VIRGINIA RETIREMENT SYSTEMS ET Al Makes New $718,000 Investment in Pinnacle Financial Partners, Inc. $PNFP

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 6,500 shares of the financial services provider’s stock, valued at approximately $718,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Wellington Management Group LLP grew its holdings in Pinnacle Financial Partners by 5.9% during the 1st quarter. Wellington Management Group LLP now owns 1,592,536 shares of the financial services provider’s stock worth $168,873,000 after acquiring an additional 88,282 shares in the last quarter. Fenimore Asset Management Inc grew its holdings in Pinnacle Financial Partners by 2.2% during the 2nd quarter. Fenimore Asset Management Inc now owns 1,076,968 shares of the financial services provider’s stock worth $118,908,000 after acquiring an additional 23,552 shares in the last quarter. Azora Capital LP grew its holdings in Pinnacle Financial Partners by 9.2% during the 1st quarter. Azora Capital LP now owns 998,474 shares of the financial services provider’s stock worth $105,878,000 after acquiring an additional 84,538 shares in the last quarter. The Manufacturers Life Insurance Company grew its holdings in Pinnacle Financial Partners by 2.0% during the 1st quarter. The Manufacturers Life Insurance Company now owns 978,564 shares of the financial services provider’s stock worth $103,767,000 after acquiring an additional 18,807 shares in the last quarter. Finally, Principal Financial Group Inc. grew its holdings in Pinnacle Financial Partners by 3.9% during the 1st quarter. Principal Financial Group Inc. now owns 881,347 shares of the financial services provider’s stock worth $93,458,000 after acquiring an additional 32,975 shares in the last quarter. Institutional investors and hedge funds own 87.40% of the company’s stock.

Pinnacle Financial Partners Stock Up 1.6%

PNFP stock opened at $88.26 on Friday. The company has a fifty day moving average price of $93.80 and a 200 day moving average price of $100.28. Pinnacle Financial Partners, Inc. has a 12 month low of $81.57 and a 12 month high of $131.91. The company has a market cap of $6.85 billion, a price-to-earnings ratio of 11.21 and a beta of 1.02. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.89 and a quick ratio of 0.89.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $2.27 EPS for the quarter, beating the consensus estimate of $2.05 by $0.22. Pinnacle Financial Partners had a net margin of 19.17% and a return on equity of 9.91%. The firm had revenue of $544.80 million during the quarter, compared to the consensus estimate of $526.40 million. During the same quarter in the prior year, the firm earned $1.86 EPS. Sell-side analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 28th. Stockholders of record on Friday, November 7th will be paid a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, November 7th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.1%. Pinnacle Financial Partners’s dividend payout ratio is 12.20%.

Insider Transactions at Pinnacle Financial Partners

In related news, Director Thomas C. Farnsworth III purchased 1,000 shares of the stock in a transaction dated Friday, August 1st. The shares were acquired at an average cost of $84.94 per share, with a total value of $84,940.00. Following the purchase, the director directly owned 28,277 shares in the company, valued at $2,401,848.38. This trade represents a 3.67% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director G Kennedy Thompson purchased 10,000 shares of the stock in a transaction dated Friday, August 1st. The shares were bought at an average cost of $85.65 per share, for a total transaction of $856,500.00. Following the completion of the purchase, the director owned 28,372 shares in the company, valued at approximately $2,430,061.80. This trade represents a 54.43% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased a total of 17,174 shares of company stock valued at $1,485,229 in the last ninety days. 1.46% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

PNFP has been the subject of several research analyst reports. UBS Group lowered their target price on shares of Pinnacle Financial Partners from $121.00 to $108.00 and set a “neutral” rating for the company in a report on Tuesday, September 2nd. Truist Financial lowered their target price on shares of Pinnacle Financial Partners from $107.00 to $105.00 and set a “buy” rating for the company in a report on Friday, October 17th. Wall Street Zen upgraded shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a report on Friday, July 18th. JPMorgan Chase & Co. upped their target price on shares of Pinnacle Financial Partners from $115.00 to $125.00 and gave the company an “overweight” rating in a report on Tuesday, July 1st. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Pinnacle Financial Partners in a report on Wednesday, October 8th. Six analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $110.27.

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.