42,546 Shares in Pinnacle Financial Partners, Inc. $PNFP Purchased by Public Employees Retirement System of Ohio

Public Employees Retirement System of Ohio bought a new position in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) during the 2nd quarter, Holdings Channel.com reports. The fund bought 42,546 shares of the company’s stock, valued at approximately $4,292,000.

A number of other large investors have also modified their holdings of PNFP. Northwestern Mutual Wealth Management Co. boosted its stake in shares of Pinnacle Financial Partners by 1.6% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 7,377 shares of the company’s stock valued at $704,000 after buying an additional 116 shares in the last quarter. Villanova Investment Management Co LLC increased its holdings in shares of Pinnacle Financial Partners by 0.4% in the 4th quarter. Villanova Investment Management Co LLC now owns 28,511 shares of the company’s stock valued at $2,720,000 after purchasing 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 purchasing an additional 131 shares during the period. Graham Capital Management L.P. boosted its holdings in Pinnacle Financial Partners by 0.7% during the fourth quarter. Graham Capital Management L.P. now owns 22,169 shares of the company’s stock worth $2,115,000 after buying an additional 146 shares in the last quarter. Finally, PNC Financial Services Group Inc. grew its position in Pinnacle Financial Partners by 3.2% during the fourth quarter. PNC Financial Services Group Inc. now owns 5,097 shares of the company’s stock worth $486,000 after buying an additional 158 shares during the period. 87.40% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have commented on PNFP. Piper Sandler boosted their target price 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. Evercore reaffirmed an “outperform” rating and set a $120.00 price target on shares of Pinnacle Financial Partners in a research note on Monday, July 6th. TD Cowen increased their price objective on shares of Pinnacle Financial Partners from $116.00 to $119.00 and gave the company a “buy” rating in a research note on Monday, July 27th. Benchmark raised their target price on shares of Pinnacle Financial Partners from $125.00 to $130.00 and gave the company a “buy” rating in a report on Wednesday, August 5th. Finally, DA Davidson lifted their target price on shares of Pinnacle Financial Partners from $109.00 to $112.00 and gave the stock a “neutral” rating in a research report on Friday, July 24th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Pinnacle Financial Partners currently has an average rating of “Moderate Buy” and a consensus target price of $118.35.

Pinnacle Financial Partners Trading Up 1.3%

NYSE:PNFP opened at $101.37 on Friday. Pinnacle Financial Partners, Inc. has a 12-month low of $81.08 and a 12-month high of $110.33. The stock has a market cap of $7.86 billion, a price-to-earnings ratio of 13.92, a price-to-earnings-growth ratio of 0.40 and a beta of 1.01. The company has a 50-day moving average price of $102.31. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.93 and a current ratio of 0.94.

Pinnacle Financial Partners (NYSE:PNFP) last announced its quarterly earnings data on Wednesday, July 22nd. The company reported $2.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.46 by $0.04. Pinnacle Financial Partners had a net margin of 15.40% and a return on equity of 10.93%. The business had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. On average, equities research analysts forecast that Pinnacle Financial Partners, Inc. will post 10.19 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Friday, August 7th were paid a dividend of $0.50 per share. The ex-dividend date of this dividend was Friday, August 7th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.0%. Pinnacle Financial Partners’s dividend payout ratio is currently 27.47%.

Insider Transactions at Pinnacle Financial Partners

In related news, insider M. Turner sold 66,783 shares of the firm’s stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $108.01, for a total value of $7,213,231.83. Following the sale, the insider directly owned 302,230 shares of the company’s stock, valued at approximately $32,643,862.30. This trade represents a 18.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Robert McCabe, Jr. bought 10,013 shares of the stock in a transaction that occurred on Friday, July 24th. The stock was bought at an average price of $99.90 per share, with a total value of $1,000,298.70. Following the completion of the acquisition, the insider owned 324,233 shares of the company’s stock, valued at $32,390,876.70. This trade represents a 3.19% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have sold a total of 177,228 shares of company stock worth $19,153,713 in the last three months. Company insiders own 1.30% of the company’s stock.

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.