California Public Employees Retirement System Sells 11,122 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

California Public Employees Retirement System cut its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 7.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 143,494 shares of the financial services provider’s stock after selling 11,122 shares during the period. California Public Employees Retirement System owned about 0.19% of Pinnacle Financial Partners worth $12,516,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. Bruce G. Allen Investments LLC purchased a new position in Pinnacle Financial Partners in the fourth quarter valued at approximately $32,000. Emerald Advisers LLC purchased a new position in Pinnacle Financial Partners in the third quarter valued at approximately $27,000. Fifth Third Bancorp lifted its position in shares of Pinnacle Financial Partners by 101.4% during the third quarter. Fifth Third Bancorp now owns 423 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 213 shares in the last quarter. Nomura Asset Management Co. Ltd. lifted its position in shares of Pinnacle Financial Partners by 57.1% during the third quarter. Nomura Asset Management Co. Ltd. now owns 550 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 200 shares in the last quarter. Finally, CWM LLC lifted its position in shares of Pinnacle Financial Partners by 62.3% during the fourth quarter. CWM LLC now owns 865 shares of the financial services provider’s stock worth $75,000 after acquiring an additional 332 shares in the last quarter. 87.40% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. JPMorgan Chase & Co. dropped their target price on Pinnacle Financial Partners from $110.00 to $108.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 24th. Stephens restated an “overweight” rating and set a $109.00 target price on shares of Pinnacle Financial Partners in a research report on Tuesday, April 23rd. Truist Financial dropped their target price on Pinnacle Financial Partners from $99.00 to $94.00 and set a “buy” rating on the stock in a research report on Thursday, April 25th. UBS Group dropped their target price on Pinnacle Financial Partners from $91.00 to $90.00 and set a “neutral” rating on the stock in a research report on Thursday, January 18th. Finally, Jefferies Financial Group dropped their price objective on Pinnacle Financial Partners from $88.00 to $85.00 and set a “hold” rating for the company in a research note on Monday, April 8th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, Pinnacle Financial Partners currently has an average rating of “Hold” and a consensus price target of $95.50.

Pinnacle Financial Partners Stock Up 2.0 %

Shares of NASDAQ:PNFP opened at $78.25 on Thursday. The firm has a market capitalization of $6.03 billion, a PE ratio of 11.19 and a beta of 1.08. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.90 and a current ratio of 0.90. Pinnacle Financial Partners, Inc. has a 52-week low of $43.31 and a 52-week high of $92.33. The firm has a fifty day moving average of $81.84 and a 200 day moving average of $79.60.

Pinnacle Financial Partners Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 31st. Investors of record on Friday, May 3rd will be given 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 1.12%. Pinnacle Financial Partners’s payout ratio is 12.59%.

Insiders Place Their Bets

In other news, CFO Harold R. Carpenter sold 6,306 shares of the business’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 value of $518,479.32. Following the completion of 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 document filed with the SEC, which is available at this hyperlink. In other news, CEO M Terry Turner sold 24,057 shares of Pinnacle Financial Partners stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total value of $1,977,966.54. Following the transaction, the chief executive officer now owns 294,790 shares in the company, valued at $24,237,633.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Harold R. Carpenter sold 6,306 shares of Pinnacle Financial Partners 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 disclosure for this sale can be found here. Insiders sold a total of 235,093 shares of company stock valued at $19,103,353 over the last quarter. 1.87% of the stock is owned by corporate insiders.

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.