Teacher Retirement System of Texas Purchases 1,057 Shares of Pinnacle Financial Partners, Inc. $PNFP

Teacher Retirement System of Texas boosted its holdings in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 6.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 18,748 shares of the financial services provider’s stock after buying an additional 1,057 shares during the quarter. Teacher Retirement System of Texas’ holdings in Pinnacle Financial Partners were worth $2,070,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of PNFP. 1248 Management LLC purchased a new position in Pinnacle Financial Partners during the first quarter valued at approximately $29,000. Ameritas Advisory Services LLC purchased a new position in Pinnacle Financial Partners during the second quarter valued at approximately $45,000. Golden State Wealth Management LLC purchased a new position in Pinnacle Financial Partners during the first quarter valued at approximately $48,000. SVB Wealth LLC purchased a new position in Pinnacle Financial Partners during the first quarter valued at approximately $51,000. Finally, BI Asset Management Fondsmaeglerselskab A S purchased a new position in Pinnacle Financial Partners during the first quarter valued at approximately $57,000. 87.40% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Pinnacle Financial Partners

In related news, Director G Kennedy Thompson acquired 5,000 shares of the stock in a transaction dated Monday, October 20th. The stock was acquired at an average cost of $87.63 per share, for a total transaction of $438,150.00. Following the completion of the purchase, the director owned 33,372 shares of the company’s stock, valued at approximately $2,924,388.36. This represents a 17.62% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.46% of the company’s stock.

Pinnacle Financial Partners Stock Up 0.6%

Shares of PNFP stock opened at $85.71 on Tuesday. Pinnacle Financial Partners, Inc. has a 1-year low of $81.57 and a 1-year high of $131.91. The stock’s fifty day moving average price is $92.78 and its 200 day moving average price is $100.12. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.89 and a quick ratio of 0.89. The company has a market cap of $6.65 billion, a price-to-earnings ratio of 10.89 and a beta of 1.02.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $2.27 EPS for the quarter, topping the consensus estimate of $2.05 by $0.22. Pinnacle Financial Partners had a net margin of 19.17% and a return on equity of 9.91%. The business had revenue of $544.80 million during the quarter, compared to the consensus estimate of $526.40 million. During the same period in the previous year, the firm posted $1.86 earnings per share. On average, research analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 28th. Stockholders of record on Friday, November 7th will be paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 1.1%. The ex-dividend date is Friday, November 7th. Pinnacle Financial Partners’s payout ratio is presently 12.20%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on PNFP shares. Hovde Group lowered shares of Pinnacle Financial Partners from a “strong-buy” rating to a “hold” rating in a report on Friday, July 25th. Barclays set a $120.00 price objective on shares of Pinnacle Financial Partners in a report on Wednesday, October 8th. Cowen began coverage on shares of Pinnacle Financial Partners in a report on Wednesday, September 24th. They set a “buy” rating on the stock. Weiss Ratings restated a “hold (c)” rating on shares of Pinnacle Financial Partners in a research note on Friday. Finally, Citigroup lowered their target price on shares of Pinnacle Financial Partners from $140.00 to $120.00 and set a “buy” rating for the company in a research note on Friday, July 25th. Six research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat, Pinnacle Financial Partners currently has a consensus rating of “Hold” and an average price target of $110.27.

About Pinnacle Financial Partners

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.