California Public Employees Retirement System Has $14.54 Million Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

California Public Employees Retirement System decreased its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 6.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 127,079 shares of the financial services provider’s stock after selling 8,308 shares during the period. California Public Employees Retirement System owned about 0.16% of Pinnacle Financial Partners worth $14,537,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in Pinnacle Financial Partners by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 7,200,386 shares of the financial services provider’s stock valued at $823,652,000 after purchasing an additional 87,058 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Pinnacle Financial Partners by 0.7% in the third quarter. Geode Capital Management LLC now owns 1,328,564 shares of the financial services provider’s stock valued at $130,192,000 after buying an additional 8,604 shares during the last quarter. Principal Financial Group Inc. lifted its position in Pinnacle Financial Partners by 27.0% during the 3rd quarter. Principal Financial Group Inc. now owns 983,282 shares of the financial services provider’s stock worth $96,332,000 after buying an additional 208,938 shares in the last quarter. Norges Bank bought a new stake in Pinnacle Financial Partners during the 4th quarter worth about $101,798,000. Finally, Artemis Investment Management LLP increased its position in Pinnacle Financial Partners by 2.6% in the 4th quarter. Artemis Investment Management LLP now owns 482,672 shares of the financial services provider’s stock valued at $55,213,000 after acquiring an additional 12,455 shares in the last quarter. Institutional investors own 87.40% of the company’s stock.

Insider Activity at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, CEO M Terry Turner sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $100.63, for a total value of $201,260.00. Following the sale, the chief executive officer now owns 254,552 shares in the company, valued at approximately $25,615,567.76. The trade was a 0.78 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director David B. Ingram sold 40,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 6th. The stock was sold at an average price of $126.50, for a total transaction of $5,060,000.00. Following the transaction, the director now directly owns 40,991 shares of the company’s stock, valued at $5,185,361.50. This represents a 49.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 95,350 shares of company stock valued at $11,421,320. 1.46% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research firms have recently commented on PNFP. Stephens reissued an “overweight” rating and set a $142.00 price target on shares of Pinnacle Financial Partners in a research note on Wednesday, January 22nd. Citigroup lifted their target price on Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a “buy” rating in a research note on Tuesday, December 31st. Hovde Group cut their price target on Pinnacle Financial Partners from $135.00 to $120.00 and set a “market perform” rating on the stock in a research note on Wednesday. Barclays upgraded Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $120.00 to $135.00 in a research report on Thursday, December 19th. Finally, UBS Group assumed coverage on shares of Pinnacle Financial Partners in a research report on Tuesday, December 17th. They set a “neutral” rating and a $133.00 target price on the stock. Six investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $123.82.

Pinnacle Financial Partners Stock Down 5.1 %

NASDAQ:PNFP opened at $87.19 on Friday. Pinnacle Financial Partners, Inc. has a 1 year low of $73.62 and a 1 year high of $131.91. The stock has a 50-day moving average price of $112.41 and a two-hundred day moving average price of $112.29. The stock has a market cap of $6.75 billion, a price-to-earnings ratio of 14.58 and a beta of 0.94. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.37.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings data on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.80 by $0.10. The business had revenue of $475.34 million during the quarter, compared to analyst estimates of $470.33 million. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. Pinnacle Financial Partners’s quarterly revenue was up 19.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.68 EPS. As a group, equities analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Friday, February 7th were issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.10%. This is a positive change from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. The ex-dividend date was Friday, February 7th. 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.