VIRGINIA RETIREMENT SYSTEMS ET Al Boosts Stock Position in Pinnacle Financial Partners, Inc. $PNFP

VIRGINIA RETIREMENT SYSTEMS ET Al lifted its position in Pinnacle Financial Partners, Inc. (NYSE:PNFP) by 240.3% in the fourth quarter, Holdings Channel.com reports. The firm owned 12,250 shares of the company’s stock after purchasing an additional 8,650 shares during the quarter. VIRGINIA RETIREMENT SYSTEMS ET Al’s holdings in Pinnacle Financial Partners were worth $1,169,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PNFP. Brown Brothers Harriman & Co. purchased a new position in shares of Pinnacle Financial Partners in the 3rd quarter worth about $26,000. High Point Wealth Management LLC purchased a new position in shares of Pinnacle Financial Partners in the 4th quarter worth about $27,000. BOKF NA lifted its stake in Pinnacle Financial Partners by 1,204.5% in the third quarter. BOKF NA now owns 287 shares of the company’s stock worth $27,000 after purchasing an additional 265 shares during the last quarter. Activest Wealth Management bought a new stake in Pinnacle Financial Partners in the fourth quarter worth $28,000. Finally, Covestor Ltd boosted its position in Pinnacle Financial Partners by 193.9% during the third quarter. Covestor Ltd now owns 338 shares of the company’s stock valued at $32,000 after buying an additional 223 shares during the period. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. JPMorgan Chase & Co. upped their price target on shares of Pinnacle Financial Partners from $105.00 to $120.00 and gave the company an “overweight” rating in a research report on Friday, April 24th. Raymond James Financial restated a “strong-buy” rating on shares of Pinnacle Financial Partners in a research report on Thursday, January 22nd. Barclays cut their price target on shares of Pinnacle Financial Partners from $135.00 to $130.00 and set an “overweight” rating for the company in a research report on Tuesday, April 7th. Stephens upped their price target on shares of Pinnacle Financial Partners from $95.00 to $109.00 and gave the company an “equal weight” rating in a research report on Thursday, April 30th. Finally, UBS Group upped their price target on shares of Pinnacle Financial Partners from $110.00 to $120.00 and gave the company a “buy” rating in a research report on Friday, April 24th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and seven have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $115.19.

Pinnacle Financial Partners Trading Down 1.5%

Shares of NYSE:PNFP opened at $94.00 on Friday. The company has a market capitalization of $7.29 billion, a P/E ratio of 13.04, a price-to-earnings-growth ratio of 0.36 and a beta of 1.06. The company’s 50-day moving average price is $91.13. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.42. Pinnacle Financial Partners, Inc. has a 12 month low of $81.08 and a 12 month high of $120.46.

Pinnacle Financial Partners (NYSE:PNFP) last issued its quarterly earnings data on Wednesday, April 22nd. The company reported $2.39 EPS for the quarter, beating the consensus estimate of $2.30 by $0.09. The firm had revenue of $1.22 billion during 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 forecast that Pinnacle Financial Partners, Inc. will post 10.34 EPS for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 29th. Stockholders of record on Friday, May 1st will be paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend is Friday, May 1st. Pinnacle Financial Partners’s dividend 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.