California Public Employees Retirement System Sells 8,308 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

California Public Employees Retirement System lowered its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 6.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 127,079 shares of the financial services provider's stock after selling 8,308 shares during the period. California Public Employees Retirement System owned about 0.16% of Pinnacle Financial Partners worth $14,537,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of PNFP. NBZ Investment Advisors LLC bought a new stake in shares of Pinnacle Financial Partners in the 4th quarter worth approximately $668,000. Pictet Asset Management Holding SA increased its position in Pinnacle Financial Partners by 10.0% in the fourth quarter. Pictet Asset Management Holding SA now owns 11,510 shares of the financial services provider's stock worth $1,317,000 after buying an additional 1,043 shares during the period. Norges Bank bought a new stake in Pinnacle Financial Partners in the fourth quarter valued at $101,798,000. Blair William & Co. IL acquired a new position in shares of Pinnacle Financial Partners during the fourth quarter valued at $200,000. Finally, Meiji Yasuda Asset Management Co Ltd. bought a new position in shares of Pinnacle Financial Partners during the fourth quarter worth about $215,000. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the stock. Stephens reiterated an "overweight" rating and issued a $142.00 price objective on shares of Pinnacle Financial Partners in a research report on Wednesday, January 22nd. Hovde Group cut their price target on Pinnacle Financial Partners from $135.00 to $120.00 and set a "market perform" rating on the stock in a report on Wednesday, April 2nd. UBS Group began coverage on Pinnacle Financial Partners in a report on Tuesday, December 17th. They issued a "neutral" rating and a $133.00 price objective for the company. JPMorgan Chase & Co. cut their target price on Pinnacle Financial Partners from $140.00 to $138.00 and set an "overweight" rating on the stock in a research note on Tuesday, January 7th. Finally, Citigroup raised their target price on shares of Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a "buy" rating in a research note on Tuesday, December 31st. Five equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $124.70.

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Pinnacle Financial Partners Price Performance

Shares of NASDAQ PNFP traded up $9.11 during mid-day trading on Wednesday, reaching $96.34. The company had a trading volume of 1,127,767 shares, compared to its average volume of 493,771. The company has a 50-day moving average price of $108.99 and a two-hundred day moving average price of $112.02. The stock has a market cap of $7.45 billion, a PE ratio of 16.11 and a beta of 0.94. Pinnacle Financial Partners, Inc. has a 1-year low of $73.62 and a 1-year high of $131.91. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.37.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last announced its earnings results on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.80 by $0.10. The company had revenue of $475.34 million for the quarter, compared to the consensus estimate of $470.33 million. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. The company's revenue was up 19.9% on a year-over-year basis. During the same period in the previous year, the business earned $1.68 EPS. On average, equities analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Friday, February 7th were paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 1.00%. The ex-dividend date of this dividend was Friday, February 7th. This is a boost from Pinnacle Financial Partners's previous quarterly dividend of $0.22. Pinnacle Financial Partners's payout ratio is 16.05%.

Insider Activity

In other Pinnacle Financial Partners news, CEO M Terry Turner sold 2,000 shares of Pinnacle Financial Partners stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $100.63, for a total value of $201,260.00. Following the completion of the sale, the chief executive officer now directly owns 254,552 shares in the company, valued at $25,615,567.76. The trade was a 0.78 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director David B. Ingram sold 40,000 shares of the business's stock in a transaction on Thursday, February 6th. The stock was sold at an average price of $126.50, for a total transaction of $5,060,000.00. Following the transaction, the director now directly owns 40,991 shares of the company's stock, valued at approximately $5,185,361.50. This represents a 49.39 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 95,350 shares of company stock worth $11,421,320 in the last 90 days. Company insiders own 1.46% of the company's stock.

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.