Retirement Systems of Alabama Buys 314 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Retirement Systems of Alabama lifted its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 0.1% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 268,455 shares of the financial services provider’s stock after buying an additional 314 shares during the quarter. Retirement Systems of Alabama’s holdings in Pinnacle Financial Partners were worth $23,415,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Russell Investments Group Ltd. boosted its holdings in shares of Pinnacle Financial Partners by 16.0% during the 4th quarter. Russell Investments Group Ltd. now owns 104,490 shares of the financial services provider’s stock valued at $9,114,000 after purchasing an additional 14,381 shares during the last quarter. AM Investment Strategies LLC boosted its position in shares of Pinnacle Financial Partners by 5.8% during the 4th quarter. AM Investment Strategies LLC now owns 11,290 shares of the financial services provider’s stock valued at $985,000 after acquiring an additional 618 shares during the last quarter. GAMMA Investing LLC purchased a new position in shares of Pinnacle Financial Partners in the fourth quarter valued at $95,000. New York State Common Retirement Fund increased its position in Pinnacle Financial Partners by 1.2% in the fourth quarter. New York State Common Retirement Fund now owns 595,168 shares of the financial services provider’s stock worth $51,911,000 after purchasing an additional 7,178 shares during the last quarter. Finally, CWM LLC raised its stake in Pinnacle Financial Partners by 62.3% during the fourth quarter. CWM LLC now owns 865 shares of the financial services provider’s stock valued at $75,000 after purchasing an additional 332 shares in the last quarter. Institutional investors own 87.40% of the company’s stock.

Insider Activity at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, CEO M Terry Turner sold 24,057 shares of the company’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total transaction of $1,977,966.54. Following the completion of the sale, the chief executive officer now owns 294,790 shares in the company, valued at $24,237,633.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, CFO Harold R. Carpenter sold 6,306 shares of the business’s stock in a transaction that occurred on 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 owns 63,856 shares in the company, valued at approximately $5,250,240.32. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO M Terry Turner sold 24,057 shares of the stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $82.22, for a total transaction of $1,977,966.54. Following the sale, the chief executive officer now directly owns 294,790 shares of the company’s stock, valued at approximately $24,237,633.80. The disclosure for this sale can be found here. Insiders have sold a total of 235,093 shares of company stock valued at $19,103,353 over the last ninety days. 1.87% of the stock is owned by company insiders.

Pinnacle Financial Partners Stock Down 1.2 %

NASDAQ:PNFP opened at $79.36 on Tuesday. 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 firm has a market cap of $6.12 billion, a PE ratio of 11.35 and a beta of 1.08. The company has a 50-day moving average of $82.11 and a 200 day moving average of $79.53. Pinnacle Financial Partners, Inc. has a 1-year low of $43.31 and a 1-year high of $92.33.

Pinnacle Financial Partners Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 31st. Stockholders of record on Friday, May 3rd will be paid a dividend of $0.22 per share. The ex-dividend date is Thursday, May 2nd. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.11%. Pinnacle Financial Partners’s dividend payout ratio is presently 12.59%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on PNFP shares. Stephens reissued an “overweight” rating and set a $109.00 target price on shares of Pinnacle Financial Partners in a research report on Tuesday, April 23rd. UBS Group dropped their price target on shares of Pinnacle Financial Partners from $91.00 to $90.00 and set a “neutral” rating for the company in a research note on Thursday, January 18th. JPMorgan Chase & Co. reduced their price objective on shares of Pinnacle Financial Partners from $110.00 to $108.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 24th. Hovde Group dropped their target price on Pinnacle Financial Partners from $104.00 to $99.00 and set an “outperform” rating for the company in a research report on Tuesday, April 23rd. Finally, Barclays assumed coverage on Pinnacle Financial Partners in a research note on Friday, March 8th. They set an “equal weight” rating and a $93.00 target price on the stock. One analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $95.50.

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.