Public Employees Retirement System of Ohio Has $3.73 Million Stock Holdings in Pinnacle Financial Partners, Inc. $PNFP

Public Employees Retirement System of Ohio boosted its position in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) by 17.0% in the first quarter, Holdings Channel reports. The firm owned 43,358 shares of the company’s stock after purchasing an additional 6,304 shares during the period. Public Employees Retirement System of Ohio’s holdings in Pinnacle Financial Partners were worth $3,735,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of PNFP. AQR Capital Management LLC increased its stake in Pinnacle Financial Partners by 1,697.4% in the third quarter. AQR Capital Management LLC now owns 3,267,666 shares of the company’s stock valued at $306,474,000 after purchasing an additional 3,085,867 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Pinnacle Financial Partners by 80.4% during the first quarter. Dimensional Fund Advisors LP now owns 5,035,295 shares of the company’s stock worth $433,712,000 after purchasing an additional 2,244,659 shares in the last quarter. Nomura Holdings Inc. acquired a new position in shares of Pinnacle Financial Partners in the 3rd quarter valued at $187,822,000. Alyeska Investment Group L.P. acquired a new position in shares of Pinnacle Financial Partners in the 4th quarter valued at $159,545,000. Finally, Norges Bank bought a new stake in shares of Pinnacle Financial Partners in the 4th quarter valued at $116,349,000. Institutional investors own 87.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. Barclays dropped their price objective on Pinnacle Financial Partners from $135.00 to $130.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 7th. Citigroup boosted their target price on Pinnacle Financial Partners from $122.00 to $126.00 and gave the company a “buy” rating in a research note on Thursday, June 25th. Wall Street Zen upgraded Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a report on Tuesday, May 12th. Piper Sandler raised their price target on Pinnacle Financial Partners from $122.00 to $123.00 and gave the stock an “overweight” rating in a research report on Friday, July 24th. Finally, Stephens set a $112.00 price objective on Pinnacle Financial Partners in a report on Monday. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $117.00.

Pinnacle Financial Partners Trading Up 0.1%

PNFP opened at $104.85 on Friday. The company has a market cap of $8.13 billion, a PE ratio of 14.40, a P/E/G ratio of 0.42 and a beta of 1.04. Pinnacle Financial Partners, Inc. has a 12 month low of $81.08 and a 12 month high of $107.00. The company has a fifty day moving average of $98.60. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.73.

Pinnacle Financial Partners (NYSE:PNFP) last announced its earnings results on Wednesday, July 22nd. The company reported $2.50 earnings per share for the quarter, topping analysts’ consensus estimates of $2.46 by $0.04. The firm had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.24 billion. Pinnacle Financial Partners had a net margin of 15.40% and a return on equity of 10.93%. On average, equities research analysts predict that Pinnacle Financial Partners, Inc. will post 10.18 EPS for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Friday, August 7th will be given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend is Friday, August 7th. Pinnacle Financial Partners’s dividend payout ratio is currently 27.47%.

Insider Buying and Selling at Pinnacle Financial Partners

In other news, insider Robert A. Mccabe, Jr. acquired 10,013 shares of the firm’s stock in a transaction that occurred on Friday, July 24th. The stock was acquired at an average cost of $99.90 per share, for a total transaction of $1,000,298.70. Following the completion of the acquisition, the insider owned 324,233 shares in the company, valued at $32,390,876.70. This represents a 3.19% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.30% of the stock is owned by corporate insiders.

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.