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

Alaska Permanent Fund Corp cut its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 16.7% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 35,084 shares of the financial services provider’s stock after selling 7,016 shares during the quarter. Alaska Permanent Fund Corp’s holdings in Pinnacle Financial Partners were worth $3,060,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Caprock Group LLC lifted its stake 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 valued at $489,000 after buying an additional 122 shares during the last quarter. Treasurer of the State of North Carolina lifted its stake in Pinnacle Financial Partners by 0.5% in the third quarter. Treasurer of the State of North Carolina now owns 33,040 shares of the financial services provider’s stock valued at $2,215,000 after buying an additional 170 shares during the last quarter. Nomura Asset Management Co. Ltd. lifted its stake in Pinnacle Financial Partners by 57.1% in the third quarter. Nomura Asset Management Co. Ltd. now owns 550 shares of the financial services provider’s stock valued at $37,000 after buying an additional 200 shares during the last quarter. Fifth Third Bancorp lifted its stake in Pinnacle Financial Partners by 101.4% in the third quarter. Fifth Third Bancorp now owns 423 shares of the financial services provider’s stock valued at $28,000 after buying an additional 213 shares during the last quarter. Finally, Venturi Wealth Management LLC lifted its stake in Pinnacle Financial Partners by 17.6% in the third quarter. Venturi Wealth Management LLC now owns 2,000 shares of the financial services provider’s stock valued at $134,000 after buying an additional 300 shares during the last quarter. 87.40% of the stock is owned by institutional investors and hedge funds.

Pinnacle Financial Partners Price Performance

NASDAQ:PNFP traded up $1.62 during trading hours on Wednesday, hitting $82.96. The company’s stock had a trading volume of 517,895 shares, compared to its average volume of 466,097. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.90 and a current ratio of 0.90. The company has a market capitalization of $6.39 billion, a PE ratio of 11.76 and a beta of 1.08. Pinnacle Financial Partners, Inc. has a 52-week low of $43.31 and a 52-week high of $92.33. The business’s 50-day moving average is $82.34 and its two-hundred day moving average is $79.15.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on PNFP shares. JPMorgan Chase & Co. cut their price target on Pinnacle Financial Partners from $110.00 to $108.00 and set an “overweight” rating for the company in a research note on Wednesday. Hovde Group cut their price target on Pinnacle Financial Partners from $104.00 to $99.00 and set an “outperform” rating for the company in a research note on Tuesday. Jefferies Financial Group cut their price target on 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. Barclays started coverage on Pinnacle Financial Partners in a research note on Friday, March 8th. They set an “equal weight” rating and a $93.00 price target for the company. Finally, UBS Group cut their price target on 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. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $96.13.

Insider Buying and Selling 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 value of $1,977,966.54. Following the sale, the chief executive officer now owns 294,790 shares of the company’s stock, valued at $24,237,633.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 value of $1,977,966.54. Following the sale, the chief executive officer now owns 294,790 shares of the company’s stock, valued at $24,237,633.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Harold R. Carpenter sold 6,306 shares of the stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $82.22, for a total value of $518,479.32. Following the sale, the chief financial officer now directly owns 63,856 shares in the company, valued at approximately $5,250,240.32. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 47,844 shares of company stock valued at $3,933,734. Insiders own 1.87% of the company’s stock.

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.