Zurcher Kantonalbank Zurich Cantonalbank Boosts Stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 15.3% during the 4th quarter, HoldingsChannel reports. The fund owned 16,490 shares of the financial services provider’s stock after purchasing an additional 2,194 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Pinnacle Financial Partners were worth $1,438,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. FMR LLC boosted its stake in shares of Pinnacle Financial Partners by 3.4% during the 3rd quarter. FMR LLC now owns 2,084,141 shares of the financial services provider’s stock worth $139,721,000 after acquiring an additional 69,197 shares in the last quarter. Wellington Management Group LLP boosted its stake in shares of 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 acquiring an additional 947,704 shares in the last quarter. Jennison Associates LLC boosted its stake in shares of Pinnacle Financial Partners by 0.7% during the 3rd quarter. Jennison Associates LLC now owns 1,269,503 shares of the financial services provider’s stock worth $85,107,000 after acquiring an additional 8,698 shares in the last quarter. North Reef Capital Management LP boosted its stake in shares of Pinnacle Financial Partners by 15.9% during the 3rd quarter. North Reef Capital Management LP now owns 910,108 shares of the financial services provider’s stock worth $61,014,000 after acquiring an additional 124,573 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Pinnacle Financial Partners by 5.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 842,959 shares of the financial services provider’s stock worth $56,512,000 after acquiring an additional 43,355 shares in the last quarter. 87.40% of the stock is owned by hedge funds and other institutional investors.

Pinnacle Financial Partners Stock Down 1.7 %

PNFP stock opened at $81.53 on Friday. The company has a market cap of $6.28 billion, a price-to-earnings ratio of 11.66 and a beta of 1.08. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.43. Pinnacle Financial Partners, Inc. has a 12 month low of $43.31 and a 12 month high of $92.33. The firm has a 50-day moving average of $82.28 and a two-hundred day moving average of $79.19.

Pinnacle Financial Partners Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 31st. Shareholders of record on Friday, May 3rd will be issued a $0.22 dividend. The ex-dividend date is Thursday, May 2nd. This represents a $0.88 dividend on an annualized basis and a yield of 1.08%. Pinnacle Financial Partners’s payout ratio is 12.59%.

Wall Street Analyst Weigh In

PNFP has been the subject of several research analyst reports. JPMorgan Chase & Co. reduced their price target on shares of Pinnacle Financial Partners from $110.00 to $108.00 and set an “overweight” rating for the company in a research report on Wednesday. Jefferies Financial Group reduced their price target on shares of Pinnacle Financial Partners from $88.00 to $85.00 and set a “hold” rating for the company in a research report on Monday, April 8th. Barclays initiated coverage on shares of Pinnacle Financial Partners in a research report on Friday, March 8th. They set an “equal weight” rating and a $93.00 price target for the company. Hovde Group reduced their price target on shares of Pinnacle Financial Partners from $104.00 to $99.00 and set an “outperform” rating for the company in a research report on Tuesday. Finally, UBS Group reduced their price target on shares of Pinnacle Financial Partners from $91.00 to $90.00 and set a “neutral” rating for the company in a research report on Thursday, January 18th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, Pinnacle Financial Partners currently has an average rating of “Hold” and a consensus target price of $95.50.

Insider Buying and Selling at Pinnacle Financial Partners

In other news, CEO M Terry Turner sold 24,057 shares of the firm’s stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $82.22, for a total transaction of $1,977,966.54. Following the completion of the sale, the chief executive officer now owns 294,790 shares in the company, valued at approximately $24,237,633.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CFO Harold R. Carpenter sold 6,306 shares of the firm’s stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $82.22, for a total transaction of $518,479.32. Following the completion of the sale, 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 legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO M Terry Turner sold 24,057 shares of the firm’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total transaction of $1,977,966.54. Following the sale, the chief executive officer now owns 294,790 shares of the company’s stock, valued at approximately $24,237,633.80. The disclosure for this sale can be found here. In the last quarter, insiders sold 47,844 shares of company stock worth $3,933,734. Insiders own 1.87% of the company’s stock.

About Pinnacle Financial Partners

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.