California Public Employees Retirement System Trims Stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

California Public Employees Retirement System lowered its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 7.2% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 143,494 shares of the financial services provider’s stock after selling 11,122 shares during the quarter. California Public Employees Retirement System’s holdings in Pinnacle Financial Partners were worth $12,516,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Bruce G. Allen Investments LLC bought a new position in Pinnacle Financial Partners in the 4th quarter worth $32,000. Emerald Advisers LLC bought a new position in Pinnacle Financial Partners in the 3rd quarter worth $27,000. Fifth Third Bancorp boosted its holdings in Pinnacle Financial Partners by 101.4% in the 3rd quarter. Fifth Third Bancorp now owns 423 shares of the financial services provider’s stock worth $28,000 after buying an additional 213 shares during the period. Nomura Asset Management Co. Ltd. boosted its holdings in Pinnacle Financial Partners by 57.1% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 550 shares of the financial services provider’s stock worth $37,000 after buying an additional 200 shares during the period. Finally, CWM LLC boosted its holdings in Pinnacle Financial Partners by 62.3% in the 4th quarter. CWM LLC now owns 865 shares of the financial services provider’s stock worth $75,000 after buying an additional 332 shares during the period. Institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Stock Up 2.0 %

Shares of NASDAQ PNFP opened at $78.25 on Thursday. The firm’s 50-day moving average price is $81.84 and its 200-day moving average price is $79.60. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.43. The stock has a market capitalization of $6.03 billion, a price-to-earnings ratio of 11.19 and a beta of 1.08. Pinnacle Financial Partners, Inc. has a 12-month low of $43.31 and a 12-month high of $92.33.

Pinnacle Financial Partners Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 31st. Stockholders of record on Friday, May 3rd will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 1.12%. The ex-dividend date of this dividend is Thursday, May 2nd. Pinnacle Financial Partners’s dividend payout ratio is 12.59%.

Insider Activity

In other news, CFO Harold R. Carpenter sold 6,306 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 transaction of $518,479.32. Following the sale, the chief financial officer now directly owns 63,856 shares in the company, valued at approximately $5,250,240.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CFO Harold R. Carpenter sold 6,306 shares of the stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $82.22, for a total value of $518,479.32. Following the sale, the chief financial officer now directly owns 63,856 shares of the company’s stock, valued at approximately $5,250,240.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO M Terry Turner sold 24,057 shares of the stock in a transaction dated 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 completion of the sale, the chief executive officer now directly 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 three months, insiders have sold 235,093 shares of company stock worth $19,103,353. 1.87% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on PNFP shares. Jefferies Financial Group dropped their target price on shares of Pinnacle Financial Partners from $88.00 to $85.00 and set a “hold” rating for the company in a report on Monday, April 8th. Barclays began coverage on shares of Pinnacle Financial Partners in a report on Friday, March 8th. They set an “equal weight” rating and a $93.00 price objective for the company. Stephens reissued an “overweight” rating and set a $109.00 price objective on shares of Pinnacle Financial Partners in a report on Tuesday, April 23rd. Hovde Group dropped their price objective on shares of Pinnacle Financial Partners from $104.00 to $99.00 and set an “outperform” rating for the company in a report on Tuesday, April 23rd. Finally, Truist Financial dropped their price objective on shares of Pinnacle Financial Partners from $99.00 to $94.00 and set a “buy” rating for the company in a report on Thursday, April 25th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $95.50.

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.