Louisiana State Employees Retirement System Invests $3.76 Million in Pinnacle Financial Partners, Inc. $PNFP

Louisiana State Employees Retirement System acquired a new stake in Pinnacle Financial Partners, Inc. (NYSE:PNFP) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 43,600 shares of the company’s stock, valued at approximately $3,756,000. Louisiana State Employees Retirement System owned approximately 0.06% of Pinnacle Financial Partners at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. AQR Capital Management LLC boosted its holdings in Pinnacle Financial Partners by 1,697.4% during the 3rd quarter. AQR Capital Management LLC now owns 3,267,666 shares of the company’s stock valued at $306,474,000 after acquiring an additional 3,085,867 shares during the period. Nomura Holdings Inc. acquired a new stake in shares of Pinnacle Financial Partners during the third quarter worth about $187,822,000. Alyeska Investment Group L.P. purchased a new position in shares of Pinnacle Financial Partners in the fourth quarter valued at approximately $159,545,000. Norges Bank acquired a new position in shares of Pinnacle Financial Partners in the fourth quarter valued at approximately $116,349,000. Finally, Wellington Management Group LLP grew its holdings in shares of Pinnacle Financial Partners by 42.2% in the fourth quarter. Wellington Management Group LLP now owns 3,067,116 shares of the company’s stock valued at $292,634,000 after purchasing an additional 910,367 shares in the last quarter. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on PNFP shares. UBS Group increased their target price on shares of Pinnacle Financial Partners from $110.00 to $120.00 and gave the stock a “buy” rating in a report on Friday, April 24th. Evercore restated an “outperform” rating and issued a $115.00 price target on shares of Pinnacle Financial Partners in a research note on Wednesday, April 29th. Piper Sandler reaffirmed an “overweight” rating on shares of Pinnacle Financial Partners in a research report on Wednesday, June 10th. Wall Street Zen upgraded Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research note on Tuesday, May 12th. Finally, Benchmark began coverage on Pinnacle Financial Partners in a report on Wednesday. They issued a “buy” rating and a $132.00 target price for the company. Three research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, Pinnacle Financial Partners presently has a consensus rating of “Moderate Buy” and a consensus target price of $116.06.

Pinnacle Financial Partners Stock Up 2.5%

Shares of Pinnacle Financial Partners stock opened at $101.15 on Friday. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.42. Pinnacle Financial Partners, Inc. has a 52-week low of $81.08 and a 52-week high of $120.46. The stock has a market capitalization of $7.85 billion, a P/E ratio of 14.03, a P/E/G ratio of 0.39 and a beta of 1.04. The business has a 50 day moving average price of $96.73.

Pinnacle Financial Partners (NYSE:PNFP) last announced its quarterly earnings data on Wednesday, April 22nd. The company reported $2.39 EPS for the quarter, beating analysts’ consensus estimates of $2.30 by $0.09. The company had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.20 billion. Pinnacle Financial Partners had a net margin of 15.02% and a return on equity of 10.61%. As a group, research analysts anticipate that Pinnacle Financial Partners, Inc. will post 10.24 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

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

Pinnacle Financial Partners 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.