Retirement Systems of Alabama Has $23.42 Million Stock Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Retirement Systems of Alabama lifted its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 0.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 268,455 shares of the financial services provider’s stock after buying an additional 314 shares during the period. Retirement Systems of Alabama owned about 0.35% of Pinnacle Financial Partners worth $23,415,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of PNFP. FMR LLC lifted its stake in Pinnacle Financial Partners by 3.4% in the 3rd 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 in the last quarter. Wellington Management Group LLP lifted its position in shares of 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 worth $125,394,000 after purchasing an additional 947,704 shares in the last quarter. Jennison Associates LLC boosted its holdings in Pinnacle Financial Partners by 0.7% during the third quarter. Jennison Associates LLC now owns 1,269,503 shares of the financial services provider’s stock worth $85,107,000 after purchasing an additional 8,698 shares during the last quarter. North Reef Capital Management LP grew its position 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 purchasing an additional 124,573 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in Pinnacle Financial Partners by 5.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 842,959 shares of the financial services provider’s stock valued at $56,512,000 after buying an additional 43,355 shares during the last quarter. 87.40% of the stock is currently owned by institutional investors.

Pinnacle Financial Partners Trading Down 1.2 %

Shares of Pinnacle Financial Partners stock opened at $79.36 on Tuesday. Pinnacle Financial Partners, Inc. has a 1 year low of $43.31 and a 1 year high of $92.33. The company has a market capitalization of $6.12 billion, a price-to-earnings ratio of 11.35 and a beta of 1.08. The business has a fifty day simple moving average of $82.11 and a two-hundred day simple moving average of $79.53. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.90 and a quick ratio of 0.90.

Pinnacle Financial Partners Dividend Announcement

The business also recently announced 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. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.11%. The ex-dividend date of this dividend is Thursday, May 2nd. Pinnacle Financial Partners’s dividend payout ratio is presently 12.59%.

Insider Buying and Selling

In other Pinnacle Financial Partners news, CFO Harold R. Carpenter sold 6,306 shares of the firm’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 sale, the chief financial officer now directly owns 63,856 shares in the company, valued at $5,250,240.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CFO Harold R. Carpenter sold 6,306 shares of Pinnacle Financial Partners stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total transaction of $518,479.32. Following the completion of the sale, the chief financial officer now owns 63,856 shares of the company’s stock, valued at $5,250,240.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Richard D. Callicutt II sold 11,030 shares of the company’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $82.22, for a total transaction of $906,886.60. Following the completion of the transaction, the chairman now owns 97,226 shares in the company, valued at $7,993,921.72. The disclosure for this sale can be found here. In the last 90 days, insiders sold 235,093 shares of company stock valued at $19,103,353. Company insiders own 1.87% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on PNFP. JPMorgan Chase & Co. reduced their price objective 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 decreased their price target on 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. UBS Group lowered their price target on Pinnacle Financial Partners from $91.00 to $90.00 and set a “neutral” rating on the stock in a research report on Thursday, January 18th. Barclays initiated coverage on Pinnacle Financial Partners in a report on Friday, March 8th. They issued an “equal weight” rating and a $93.00 price objective for the company. Finally, Stephens restated an “overweight” rating and set a $109.00 target price on shares of Pinnacle Financial Partners in a report on Tuesday, April 23rd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, Pinnacle Financial Partners has a consensus rating of “Hold” and an average price target 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.