Police & Firemen s Retirement System of New Jersey Grows Position in Pinnacle Financial Partners, Inc. $PNFP

Police & Firemen s Retirement System of New Jersey grew its holdings in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 6.7% in the second quarter, Holdings Channel.com reports. The firm owned 29,154 shares of the financial services provider’s stock after buying an additional 1,831 shares during the period. Police & Firemen s Retirement System of New Jersey’s holdings in Pinnacle Financial Partners were worth $3,219,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of PNFP. Jefferies Financial Group Inc. purchased a new stake in Pinnacle Financial Partners in the 1st quarter worth approximately $850,000. Trexquant Investment LP grew its position in shares of Pinnacle Financial Partners by 27.4% during the 1st quarter. Trexquant Investment LP now owns 23,183 shares of the financial services provider’s stock valued at $2,458,000 after purchasing an additional 4,989 shares in the last quarter. CWM LLC increased its holdings in shares of Pinnacle Financial Partners by 475.2% in the first quarter. CWM LLC now owns 3,526 shares of the financial services provider’s stock worth $374,000 after purchasing an additional 2,913 shares during the period. Azora Capital LP raised its position in shares of Pinnacle Financial Partners by 9.2% in the first quarter. Azora Capital LP now owns 998,474 shares of the financial services provider’s stock worth $105,878,000 after buying an additional 84,538 shares in the last quarter. Finally, Graham Capital Management L.P. bought a new stake in Pinnacle Financial Partners during the first quarter valued at $1,426,000. Institutional investors own 87.40% of the company’s stock.

Insider Transactions at Pinnacle Financial Partners

In related news, Director G Kennedy Thompson acquired 5,000 shares of Pinnacle Financial Partners stock in a transaction dated Monday, October 20th. The shares were purchased at an average cost of $87.63 per share, with a total value of $438,150.00. Following the completion of the purchase, the director owned 33,372 shares of the company’s stock, valued at $2,924,388.36. This represents a 17.62% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.46% of the stock is currently owned by insiders.

Pinnacle Financial Partners Stock Down 5.3%

Shares of NASDAQ PNFP opened at $84.48 on Tuesday. The stock has a market capitalization of $6.55 billion, a P/E ratio of 10.73 and a beta of 1.12. Pinnacle Financial Partners, Inc. has a one year low of $81.57 and a one year high of $131.91. The firm’s 50 day simple moving average is $90.64 and its two-hundred day simple moving average is $99.27. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.89 and a quick ratio of 0.89.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $2.27 earnings per share for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $544.80 million during the quarter, compared to analyst estimates of $526.40 million. During the same period in the previous year, the business posted $1.86 EPS. As a group, analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

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

Analysts Set New Price Targets

PNFP has been the topic of several recent analyst reports. TD Cowen assumed coverage on Pinnacle Financial Partners in a report on Thursday, September 25th. They issued a “buy” rating and a $122.00 price target on the stock. Cowen started coverage on shares of Pinnacle Financial Partners in a research note on Wednesday, September 24th. They issued a “buy” rating on the stock. Keefe, Bruyette & Woods dropped their target price on shares of Pinnacle Financial Partners from $125.00 to $95.00 and set a “market perform” rating for the company in a research report on Wednesday, August 13th. Truist Financial decreased their price target on shares of Pinnacle Financial Partners from $107.00 to $105.00 and set a “buy” rating on the stock in a report on Friday, October 17th. Finally, Citigroup lowered their price objective on shares of Pinnacle Financial Partners from $140.00 to $120.00 and set a “buy” rating on the stock in a research report on Friday, July 25th. Six research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $109.55.

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; 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.