Charles Schwab Investment Management Inc. Sells 26,344 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Charles Schwab Investment Management Inc. lowered its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 2.9% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 887,022 shares of the financial services provider's stock after selling 26,344 shares during the period. Charles Schwab Investment Management Inc. owned 1.15% of Pinnacle Financial Partners worth $94,060,000 as of its most recent filing with the SEC.

Other institutional investors have also bought and sold shares of the company. Utah Retirement Systems grew its stake in shares of Pinnacle Financial Partners by 2.5% in the fourth quarter. Utah Retirement Systems now owns 4,090 shares of the financial services provider's stock worth $468,000 after acquiring an additional 100 shares during the last quarter. KLP Kapitalforvaltning AS lifted its holdings in shares of Pinnacle Financial Partners by 0.6% during the first quarter. KLP Kapitalforvaltning AS now owns 15,800 shares of the financial services provider's stock valued at $1,675,000 after acquiring an additional 100 shares during the period. Parallel Advisors LLC lifted its holdings in shares of Pinnacle Financial Partners by 5.7% during the first quarter. Parallel Advisors LLC now owns 2,143 shares of the financial services provider's stock valued at $227,000 after acquiring an additional 116 shares during the period. UMB Bank n.a. raised its holdings in shares of Pinnacle Financial Partners by 16.6% in the first quarter. UMB Bank n.a. now owns 858 shares of the financial services provider's stock valued at $91,000 after buying an additional 122 shares during the last quarter. Finally, Tidal Investments LLC raised its holdings in shares of Pinnacle Financial Partners by 4.7% in the fourth quarter. Tidal Investments LLC now owns 3,101 shares of the financial services provider's stock valued at $355,000 after buying an additional 140 shares during the last quarter. Institutional investors and hedge funds own 87.40% of the company's stock.

Insider Transactions at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, Director G Kennedy Thompson purchased 10,000 shares of the company's stock in a transaction that occurred on Friday, August 1st. The shares were acquired at an average price of $85.65 per share, for a total transaction of $856,500.00. Following the purchase, the director owned 28,372 shares in the company, valued at approximately $2,430,061.80. The trade was a 54.43% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Thomas C. Farnsworth III purchased 1,000 shares of the company's stock in a transaction that occurred on Friday, August 1st. The stock was acquired at an average price of $84.94 per share, for a total transaction of $84,940.00. Following the purchase, the director owned 28,277 shares in the company, valued at $2,401,848.38. This trade represents a 3.67% increase in their position. The disclosure for this purchase can be found here. Insiders have purchased a total of 12,174 shares of company stock worth $1,047,079 in the last 90 days. Corporate insiders own 1.46% of the company's stock.

Pinnacle Financial Partners Stock Down 1.3%

NASDAQ:PNFP traded down $1.19 during trading hours on Friday, reaching $92.23. 1,200,289 shares of the stock were exchanged, compared to its average volume of 2,245,113. Pinnacle Financial Partners, Inc. has a twelve month low of $81.57 and a twelve month high of $131.91. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.89 and a quick ratio of 0.88. The firm has a 50 day moving average of $104.61 and a 200 day moving average of $106.05. The stock has a market cap of $7.15 billion, a PE ratio of 12.23 and a beta of 1.03.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last announced its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $2.00 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.92 by $0.08. Pinnacle Financial Partners had a return on equity of 9.60% and a net margin of 18.69%. The company had revenue of $504.99 million for the quarter, compared to analysts' expectations of $495.27 million. During the same quarter in the prior year, the business posted $1.63 EPS. The business's revenue was up 15.1% compared to the same quarter last year. On average, equities analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Friday, August 1st will be paid a dividend of $0.24 per share. The ex-dividend date is Friday, August 1st. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.0%. Pinnacle Financial Partners's dividend payout ratio is currently 12.73%.

Analyst Ratings Changes

A number of brokerages recently commented on PNFP. Keefe, Bruyette & Woods lowered their price objective on Pinnacle Financial Partners from $125.00 to $95.00 and set a "market perform" rating for the company in a research report on Wednesday. Citigroup decreased their target price on Pinnacle Financial Partners from $140.00 to $120.00 and set a "buy" rating for the company in a research report on Friday, July 25th. Hovde Group lowered Pinnacle Financial Partners from a "strong-buy" rating to a "hold" rating in a research report on Friday, July 25th. Stephens decreased their target price on Pinnacle Financial Partners from $133.00 to $104.00 and set an "equal weight" rating for the company in a research report on Tuesday, July 29th. Finally, UBS Group restated a "neutral" rating and set a $121.00 target price on shares of Pinnacle Financial Partners in a research report on Wednesday, July 9th. Seven equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, Pinnacle Financial Partners has an average rating of "Hold" and an average price target of $114.80.

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.