State of New Jersey Common Pension Fund D Has $1.92 Million Stock Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

State of New Jersey Common Pension Fund D decreased its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 32.4% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 23,974 shares of the financial services provider’s stock after selling 11,477 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Pinnacle Financial Partners were worth $1,919,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of PNFP. Vanguard Group Inc. lifted its holdings in shares of Pinnacle Financial Partners by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 7,161,175 shares of the financial services provider’s stock valued at $624,598,000 after buying an additional 63,477 shares during the last quarter. Wasatch Advisors LP lifted its stake in Pinnacle Financial Partners by 41.8% in the first quarter. Wasatch Advisors LP now owns 3,341,417 shares of the financial services provider’s stock valued at $286,961,000 after acquiring an additional 985,694 shares during the last quarter. Jennison Associates LLC grew its position in Pinnacle Financial Partners by 2.4% in the first quarter. Jennison Associates LLC now owns 1,097,395 shares of the financial services provider’s stock worth $94,244,000 after acquiring an additional 26,216 shares in the last quarter. Norges Bank acquired a new position in shares of Pinnacle Financial Partners during the 4th quarter worth $83,461,000. Finally, The Manufacturers Life Insurance Company raised its holdings in shares of Pinnacle Financial Partners by 1.7% during the 4th quarter. The Manufacturers Life Insurance Company now owns 900,251 shares of the financial services provider’s stock valued at $78,520,000 after purchasing an additional 15,203 shares in the last quarter. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. Wells Fargo & Company upped their price objective on shares of Pinnacle Financial Partners from $90.00 to $100.00 and gave the stock an “overweight” rating in a report on Thursday, July 18th. Barclays increased their price objective on Pinnacle Financial Partners from $93.00 to $97.00 and gave the company an “equal weight” rating in a report on Thursday, July 18th. JPMorgan Chase & Co. reduced their target price on Pinnacle Financial Partners from $108.00 to $105.00 and set an “overweight” rating for the company in a report on Thursday, June 27th. Truist Financial increased their price target on Pinnacle Financial Partners from $101.00 to $113.00 and gave the company a “buy” rating in a report on Friday. Finally, Piper Sandler cut shares of Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and boosted their price objective for the stock from $95.00 to $98.00 in a research note on Thursday, July 18th. One research analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, Pinnacle Financial Partners currently has a consensus rating of “Hold” and an average price target of $100.20.

Pinnacle Financial Partners Trading Down 0.6 %

Shares of PNFP stock opened at $99.99 on Friday. The firm has a market capitalization of $7.72 billion, a P/E ratio of 14.30 and a beta of 1.05. Pinnacle Financial Partners, Inc. has a 1 year low of $59.66 and a 1 year high of $100.76. The firm’s fifty day simple moving average is $93.67 and its 200 day simple moving average is $85.02. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.43.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $1.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.60 by $0.03. Pinnacle Financial Partners had a net margin of 13.93% and a return on equity of 8.97%. The company had revenue of $366.55 million for the quarter, compared to the consensus estimate of $426.40 million. As a group, sell-side analysts predict that Pinnacle Financial Partners, Inc. will post 6.83 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Friday, August 2nd were given a $0.22 dividend. The ex-dividend date was Friday, August 2nd. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.88%. Pinnacle Financial Partners’s dividend payout ratio is currently 12.59%.

Pinnacle Financial Partners Company 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.