Principal Financial Group Inc. Trims Holdings in Pinnacle Financial Partners, Inc. $PNFP

Principal Financial Group Inc. decreased its position in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) by 53.7% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 335,911 shares of the company’s stock after selling 389,314 shares during the quarter. Principal Financial Group Inc.’s holdings in Pinnacle Financial Partners were worth $28,935,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the company. Teachers Retirement System of The State of Kentucky raised its position in Pinnacle Financial Partners by 96.3% during the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 90,787 shares of the company’s stock worth $7,820,000 after buying an additional 44,541 shares during the last quarter. Procyon Advisors LLC purchased a new stake in shares of Pinnacle Financial Partners in the 1st quarter valued at $510,000. Anchor Investment Management LLC acquired a new stake in shares of Pinnacle Financial Partners in the first quarter worth $1,156,000. Seneca House Advisors acquired a new stake in shares of Pinnacle Financial Partners in the first quarter worth $2,134,000. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its holdings in shares of Pinnacle Financial Partners by 97.6% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 37,719 shares of the company’s stock worth $3,249,000 after purchasing an additional 18,627 shares during the last quarter. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Trading Down 0.1%

Shares of PNFP opened at $100.94 on Monday. The firm has a market capitalization of $7.83 billion, a price-to-earnings ratio of 14.00, a P/E/G ratio of 0.40 and a beta of 1.04. Pinnacle Financial Partners, Inc. has a 12 month low of $81.08 and a 12 month high of $119.85. The firm has a 50 day simple moving average of $97.53. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.90 and a current ratio of 0.90.

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

Analyst Upgrades and Downgrades

PNFP has been the topic of several recent research reports. Benchmark initiated coverage on shares of Pinnacle Financial Partners in a report on Wednesday, June 24th. They issued a “buy” rating and a $132.00 price target on the stock. Weiss Ratings upgraded Pinnacle Financial Partners from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, June 26th. Barclays reduced their price objective on Pinnacle Financial Partners from $135.00 to $130.00 and set an “overweight” rating for the company in a research note on Tuesday, April 7th. TD Cowen lowered their target price on Pinnacle Financial Partners from $125.00 to $121.00 and set a “buy” rating on the stock in a research note on Monday, April 27th. Finally, JPMorgan Chase & Co. upped their target price on Pinnacle Financial Partners from $115.00 to $125.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 1st. Three investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $116.89.

Pinnacle Financial Partners Company Profile

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.