Teacher Retirement System of Texas Invests $367,000 in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Teacher Retirement System of Texas bought a new position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 3,205 shares of the financial services provider's stock, valued at approximately $367,000.

Several other institutional investors and hedge funds have also recently modified their holdings of PNFP. UMB Bank n.a. raised its holdings in shares of Pinnacle Financial Partners by 48.1% in the fourth quarter. UMB Bank n.a. now owns 736 shares of the financial services provider's stock valued at $84,000 after acquiring an additional 239 shares in the last quarter. Principal Securities Inc. boosted its stake in shares of Pinnacle Financial Partners by 12.7% during the fourth quarter. Principal Securities Inc. now owns 808 shares of the financial services provider's stock valued at $92,000 after purchasing an additional 91 shares in the last quarter. Trust Co. of Vermont purchased a new position in Pinnacle Financial Partners during the fourth quarter valued at approximately $97,000. Values First Advisors Inc. raised its stake in Pinnacle Financial Partners by 189.9% in the fourth quarter. Values First Advisors Inc. now owns 1,458 shares of the financial services provider's stock worth $167,000 after buying an additional 955 shares in the last quarter. Finally, Blue Trust Inc. lifted its holdings in Pinnacle Financial Partners by 20.6% during the fourth quarter. Blue Trust Inc. now owns 1,586 shares of the financial services provider's stock worth $181,000 after buying an additional 271 shares during the period. Institutional investors own 87.40% of the company's stock.

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Insiders Place Their Bets

In related news, Director Glenda Baskin Glover sold 3,000 shares of the company's stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $101.55, for a total transaction of $304,650.00. Following the completion of the transaction, the director now owns 9,943 shares in the company, valued at $1,009,711.65. This represents a 23.18 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director David B. Ingram sold 10,309 shares of Pinnacle Financial Partners stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $126.00, for a total value of $1,298,934.00. Following the completion of the sale, the director now owns 82,256 shares in the company, valued at approximately $10,364,256. The trade was a 11.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 95,350 shares of company stock worth $11,421,320. 1.46% of the stock is owned by corporate insiders.

Pinnacle Financial Partners Stock Performance

NASDAQ:PNFP traded down $4.64 during mid-day trading on Friday, hitting $87.19. The company's stock had a trading volume of 1,694,770 shares, compared to its average volume of 486,343. The business's fifty day moving average is $112.41 and its two-hundred day moving average is $112.41. The stock has a market cap of $6.75 billion, a price-to-earnings ratio of 14.58 and a beta of 0.94. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.90 and a quick ratio of 0.90. Pinnacle Financial Partners, Inc. has a 1 year low of $73.62 and a 1 year high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last released its quarterly earnings data on Tuesday, January 21st. The financial services provider reported $1.90 EPS for the quarter, topping the consensus estimate of $1.80 by $0.10. The business had revenue of $475.34 million for the quarter, compared to analyst estimates of $470.33 million. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. The business's quarterly revenue was up 19.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.68 EPS. Analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Friday, February 7th were paid a dividend of $0.24 per share. This is a positive change from Pinnacle Financial Partners's previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a dividend yield of 1.10%. The ex-dividend date was Friday, February 7th. Pinnacle Financial Partners's dividend payout ratio is presently 16.05%.

Analyst Upgrades and Downgrades

PNFP has been the topic of a number of recent research reports. Barclays raised Pinnacle Financial Partners from an "equal weight" rating to an "overweight" rating and raised their price objective for the company from $120.00 to $135.00 in a research report on Thursday, December 19th. Hovde Group cut their price objective on shares of Pinnacle Financial Partners from $135.00 to $120.00 and set a "market perform" rating on the stock in a research report on Wednesday. JPMorgan Chase & Co. lowered their target price on shares of Pinnacle Financial Partners from $140.00 to $138.00 and set an "overweight" rating for the company in a research note on Tuesday, January 7th. Wells Fargo & Company increased their price objective on Pinnacle Financial Partners from $120.00 to $125.00 and gave the company an "equal weight" rating in a report on Thursday, January 23rd. Finally, Stephens restated an "overweight" rating and set a $142.00 target price on shares of Pinnacle Financial Partners in a research note on Wednesday, January 22nd. Six equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, Pinnacle Financial Partners currently has an average rating of "Hold" and a consensus target price of $123.82.

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.