Texas Permanent School Fund Corp Purchases 271 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Texas Permanent School Fund Corp grew its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 0.4% in the first quarter, according to its most recent filing with the SEC. The fund owned 66,564 shares of the financial services provider’s stock after acquiring an additional 271 shares during the quarter. Texas Permanent School Fund Corp owned about 0.09% of Pinnacle Financial Partners worth $5,717,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Jennison Associates LLC lifted its position in Pinnacle Financial Partners by 2.4% in the first quarter. Jennison Associates LLC now owns 1,097,395 shares of the financial services provider’s stock worth $94,244,000 after buying an additional 26,216 shares during the last quarter. Capstone Investment Advisors LLC lifted its position in Pinnacle Financial Partners by 98.2% in the first quarter. Capstone Investment Advisors LLC now owns 4,803 shares of the financial services provider’s stock worth $412,000 after buying an additional 2,380 shares during the last quarter. BNP Paribas Financial Markets lifted its position in Pinnacle Financial Partners by 28.9% in the first quarter. BNP Paribas Financial Markets now owns 7,229 shares of the financial services provider’s stock worth $621,000 after buying an additional 1,622 shares during the last quarter. Diversify Advisory Services LLC bought a new stake in shares of Pinnacle Financial Partners during the first quarter worth $330,000. Finally, Norden Group LLC bought a new stake in shares of Pinnacle Financial Partners during the first quarter worth $1,065,000. 87.40% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have recently commented on PNFP shares. Stephens cut their price target on shares of Pinnacle Financial Partners from $109.00 to $102.00 and set an “overweight” rating on the stock in a report on Thursday, May 23rd. Jefferies Financial Group cut their price target on shares of Pinnacle Financial Partners from $88.00 to $85.00 and set a “hold” rating on the stock in a report on Monday, April 8th. Truist Financial cut their price target on shares of Pinnacle Financial Partners from $94.00 to $87.00 and set a “buy” rating on the stock in a report on Monday. Hovde Group cut their price target on shares of Pinnacle Financial Partners from $104.00 to $99.00 and set an “outperform” rating on the stock in a report on Tuesday, April 23rd. Finally, JPMorgan Chase & Co. cut their price target on shares of Pinnacle Financial Partners from $108.00 to $105.00 and set an “overweight” rating on the stock in a report on Thursday, June 27th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $93.38.

Insider Buying and Selling at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, Chairman Robert A. Mccabe, Jr. sold 115,249 shares of the stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $81.04, for a total transaction of $9,339,778.96. Following the completion of the sale, the chairman now directly owns 153,062 shares of the company’s stock, valued at $12,404,144.48. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CEO M Terry Turner sold 72,000 shares of the stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $80.97, for a total value of $5,829,840.00. Following the transaction, the chief executive officer now owns 222,790 shares in the company, valued at approximately $18,039,306.30. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Chairman Robert A. Mccabe, Jr. sold 115,249 shares of the firm’s stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $81.04, for a total transaction of $9,339,778.96. Following the sale, the chairman now directly owns 153,062 shares in the company, valued at approximately $12,404,144.48. The disclosure for this sale can be found here. Insiders own 1.87% of the company’s stock.

Pinnacle Financial Partners Stock Up 2.3 %

NASDAQ:PNFP traded up $1.95 during mid-day trading on Friday, reaching $86.94. The company’s stock had a trading volume of 128,863 shares, compared to its average volume of 435,382. The firm has a market capitalization of $6.71 billion, a PE ratio of 12.16 and a beta of 1.08. The stock has a fifty day moving average of $79.20 and a 200-day moving average of $81.95. Pinnacle Financial Partners, Inc. has a 1 year low of $59.06 and a 1 year high of $92.33. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.43.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings results on Monday, April 22nd. The financial services provider reported $1.53 EPS for the quarter, beating the consensus estimate of $1.52 by $0.01. The business had revenue of $428.14 million during the quarter, compared to analyst estimates of $413.27 million. Pinnacle Financial Partners had a net margin of 18.59% and a return on equity of 9.31%. Equities research analysts forecast that Pinnacle Financial Partners, Inc. will post 6.75 earnings per share for the current year.

Pinnacle Financial Partners Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, May 31st. Shareholders of record on Friday, May 3rd were given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 1.01%. The ex-dividend date was Thursday, May 2nd. Pinnacle Financial Partners’s payout ratio is 12.59%.

Pinnacle Financial Partners Company 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.