Zurcher Kantonalbank Zurich Cantonalbank trimmed its holdings in shares of Pinnacle Financial Partners (NASDAQ:PNFP) by 13.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,204 shares of the financial services provider’s stock after selling 637 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Pinnacle Financial Partners were worth $230,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in PNFP. Enlightenment Research LLC bought a new stake in shares of Pinnacle Financial Partners during the 4th quarter worth $28,000. Oregon Public Employees Retirement Fund raised its stake in shares of Pinnacle Financial Partners by 4,510.0% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 1,351,790 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 1,322,467 shares during the period. Private Capital Group LLC raised its stake in shares of Pinnacle Financial Partners by 76.6% during the 1st quarter. Private Capital Group LLC now owns 544 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 236 shares during the period. Pearl River Capital LLC bought a new stake in shares of Pinnacle Financial Partners during the 4th quarter worth $37,000. Finally, Valeo Financial Advisors LLC bought a new stake in shares of Pinnacle Financial Partners during the 1st quarter worth $39,000. Institutional investors own 82.32% of the company’s stock.
Shares of PNFP opened at $56.40 on Friday. Pinnacle Financial Partners has a fifty-two week low of $43.23 and a fifty-two week high of $68.70. The stock has a market capitalization of $4.27 billion, a P/E ratio of 11.90, a PEG ratio of 0.78 and a beta of 1.39. The company has a quick ratio of 1.00, a current ratio of 1.01 and a debt-to-equity ratio of 0.64.
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 $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 1.13%. The ex-dividend date of this dividend is Thursday, May 2nd. Pinnacle Financial Partners’s dividend payout ratio (DPR) is currently 13.50%.
A number of equities research analysts have recently commented on the company. BidaskClub cut Pinnacle Financial Partners from a “hold” rating to a “sell” rating in a research note on Tuesday, March 26th. Raymond James cut Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating in a research note on Wednesday, April 17th. They noted that the move was a valuation call. TheStreet upgraded Pinnacle Financial Partners from a “c+” rating to a “b-” rating in a research note on Wednesday, February 13th. Zacks Investment Research cut Pinnacle Financial Partners from a “buy” rating to a “hold” rating in a research note on Wednesday, March 27th. Finally, Stephens reissued a “buy” rating and issued a $65.00 price objective on shares of Pinnacle Financial Partners in a report on Tuesday, April 16th. Two analysts have rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $64.14.
In related news, CFO Harold R. Carpenter sold 10,075 shares of Pinnacle Financial Partners stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $57.75, for a total value of $581,831.25. Following the completion of the sale, the chief financial officer now owns 86,423 shares of the company’s stock, valued at approximately $4,990,928.25. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Vice Chairman Ronald L. Samuel sold 1,600 shares of Pinnacle Financial Partners stock in a transaction dated Tuesday, February 26th. The shares were sold at an average price of $58.55, for a total value of $93,680.00. Following the transaction, the insider now directly owns 24,775 shares of the company’s stock, valued at approximately $1,450,576.25. The disclosure for this sale can be found here. In the last three months, insiders sold 48,223 shares of company stock valued at $2,808,137. 2.97% of the stock is currently owned by insiders.
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Pinnacle Financial Partners Profile
Pinnacle Financial Partners, Inc operates as a bank holding company for Pinnacle Bank that provides various banking products and services in the United States. The company accepts various deposits, including savings, checking, interest-bearing checking, money market, and certificate of deposit accounts.
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