Arizona State Retirement System Sells 393 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Arizona State Retirement System lessened its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 1.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,458 shares of the financial services provider’s stock after selling 393 shares during the quarter. Arizona State Retirement System’s holdings in Pinnacle Financial Partners were worth $1,872,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the company. Wellington Management Group LLP increased its holdings in Pinnacle Financial Partners by 102.7% during the 3rd quarter. Wellington Management Group LLP now owns 1,870,441 shares of the financial services provider’s stock worth $125,394,000 after purchasing an additional 947,704 shares in the last quarter. Comerica Bank bought a new stake in Pinnacle Financial Partners during the second quarter worth $7,822,000. FMR LLC raised its position in Pinnacle Financial Partners by 3.4% in the 3rd quarter. FMR LLC now owns 2,084,141 shares of the financial services provider’s stock valued at $139,721,000 after buying an additional 69,197 shares during the last quarter. Algert Global LLC lifted its stake in Pinnacle Financial Partners by 175.6% during the 3rd quarter. Algert Global LLC now owns 38,862 shares of the financial services provider’s stock valued at $2,605,000 after acquiring an additional 24,763 shares in the last quarter. Finally, Envestnet Asset Management Inc. boosted its holdings in Pinnacle Financial Partners by 43.0% during the 3rd quarter. Envestnet Asset Management Inc. now owns 251,598 shares of the financial services provider’s stock worth $16,867,000 after acquiring an additional 75,691 shares during the last quarter. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Pinnacle Financial Partners

In related news, CFO Harold R. Carpenter sold 6,306 shares of Pinnacle Financial Partners stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $82.22, for a total value of $518,479.32. Following the completion of the transaction, the chief financial officer now directly owns 63,856 shares in the company, valued at approximately $5,250,240.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Pinnacle Financial Partners news, CFO Harold R. Carpenter sold 6,306 shares of the firm’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total value of $518,479.32. Following the completion of the transaction, the chief financial officer now owns 63,856 shares in the company, valued at approximately $5,250,240.32. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO M Terry Turner sold 24,057 shares of the company’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $82.22, for a total value of $1,977,966.54. Following the sale, the chief executive officer now owns 294,790 shares in the company, valued at $24,237,633.80. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 54,175 shares of company stock worth $4,487,253. 1.87% of the stock is owned by corporate insiders.

Pinnacle Financial Partners Stock Performance

NASDAQ:PNFP opened at $79.95 on Friday. The company has a market capitalization of $6.16 billion, a P/E ratio of 11.14 and a beta of 1.08. The business has a fifty day simple moving average of $82.62 and a two-hundred day simple moving average of $78.18. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.90 and a quick ratio of 0.90. Pinnacle Financial Partners, Inc. has a 1 year low of $43.31 and a 1 year high of $92.33.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings results on Wednesday, January 17th. The financial services provider reported $1.68 earnings per share for the quarter, topping the consensus estimate of $1.67 by $0.01. Pinnacle Financial Partners had a return on equity of 9.78% and a net margin of 20.17%. The company had revenue of $396.34 million during the quarter, compared to the consensus estimate of $416.97 million. During the same quarter in the prior year, the company earned $1.76 EPS. The firm’s quarterly revenue was down 1.4% compared to the same quarter last year. On average, analysts expect that Pinnacle Financial Partners, Inc. will post 6.81 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 23rd. Stockholders of record on Friday, February 2nd were given a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 1.10%. The ex-dividend date was Thursday, February 1st. Pinnacle Financial Partners’s dividend payout ratio (DPR) is currently 12.26%.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on PNFP shares. Stephens reissued an “overweight” rating and set a $108.00 price target on shares of Pinnacle Financial Partners in a research report on Wednesday, January 17th. Jefferies Financial Group dropped their target price on shares of Pinnacle Financial Partners from $88.00 to $85.00 and set a “hold” rating on the stock in a research report on Monday, April 8th. Truist Financial upped their target price on Pinnacle Financial Partners from $93.00 to $99.00 and gave the company a “buy” rating in a report on Monday, April 1st. UBS Group dropped their price target on Pinnacle Financial Partners from $91.00 to $90.00 and set a “neutral” rating on the stock in a report on Thursday, January 18th. Finally, Barclays started coverage on Pinnacle Financial Partners in a research note on Friday, March 8th. They issued an “equal weight” rating and a $93.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company. According to MarketBeat, Pinnacle Financial Partners currently has an average rating of “Hold” and a consensus target price of $92.57.

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.