State of Michigan Retirement System Has $3.12 Million Holdings in Pinnacle Financial Partners, Inc. $PNFP

State of Michigan Retirement System grew its position in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) by 98.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 36,206 shares of the company’s stock after acquiring an additional 17,979 shares during the quarter. State of Michigan Retirement System’s holdings in Pinnacle Financial Partners were worth $3,119,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. increased its stake in Pinnacle Financial Partners by 1.6% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 7,377 shares of the company’s stock valued at $704,000 after purchasing an additional 116 shares in the last quarter. Villanova Investment Management Co LLC lifted its stake in shares of Pinnacle Financial Partners by 0.4% in the fourth quarter. Villanova Investment Management Co LLC now owns 28,511 shares of the company’s stock valued at $2,720,000 after buying an additional 118 shares in the last quarter. Simplicity Wealth LLC lifted its stake in shares of Pinnacle Financial Partners by 1.5% in the first quarter. Simplicity Wealth LLC now owns 9,155 shares of the company’s stock valued at $789,000 after buying an additional 131 shares in the last quarter. Diversified Trust Co. grew its holdings in shares of Pinnacle Financial Partners by 0.3% during the fourth quarter. Diversified Trust Co. now owns 54,349 shares of the company’s stock valued at $5,185,000 after buying an additional 137 shares during the last quarter. Finally, Whittier Trust Co. grew its holdings in shares of Pinnacle Financial Partners by 10.1% during the fourth quarter. Whittier Trust Co. now owns 1,521 shares of the company’s stock valued at $145,000 after buying an additional 140 shares during the last quarter. 87.40% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PNFP has been the topic of a number of analyst reports. Barclays lowered their target price on shares of Pinnacle Financial Partners from $135.00 to $130.00 and set an “overweight” rating on the stock in a report on Tuesday, April 7th. Piper Sandler reiterated an “overweight” rating on shares of Pinnacle Financial Partners in a research note on Wednesday, June 10th. Benchmark initiated coverage on Pinnacle Financial Partners in a report on Wednesday, June 24th. They set a “buy” rating and a $132.00 price objective for the company. Weiss Ratings raised Pinnacle Financial Partners from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, June 26th. Finally, Stephens raised their target price on Pinnacle Financial Partners from $95.00 to $109.00 and gave the company an “equal weight” rating in a report on Thursday, April 30th. Three research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $116.89.

Pinnacle Financial Partners Price Performance

PNFP opened at $100.94 on Friday. Pinnacle Financial Partners, Inc. has a fifty-two week low of $81.08 and a fifty-two week high of $119.85. The company has a market capitalization of $7.83 billion, a price-to-earnings ratio of 14.00, a P/E/G ratio of 0.41 and a beta of 1.04. The firm’s 50-day moving average price is $97.53. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.90 and a quick ratio of 0.90.

Pinnacle Financial Partners (NYSE:PNFP) last issued its quarterly earnings data on Wednesday, April 22nd. The company reported $2.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.30 by $0.09. Pinnacle Financial Partners had a net margin of 15.02% and a return on equity of 10.61%. The business had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.20 billion. On average, equities research analysts expect that Pinnacle Financial Partners, Inc. will post 10.18 earnings per share for the current year.

Pinnacle Financial Partners Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Friday, May 1st were issued a $0.50 dividend. The ex-dividend date of this dividend was Friday, May 1st. This represents a $2.00 annualized dividend and a dividend yield of 2.0%. Pinnacle Financial Partners’s dividend payout ratio is currently 27.74%.

About Pinnacle Financial Partners

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.