Public Employees Retirement System of Ohio Grows Stake in Pinnacle Financial Partners, Inc. $PNFP

Public Employees Retirement System of Ohio raised its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 0.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 84,838 shares of the financial services provider’s stock after purchasing an additional 245 shares during the quarter. Public Employees Retirement System of Ohio owned about 0.11% of Pinnacle Financial Partners worth $9,367,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the stock. Kraft Asset Management LLC raised its position in Pinnacle Financial Partners by 367.5% in the second quarter. Kraft Asset Management LLC now owns 9,467 shares of the financial services provider’s stock valued at $1,045,000 after purchasing an additional 7,442 shares during the period. Sheets Smith Wealth Management raised its position in Pinnacle Financial Partners by 1.8% in the second quarter. Sheets Smith Wealth Management now owns 5,980 shares of the financial services provider’s stock valued at $660,000 after purchasing an additional 105 shares during the period. Oliver Luxxe Assets LLC raised its position in Pinnacle Financial Partners by 2.7% in the second quarter. Oliver Luxxe Assets LLC now owns 48,382 shares of the financial services provider’s stock valued at $5,342,000 after purchasing an additional 1,271 shares during the period. Park Avenue Securities LLC raised its position in Pinnacle Financial Partners by 1.5% in the second quarter. Park Avenue Securities LLC now owns 8,177 shares of the financial services provider’s stock valued at $903,000 after purchasing an additional 121 shares during the period. Finally, Sowell Financial Services LLC grew its stake in shares of Pinnacle Financial Partners by 3.7% during the second quarter. Sowell Financial Services LLC now owns 10,998 shares of the financial services provider’s stock valued at $1,214,000 after acquiring an additional 395 shares in the last quarter. 87.40% of the stock is owned by hedge funds and other institutional investors.

Pinnacle Financial Partners Stock Up 0.8%

NASDAQ:PNFP opened at $96.00 on Friday. The company has a market capitalization of $7.45 billion, a price-to-earnings ratio of 12.73 and a beta of 1.07. Pinnacle Financial Partners, Inc. has a one year low of $81.57 and a one year high of $131.91. The stock has a 50-day simple moving average of $95.42 and a 200 day simple moving average of $101.93. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.88 and a current ratio of 0.89.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $2.00 EPS for the quarter, topping analysts’ consensus estimates of $1.92 by $0.08. The business had revenue of $504.99 million during the quarter, compared to the consensus estimate of $495.27 million. Pinnacle Financial Partners had a return on equity of 9.60% and a net margin of 18.69%.The company’s revenue for the quarter was up 15.1% compared to the same quarter last year. During the same period last year, the firm earned $1.63 earnings per share. Sell-side analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 29th. Shareholders of record on Friday, August 1st were paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date was Friday, August 1st. Pinnacle Financial Partners’s payout ratio is presently 12.73%.

Insider Buying and Selling at Pinnacle Financial Partners

In related news, CFO Harold R. Carpenter bought 1,000 shares of the firm’s stock in a transaction on Thursday, July 31st. The stock was bought at an average cost of $89.73 per share, for a total transaction of $89,730.00. Following the completion of the purchase, the chief financial officer directly owned 105,050 shares in the company, valued at approximately $9,426,136.50. The trade was a 0.96% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Thomas C. Farnsworth III bought 1,000 shares of the firm’s stock in a transaction on Friday, August 1st. The stock was bought at an average price of $84.94 per share, with a total value of $84,940.00. Following the completion of the purchase, the director owned 28,277 shares of the company’s stock, valued at $2,401,848.38. This trade represents a 3.67% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased a total of 12,174 shares of company stock worth $1,047,079 over the last ninety days. Company insiders own 1.46% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. Wall Street Zen upgraded Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research note on Friday, July 18th. Truist Financial lowered their target price on Pinnacle Financial Partners from $111.00 to $107.00 and set a “buy” rating for the company in a research note on Wednesday. Wells Fargo & Company lowered their target price on Pinnacle Financial Partners from $125.00 to $110.00 and set an “equal weight” rating for the company in a research note on Friday, July 25th. Stephens lowered their target price on Pinnacle Financial Partners from $133.00 to $104.00 and set an “equal weight” rating for the company in a research note on Tuesday, July 29th. Finally, Hovde Group downgraded Pinnacle Financial Partners from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 25th. Six analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, Pinnacle Financial Partners presently has a consensus rating of “Moderate Buy” and an average price target of $112.45.

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.