Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Shares Sold by Alaska Permanent Fund Corp

Alaska Permanent Fund Corp trimmed its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 44.1% in the first quarter, HoldingsChannel reports. The firm owned 19,627 shares of the financial services provider’s stock after selling 15,457 shares during the period. Alaska Permanent Fund Corp’s holdings in Pinnacle Financial Partners were worth $1,686,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of PNFP. HighTower Advisors LLC boosted its stake in Pinnacle Financial Partners by 6.6% during the 3rd quarter. HighTower Advisors LLC now owns 9,040 shares of the financial services provider’s stock valued at $608,000 after purchasing an additional 560 shares during the period. UBS Group AG boosted its stake in Pinnacle Financial Partners by 8.5% during the 3rd quarter. UBS Group AG now owns 36,211 shares of the financial services provider’s stock valued at $2,428,000 after purchasing an additional 2,846 shares during the period. Envestnet Portfolio Solutions Inc. acquired a new position in Pinnacle Financial Partners during the 3rd quarter valued at about $585,000. Envestnet Asset Management Inc. boosted its stake in Pinnacle Financial Partners by 43.0% during the 3rd quarter. Envestnet Asset Management Inc. now owns 251,598 shares of the financial services provider’s stock valued at $16,867,000 after purchasing an additional 75,691 shares during the period. Finally, FMR LLC boosted its stake in Pinnacle Financial Partners by 3.4% during the 3rd quarter. FMR LLC now owns 2,084,141 shares of the financial services provider’s stock valued at $139,721,000 after purchasing an additional 69,197 shares during the period. 87.40% of the stock is owned by institutional investors and hedge funds.

Pinnacle Financial Partners Stock Up 1.0 %

NASDAQ PNFP opened at $77.00 on Friday. Pinnacle Financial Partners, Inc. has a 12 month low of $52.91 and a 12 month high of $92.33. The company’s 50 day simple moving average is $79.61 and its 200 day simple moving average is $82.51. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.90 and a quick ratio of 0.90. The company has a market capitalization of $5.95 billion, a P/E ratio of 11.02 and a beta of 1.08.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings results on Monday, April 22nd. The financial services provider reported $1.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.52 by $0.01. Pinnacle Financial Partners had a net margin of 18.59% and a return on equity of 9.31%. The business had revenue of $428.14 million for the quarter, compared to analyst estimates of $413.27 million. Equities research analysts expect that Pinnacle Financial Partners, Inc. will post 6.74 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 31st. Stockholders of record on Friday, May 3rd were issued a dividend of $0.22 per share. The ex-dividend date of this dividend was Thursday, May 2nd. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.14%. Pinnacle Financial Partners’s dividend payout ratio is currently 12.59%.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on PNFP. Stephens reduced their target price on shares of Pinnacle Financial Partners from $109.00 to $102.00 and set an “overweight” rating for the company in a research note on Thursday, May 23rd. Jefferies Financial Group reduced their price target on shares of Pinnacle Financial Partners from $88.00 to $85.00 and set a “hold” rating for the company in a research note on Monday, April 8th. JPMorgan Chase & Co. reduced their price target 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. Truist Financial reduced their price target on shares of Pinnacle Financial Partners from $99.00 to $94.00 and set a “buy” rating for the company in a research note on Thursday, April 25th. Finally, Hovde Group reduced their price target on shares of Pinnacle Financial Partners from $104.00 to $99.00 and set an “outperform” rating for the company in a research note on Tuesday, April 23rd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $94.63.

Insider Activity

In other Pinnacle Financial Partners news, Chairman Robert A. Mccabe, Jr. sold 115,249 shares of the company’s stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $81.04, for a total value of $9,339,778.96. Following the transaction, the chairman now owns 153,062 shares in the company, valued at approximately $12,404,144.48. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Pinnacle Financial Partners news, CEO M Terry Turner sold 72,000 shares of the business’s stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $80.97, for a total value of $5,829,840.00. Following the completion of the sale, the chief executive officer now directly owns 222,790 shares of the company’s stock, valued at $18,039,306.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Robert A. Mccabe, Jr. sold 115,249 shares of the business’s stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $81.04, for a total transaction of $9,339,778.96. Following the completion of the sale, the chairman now directly owns 153,062 shares of the company’s stock, valued at $12,404,144.48. The disclosure for this sale can be found here. 1.87% of the stock is owned by company insiders.

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.