California Public Employees Retirement System Lowers Stock Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

California Public Employees Retirement System lessened its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 7.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 143,494 shares of the financial services provider's stock after selling 11,122 shares during the period. California Public Employees Retirement System owned about 0.19% of Pinnacle Financial Partners worth $12,516,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. FMR LLC lifted its holdings in Pinnacle Financial Partners by 3.4% in the third quarter. FMR LLC now owns 2,084,141 shares of the financial services provider's stock valued at $139,721,000 after acquiring an additional 69,197 shares during the last quarter. Wellington Management Group LLP increased its holdings in Pinnacle Financial Partners by 102.7% in the third quarter. Wellington Management Group LLP now owns 1,870,441 shares of the financial services provider's stock valued at $125,394,000 after buying an additional 947,704 shares during the last quarter. Jennison Associates LLC boosted its stake in Pinnacle Financial Partners by 0.7% in the third quarter. Jennison Associates LLC now owns 1,269,503 shares of the financial services provider's stock valued at $85,107,000 after acquiring an additional 8,698 shares in the last quarter. North Reef Capital Management LP boosted its stake in Pinnacle Financial Partners by 15.9% in the third quarter. North Reef Capital Management LP now owns 910,108 shares of the financial services provider's stock valued at $61,014,000 after acquiring an additional 124,573 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Pinnacle Financial Partners by 5.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 842,959 shares of the financial services provider's stock worth $56,512,000 after buying an additional 43,355 shares during the period. Hedge funds and other institutional investors own 87.40% of the company's stock.

Pinnacle Financial Partners Trading Up 3.3 %

Shares of PNFP stock traded up $2.60 during trading hours on Thursday, reaching $80.85. 740,346 shares of the stock traded hands, compared to its average volume of 473,037. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.43. The firm has a market capitalization of $6.23 billion, a PE ratio of 11.19 and a beta of 1.09. Pinnacle Financial Partners, Inc. has a 1-year low of $43.31 and a 1-year high of $92.33. The business has a fifty day moving average price of $81.84 and a 200 day moving average price of $79.60.

Pinnacle Financial Partners Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 31st. Investors of record on Friday, May 3rd will be issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 1.09%. The ex-dividend date is Thursday, May 2nd. Pinnacle Financial Partners's dividend payout ratio is currently 12.59%.

Insider Buying and Selling at Pinnacle Financial Partners

In related news, CFO Harold R. Carpenter sold 6,306 shares of Pinnacle Financial Partners stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $82.22, for a total transaction of $518,479.32. Following the completion of the transaction, the chief financial officer now directly owns 63,856 shares of the company's stock, valued at approximately $5,250,240.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Pinnacle Financial Partners news, CFO Harold R. Carpenter sold 6,306 shares of the business's stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $82.22, for a total value of $518,479.32. Following the completion of the transaction, the chief financial officer now directly owns 63,856 shares of the company's stock, valued at $5,250,240.32. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Chairman Richard D. Callicutt II sold 11,030 shares of Pinnacle Financial Partners stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total transaction of $906,886.60. Following the sale, the chairman now owns 97,226 shares of the company's stock, valued at approximately $7,993,921.72. The disclosure for this sale can be found here. Insiders sold a total of 235,093 shares of company stock valued at $19,103,353 in the last ninety days. Company insiders own 1.87% of the company's stock.

Analysts Set New Price Targets

PNFP has been the subject of a number of recent analyst reports. Jefferies Financial Group reduced their price objective on shares of Pinnacle Financial Partners from $88.00 to $85.00 and set a "hold" rating for the company in a research report on Monday, April 8th. UBS Group reduced their target price on shares of Pinnacle Financial Partners from $91.00 to $90.00 and set a "neutral" rating on the stock in a report on Thursday, January 18th. Hovde Group dropped their price target on shares of Pinnacle Financial Partners from $104.00 to $99.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 23rd. Barclays assumed coverage on shares of Pinnacle Financial Partners in a research report on Friday, March 8th. They set an "equal weight" rating and a $93.00 price objective for the company. Finally, JPMorgan Chase & Co. reduced their target price on shares of Pinnacle Financial Partners from $110.00 to $108.00 and set an "overweight" rating for the company in a research note on Wednesday, April 24th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $95.50.

About Pinnacle Financial Partners

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.