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

California Public Employees Retirement System cut its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 6.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). 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’s holdings in Pinnacle Financial Partners were worth $14,537,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the company. UMB Bank n.a. increased its position in Pinnacle Financial Partners by 48.1% during the fourth quarter. UMB Bank n.a. now owns 736 shares of the financial services provider’s stock worth $84,000 after buying an additional 239 shares during the last quarter. Principal Securities Inc. increased its holdings in shares of Pinnacle Financial Partners by 12.7% during the 4th quarter. Principal Securities Inc. now owns 808 shares of the financial services provider’s stock worth $92,000 after acquiring an additional 91 shares during the last quarter. Trust Co. of Vermont bought a new stake in Pinnacle Financial Partners in the 4th quarter valued at $97,000. Values First Advisors Inc. lifted its holdings in Pinnacle Financial Partners by 189.9% during the 4th quarter. Values First Advisors Inc. now owns 1,458 shares of the financial services provider’s stock valued at $167,000 after purchasing an additional 955 shares during the last quarter. Finally, Blue Trust Inc. boosted its position 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 purchasing an additional 271 shares during the period. 87.40% of the stock is owned by institutional investors.

Insider Transactions at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, Director Glenda Baskin Glover sold 3,000 shares of the business’s stock in a transaction dated Friday, March 14th. The stock was 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 of the company’s stock, valued at approximately $1,009,711.65. The trade was a 23.18 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO M Terry Turner sold 2,000 shares of the stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $100.63, for a total transaction of $201,260.00. Following the completion of the transaction, the chief executive officer now directly owns 254,552 shares of the company’s stock, valued at $25,615,567.76. This trade represents a 0.78 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 95,350 shares of company stock valued at $11,421,320. Corporate insiders own 1.46% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. UBS Group initiated coverage on shares of Pinnacle Financial Partners in a research note on Tuesday, December 17th. They set a “neutral” rating and a $133.00 target price for the company. Hovde Group cut their price objective on shares of Pinnacle Financial Partners from $135.00 to $120.00 and set a “market perform” rating for the company in a research report on Wednesday. Barclays raised Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $120.00 to $135.00 in a research report on Thursday, December 19th. Citigroup lifted their price target on Pinnacle Financial Partners from $123.00 to $132.00 and gave the stock a “buy” rating in a report on Tuesday, December 31st. Finally, Wells Fargo & Company upped 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. Six analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, Pinnacle Financial Partners currently has an average rating of “Hold” and an average target price of $123.82.

Pinnacle Financial Partners Trading Down 5.1 %

PNFP opened at $87.19 on Friday. The stock has a market capitalization of $6.75 billion, a price-to-earnings ratio of 14.58 and a beta of 0.94. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.37. Pinnacle Financial Partners, Inc. has a twelve month low of $73.62 and a twelve month high of $131.91. The company has a 50-day simple moving average of $112.41 and a 200 day simple moving average of $112.29.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings results on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share for the quarter, topping analysts’ consensus estimates of $1.80 by $0.10. The company had revenue of $475.34 million during 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 firm’s quarterly revenue was up 19.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.68 EPS. Analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Increases Dividend

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

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.