Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Shares Sold by New York State Common Retirement Fund

New York State Common Retirement Fund trimmed its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 16.1% in the 4th quarter, HoldingsChannel reports. The firm owned 484,963 shares of the financial services provider’s stock after selling 92,922 shares during the period. New York State Common Retirement Fund’s holdings in Pinnacle Financial Partners were worth $55,475,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of PNFP. Creative Planning grew its stake in Pinnacle Financial Partners by 9.4% during the 3rd quarter. Creative Planning now owns 18,710 shares of the financial services provider’s stock worth $1,833,000 after purchasing an additional 1,614 shares in the last quarter. Blue Trust Inc. grew its stake in Pinnacle Financial Partners by 10.6% during the 3rd quarter. Blue Trust Inc. now owns 1,315 shares of the financial services provider’s stock worth $129,000 after purchasing an additional 126 shares in the last quarter. Raymond James & Associates grew its stake in Pinnacle Financial Partners by 2.5% during the 3rd quarter. Raymond James & Associates now owns 208,850 shares of the financial services provider’s stock worth $20,461,000 after purchasing an additional 5,134 shares in the last quarter. Signaturefd LLC grew its stake in Pinnacle Financial Partners by 4.4% during the 3rd quarter. Signaturefd LLC now owns 5,190 shares of the financial services provider’s stock worth $508,000 after purchasing an additional 218 shares in the last quarter. Finally, International Assets Investment Management LLC grew its stake in Pinnacle Financial Partners by 9,804.4% during the 3rd quarter. International Assets Investment Management LLC now owns 36,151 shares of the financial services provider’s stock worth $3,542,000 after purchasing an additional 35,786 shares in the last quarter. 87.40% of the stock is owned by institutional investors and hedge funds.

Pinnacle Financial Partners Stock Down 0.8 %

Pinnacle Financial Partners stock opened at $120.91 on Thursday. Pinnacle Financial Partners, Inc. has a fifty-two week low of $73.62 and a fifty-two week high of $131.91. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.90 and a current ratio of 0.90. The company has a market capitalization of $9.34 billion, a P/E ratio of 20.22 and a beta of 1.09. The stock has a 50-day simple moving average of $118.68 and a 200-day simple moving average of $109.39.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings data on Tuesday, January 21st. The financial services provider reported $1.90 EPS for the quarter, beating the consensus estimate of $1.80 by $0.10. The firm had revenue of $475.34 million during the quarter, compared to the consensus estimate of $470.33 million. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. The firm’s revenue was up 19.9% compared to the same quarter last year. During the same period in the prior year, the business earned $1.68 EPS. Equities research 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 will be paid on Friday, February 28th. Shareholders of record on Friday, February 7th will be paid a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, February 7th. This is an increase from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a yield of 0.79%. Pinnacle Financial Partners’s dividend payout ratio is currently 16.05%.

Insider Buying and Selling at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, CFO Harold R. Carpenter sold 3,051 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $125.57, for a total transaction of $383,114.07. Following the transaction, the chief financial officer now owns 60,805 shares in the company, valued at approximately $7,635,283.85. The trade was a 4.78 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $124.09, for a total value of $6,204,500.00. Following the transaction, the chairman now owns 123,000 shares in the company, valued at $15,263,070. The trade was a 28.90 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 126,970 shares of company stock valued at $15,922,061 in the last ninety days. Insiders own 1.87% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on PNFP. Wells Fargo & Company upped their price objective on Pinnacle Financial Partners from $120.00 to $125.00 and gave the stock an “equal weight” rating in a research report on Thursday, January 23rd. Hovde Group cut Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 price objective for the company. in a research report on Monday, November 18th. Citigroup upped their price objective on Pinnacle Financial Partners from $123.00 to $132.00 and gave the stock a “buy” rating in a research report on Tuesday, December 31st. JPMorgan Chase & Co. lowered their price objective on Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating for the company in a research report on Tuesday, January 7th. Finally, Barclays raised Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $120.00 to $135.00 in a research report on Thursday, December 19th. Six research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $125.18.

Pinnacle Financial Partners Company 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.