Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Stock Holdings Lessened by State Board of Administration of Florida Retirement System

State Board of Administration of Florida Retirement System trimmed its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 1.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 79,161 shares of the financial services provider’s stock after selling 1,200 shares during the period. State Board of Administration of Florida Retirement System owned about 0.10% of Pinnacle Financial Partners worth $4,367,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Bank of New York Mellon Corp raised its holdings in Pinnacle Financial Partners by 0.3% during the first quarter. Bank of New York Mellon Corp now owns 741,029 shares of the financial services provider’s stock valued at $40,875,000 after buying an additional 2,216 shares in the last quarter. Retirement Systems of Alabama raised its position in shares of Pinnacle Financial Partners by 10.5% in the first quarter. Retirement Systems of Alabama now owns 272,256 shares of the financial services provider’s stock valued at $15,018,000 after purchasing an additional 25,886 shares during the period. King Luther Capital Management Corp raised its position in shares of Pinnacle Financial Partners by 1.0% in the first quarter. King Luther Capital Management Corp now owns 53,100 shares of the financial services provider’s stock valued at $2,929,000 after purchasing an additional 529 shares during the period. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Pinnacle Financial Partners during the 4th quarter worth about $398,000. Finally, Phocas Financial Corp. acquired a new position in shares of Pinnacle Financial Partners during the 1st quarter worth about $2,715,000. 82.91% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms recently weighed in on PNFP. Truist Financial boosted their price objective on Pinnacle Financial Partners from $61.00 to $73.00 and gave the stock a “buy” rating in a research report on Thursday, July 20th. StockNews.com assumed coverage on shares of Pinnacle Financial Partners in a research note on Thursday, August 17th. They set a “sell” rating for the company. TheStreet cut shares of Pinnacle Financial Partners from a “b-” rating to a “c+” rating in a research note on Wednesday, June 7th. Finally, JPMorgan Chase & Co. upped their target price on shares of Pinnacle Financial Partners from $65.00 to $71.00 in a research note on Thursday, June 29th. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $77.25.

Pinnacle Financial Partners Stock Performance

NASDAQ:PNFP opened at $66.40 on Tuesday. Pinnacle Financial Partners, Inc. has a 12-month low of $43.31 and a 12-month high of $89.00. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.47. The firm has a market capitalization of $5.10 billion, a PE ratio of 8.33 and a beta of 1.18. The firm has a 50-day moving average price of $68.77 and a 200 day moving average price of $59.44.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings results on Wednesday, July 19th. The financial services provider reported $1.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.63 by $0.16. Pinnacle Financial Partners had a net margin of 26.38% and a return on equity of 10.49%. The firm had revenue of $489.23 million during the quarter, compared to analyst estimates of $412.20 million. During the same quarter in the prior year, the business posted $1.86 earnings per share. The company’s quarterly revenue was up 25.4% compared to the same quarter last year. Research analysts anticipate that Pinnacle Financial Partners, Inc. will post 6.89 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 25th. Shareholders of record on Friday, August 4th were paid a dividend of $0.22 per share. The ex-dividend date was Thursday, August 3rd. This represents a $0.88 annualized dividend and a yield of 1.33%. Pinnacle Financial Partners’s dividend payout ratio is currently 11.04%.

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.