New York State Common Retirement Fund Sells 92,922 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

New York State Common Retirement Fund trimmed its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 16.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 484,963 shares of the financial services provider's stock after selling 92,922 shares during the period. New York State Common Retirement Fund owned 0.63% of Pinnacle Financial Partners worth $55,475,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in PNFP. Azora Capital LP acquired a new position in Pinnacle Financial Partners during the third quarter worth $64,326,000. FMR LLC boosted its position in shares of Pinnacle Financial Partners by 11.6% in the third quarter. FMR LLC now owns 2,716,416 shares of the financial services provider's stock valued at $266,127,000 after acquiring an additional 282,016 shares during the period. Holocene Advisors LP bought a new stake in shares of Pinnacle Financial Partners in the third quarter valued at about $21,576,000. Principal Financial Group Inc. boosted its position in shares of Pinnacle Financial Partners by 27.0% in the third quarter. Principal Financial Group Inc. now owns 983,282 shares of the financial services provider's stock valued at $96,332,000 after acquiring an additional 208,938 shares during the period. Finally, Jacobs Levy Equity Management Inc. boosted its position in shares of Pinnacle Financial Partners by 212.1% in the third quarter. Jacobs Levy Equity Management Inc. now owns 291,723 shares of the financial services provider's stock valued at $28,580,000 after acquiring an additional 198,246 shares during the period. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on PNFP. Citigroup boosted 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 report on Tuesday, December 31st. Wells Fargo & Company upped their price objective on shares of Pinnacle Financial Partners from $120.00 to $125.00 and gave the stock an "equal weight" rating in a research report on Thursday, January 23rd. Hovde Group cut shares of Pinnacle Financial Partners from an "outperform" rating to a "market perform" rating and set a $135.00 price objective for the company. in a research report on Monday, November 18th. Barclays raised shares of Pinnacle Financial Partners from an "equal weight" rating to an "overweight" rating and upped their price objective for the stock from $120.00 to $135.00 in a research report on Thursday, December 19th. Finally, Stephens reissued 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 investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $125.18.

Pinnacle Financial Partners Trading Down 3.4 %

Shares of Pinnacle Financial Partners stock traded down $4.07 on Friday, reaching $114.21. 304,709 shares of the company's stock were exchanged, compared to its average volume of 431,933. The company has a market capitalization of $8.82 billion, a P/E ratio of 19.10 and a beta of 1.09. Pinnacle Financial Partners, Inc. has a 52 week low of $73.62 and a 52 week high of $131.91. The firm's 50-day moving average is $118.68 and its two-hundred day moving average is $109.45. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.90 and a current ratio of 0.90.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last issued its earnings results on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.80 by $0.10. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. The company had revenue of $475.34 million for the quarter, compared to analysts' expectations of $470.33 million. During the same period last year, the business earned $1.68 EPS. Pinnacle Financial Partners's quarterly revenue was up 19.9% compared to the same quarter last year. Sell-side analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 28th. Shareholders of record on Friday, February 7th will be paid a dividend of $0.24 per share. The ex-dividend date is Friday, February 7th. This is a boost from Pinnacle Financial Partners's previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a yield of 0.84%. Pinnacle Financial Partners's dividend payout ratio (DPR) is 16.05%.

Insider Buying and Selling at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, CFO Harold R. Carpenter sold 3,051 shares of the firm's stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $125.57, for a total value of $383,114.07. Following the completion of the transaction, the chief financial officer now owns 60,805 shares in the company, valued at $7,635,283.85. This trade represents a 4.78 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of the firm's stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $124.09, for a total value of $6,204,500.00. Following the completion of the transaction, the chairman now owns 123,000 shares of the company's stock, valued at approximately $15,263,070. This represents a 28.90 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 126,970 shares of company stock worth $15,922,061. Corporate insiders own 1.87% of the company's stock.

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.