported $2.39 earnings per share for the quarter, topping analysts’ consensus estimates of $2.30 by $0.09. The firm had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.20 billion. Pinnacle Financial Partners had a return on equity of 10.61% and a net margin of 15.02%. Research analysts predict that Pinnacle Financial Partners, Inc. will post 10.23 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Friday, May 1st were paid a dividend of $0.50 per share. The ex-dividend date was Friday, May 1st. This represents a $2.00 annualized dividend and a yield of 2.0%. Pinnacle Financial Partners’s dividend 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.