Retirement Systems of Alabama Has $19.97 Million Stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Retirement Systems of Alabama cut its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 13.4% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 232,487 shares of the financial services provider’s stock after selling 35,968 shares during the quarter. Retirement Systems of Alabama’s holdings in Pinnacle Financial Partners were worth $19,966,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the business. Caprock Group LLC boosted its holdings in Pinnacle Financial Partners by 2.2% in the fourth quarter. Caprock Group LLC now owns 5,604 shares of the financial services provider’s stock worth $489,000 after purchasing an additional 122 shares in the last quarter. NBC Securities Inc. boosted its holdings in shares of Pinnacle Financial Partners by 1.3% during the 4th quarter. NBC Securities Inc. now owns 9,419 shares of the financial services provider’s stock worth $821,000 after buying an additional 124 shares during the period. Verdence Capital Advisors LLC grew its stake in Pinnacle Financial Partners by 2.9% in the 1st quarter. Verdence Capital Advisors LLC now owns 4,497 shares of the financial services provider’s stock valued at $386,000 after buying an additional 126 shares during the last quarter. Covenant Partners LLC raised its holdings in Pinnacle Financial Partners by 1.4% in the 4th quarter. Covenant Partners LLC now owns 10,699 shares of the financial services provider’s stock worth $933,000 after acquiring an additional 149 shares during the period. Finally, Treasurer of the State of North Carolina lifted its position in Pinnacle Financial Partners by 0.5% during the 3rd quarter. Treasurer of the State of North Carolina now owns 33,040 shares of the financial services provider’s stock worth $2,215,000 after acquiring an additional 170 shares during the last quarter. 87.40% of the stock is owned by institutional investors.

Insiders Place Their Bets

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

Pinnacle Financial Partners Price Performance

Shares of PNFP stock traded down $1.23 during trading hours on Friday, hitting $76.97. The company had a trading volume of 782,680 shares, compared to its average volume of 433,377. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.90 and a current ratio of 0.90. The firm has a market capitalization of $5.94 billion, a price-to-earnings ratio of 11.02 and a beta of 1.08. Pinnacle Financial Partners, Inc. has a 12 month low of $55.38 and a 12 month high of $92.33. The firm’s fifty day moving average is $79.16 and its 200 day moving average is $82.19.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings data on Monday, April 22nd. The financial services provider reported $1.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.52 by $0.01. The firm had revenue of $428.14 million during the quarter, compared to analyst estimates of $413.27 million. Pinnacle Financial Partners had a return on equity of 9.31% and a net margin of 18.59%. On average, sell-side analysts predict that Pinnacle Financial Partners, Inc. will post 6.77 EPS for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

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

Wall Street Analyst Weigh In

PNFP has been the subject of several research analyst reports. JPMorgan Chase & Co. cut their price objective on Pinnacle Financial Partners from $108.00 to $105.00 and set an “overweight” rating for the company in a research report on Thursday, June 27th. Truist Financial lowered their price objective on shares of Pinnacle Financial Partners from $99.00 to $94.00 and set a “buy” rating on the stock in a research note on Thursday, April 25th. Barclays started coverage on shares of Pinnacle Financial Partners in a research report on Friday, March 8th. They issued an “equal weight” rating and a $93.00 price target on the stock. Hovde Group decreased their target price on Pinnacle Financial Partners from $104.00 to $99.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 23rd. Finally, Jefferies Financial Group lowered their price objective on Pinnacle Financial Partners from $88.00 to $85.00 and set a “hold” rating on the stock in a research report on Monday, April 8th. One investment 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 MarketBeat.com, Pinnacle Financial Partners has a consensus rating of “Hold” and a consensus target price of $94.25.

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.