Public Employees Retirement System of Ohio Decreases Stock Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Public Employees Retirement System of Ohio decreased its holdings in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 8.7% during the fourth quarter, according to its most recent filing with the SEC. The firm 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 0.12% of Pinnacle Financial Partners worth $10,804,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Kapitalo Investimentos Ltda purchased a new position in Pinnacle Financial Partners in the fourth quarter valued at about $78,000. Principal Securities Inc. grew its position in shares of Pinnacle Financial Partners by 12.7% in the 4th quarter. Principal Securities Inc. now owns 808 shares of the financial services provider's stock worth $92,000 after buying an additional 91 shares during the last quarter. Values First Advisors Inc. grew its position in shares of Pinnacle Financial Partners by 189.9% in the 4th quarter. Values First Advisors Inc. now owns 1,458 shares of the financial services provider's stock worth $167,000 after buying an additional 955 shares during the last quarter. Blue Trust Inc. grew its position in shares of Pinnacle Financial Partners by 20.6% in the 4th quarter. Blue Trust Inc. now owns 1,586 shares of the financial services provider's stock worth $181,000 after buying an additional 271 shares during the last quarter. Finally, Blair William & Co. IL purchased a new position in Pinnacle Financial Partners in the fourth quarter worth $200,000. Hedge funds and other institutional investors own 87.40% of the company's stock.

Pinnacle Financial Partners Stock Performance

Shares of PNFP stock traded down $1.44 during trading hours on Wednesday, hitting $106.71. The company's stock had a trading volume of 370,202 shares, compared to its average volume of 502,864. Pinnacle Financial Partners, Inc. has a 12-month low of $73.62 and a 12-month high of $131.91. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.37. The stock has a market cap of $8.28 billion, a PE ratio of 17.84 and a beta of 1.00. The company has a 50 day moving average of $101.70 and a 200 day moving average of $112.13.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last posted its quarterly earnings results on Monday, April 14th. The financial services provider reported $1.90 EPS 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 company had revenue of $475.37 million for the quarter, compared to analyst estimates of $478.11 million. During the same period in the prior year, the company earned $1.53 earnings per share. On average, sell-side analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 30th. Shareholders of record on Friday, May 2nd will be given a $0.24 dividend. The ex-dividend date is Friday, May 2nd. This represents a $0.96 annualized dividend and a yield of 0.90%. Pinnacle Financial Partners's dividend payout ratio is presently 15.53%.

Analyst Ratings Changes

Several equities analysts have issued reports on PNFP shares. Hovde Group raised shares of Pinnacle Financial Partners from a "market perform" rating to an "outperform" rating and set a $111.00 price target on the stock in a report on Wednesday, April 16th. Keefe, Bruyette & Woods dropped their target price on Pinnacle Financial Partners from $130.00 to $115.00 and set a "market perform" rating on the stock in a research note on Thursday, April 17th. JPMorgan Chase & Co. dropped their price target on Pinnacle Financial Partners from $125.00 to $115.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Wells Fargo & Company dropped their price target on Pinnacle Financial Partners from $125.00 to $105.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 9th. Finally, Jefferies Financial Group assumed coverage on Pinnacle Financial Partners in a research note on Wednesday, May 21st. They set a "buy" rating and a $135.00 price target on the stock. Four equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $121.27.

Insiders Place Their Bets

In other news, CEO M Terry Turner sold 2,000 shares of the stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $100.63, for a total transaction of $201,260.00. Following the transaction, the chief executive officer now owns 254,552 shares in the company, valued at $25,615,567.76. This trade represents a 0.78% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Glenda Baskin Glover sold 3,000 shares of the stock in a transaction that occurred on 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 owns 9,943 shares in the company, valued at $1,009,711.65. This trade represents a 23.18% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 5,041 shares of company stock worth $509,986. Corporate insiders own 1.46% of the company's stock.

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.