Public Employees Retirement System of Ohio Sells 8,962 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Public Employees Retirement System of Ohio cut its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 8.7% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 94,448 shares of the financial services provider's stock after selling 8,962 shares during the period. Public Employees Retirement System of Ohio owned about 0.12% of Pinnacle Financial Partners worth $10,804,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the stock. GTS Securities LLC purchased a new stake in Pinnacle Financial Partners in the 4th quarter worth approximately $398,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Pinnacle Financial Partners by 27.2% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 254,472 shares of the financial services provider's stock worth $29,109,000 after buying an additional 54,340 shares in the last quarter. Voloridge Investment Management LLC purchased a new stake in Pinnacle Financial Partners in the 4th quarter worth approximately $2,937,000. iSAM Funds UK Ltd purchased a new stake in Pinnacle Financial Partners in the 4th quarter worth approximately $1,172,000. Finally, Twinbeech Capital LP purchased a new stake in Pinnacle Financial Partners in the 4th quarter worth approximately $1,839,000. Institutional investors and hedge funds own 87.40% of the company's stock.

Insider Buying and Selling at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, Director Glenda Baskin Glover sold 3,000 shares of the business's stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $101.55, for a total value of $304,650.00. Following the transaction, the director now directly owns 9,943 shares in the company, valued at $1,009,711.65. The trade was a 23.18% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO M Terry Turner sold 2,000 shares of the business's stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $100.63, for a total transaction of $201,260.00. Following the completion of the transaction, the chief executive officer now directly owns 254,552 shares of the company's stock, valued at approximately $25,615,567.76. This represents a 0.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,041 shares of company stock worth $509,986 over the last ninety days. Corporate insiders own 1.46% of the company's stock.

Wall Street Analyst Weigh In

PNFP has been the topic of a number of recent research reports. Keefe, Bruyette & Woods cut their price target on shares of Pinnacle Financial Partners from $130.00 to $115.00 and set a "market perform" rating on the stock in a report on Thursday, April 17th. Wells Fargo & Company dropped their target price on shares of Pinnacle Financial Partners from $125.00 to $105.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 9th. Barclays dropped their target price on shares of Pinnacle Financial Partners from $135.00 to $125.00 and set an "overweight" rating on the stock in a report on Tuesday, April 8th. Truist Financial started coverage on shares of Pinnacle Financial Partners in a report on Tuesday, May 13th. They issued a "buy" rating and a $123.00 target price on the stock. Finally, Jefferies Financial Group started coverage on shares of Pinnacle Financial Partners in a report on Wednesday, May 21st. They issued a "buy" rating and a $135.00 target price on the stock. Four equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $121.27.

Pinnacle Financial Partners Price Performance

Shares of Pinnacle Financial Partners stock traded down $1.83 during trading on Friday, hitting $105.42. 51,315 shares of the company's stock traded hands, compared to its average volume of 500,892. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.90 and a quick ratio of 0.90. The firm's fifty day moving average price is $101.70 and its 200 day moving average price is $112.13. Pinnacle Financial Partners, Inc. has a twelve month low of $73.62 and a twelve month high of $131.91. The company has a market cap of $8.18 billion, a PE ratio of 17.63 and a beta of 1.00.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last issued its earnings results on Monday, April 14th. The financial services provider reported $1.90 earnings per share for the quarter, beating the consensus estimate of $1.82 by $0.08. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. The business had revenue of $475.37 million for the quarter, compared to analyst estimates of $478.11 million. During the same period in the previous year, the business earned $1.53 EPS. Analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, May 30th. Investors of record on Friday, May 2nd will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 0.91%. The ex-dividend date of this dividend is Friday, May 2nd. Pinnacle Financial Partners's dividend payout ratio is currently 15.53%.

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.