Zurcher Kantonalbank Zurich Cantonalbank Purchases 2,194 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 15.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 16,490 shares of the financial services provider’s stock after purchasing an additional 2,194 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Pinnacle Financial Partners were worth $1,438,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. FMR LLC lifted its stake in shares of 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 during the last quarter. Wellington Management Group LLP lifted its stake in shares of Pinnacle Financial Partners by 102.7% in the 3rd quarter. Wellington Management Group LLP now owns 1,870,441 shares of the financial services provider’s stock valued at $125,394,000 after acquiring an additional 947,704 shares during the last quarter. Jennison Associates LLC lifted its stake in shares of Pinnacle Financial Partners by 0.7% in the 3rd quarter. Jennison Associates LLC now owns 1,269,503 shares of the financial services provider’s stock valued at $85,107,000 after acquiring an additional 8,698 shares during the last quarter. North Reef Capital Management LP lifted its stake in shares of Pinnacle Financial Partners by 15.9% in the 3rd quarter. North Reef Capital Management LP now owns 910,108 shares of the financial services provider’s stock valued at $61,014,000 after acquiring an additional 124,573 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of 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 acquiring an additional 43,355 shares during the last quarter. Institutional investors own 87.40% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on PNFP. Hovde Group reduced their price target on Pinnacle Financial Partners from $104.00 to $99.00 and set an “outperform” rating on the stock in a report on Tuesday. Jefferies Financial Group reduced their price target on Pinnacle Financial Partners from $88.00 to $85.00 and set a “hold” rating on the stock in a report on Monday, April 8th. Barclays began coverage on Pinnacle Financial Partners in a report on Friday, March 8th. They set an “equal weight” rating and a $93.00 price target on the stock. Stephens restated an “overweight” rating and set a $109.00 price target on shares of Pinnacle Financial Partners in a report on Tuesday. Finally, Truist Financial reduced their target price on Pinnacle Financial Partners from $99.00 to $94.00 and set a “buy” rating on the stock in a report on Thursday. One analyst has rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $95.50.

Pinnacle Financial Partners Stock Performance

Shares of PNFP opened at $81.53 on Friday. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.43. The business’s 50 day moving average price is $82.28 and its 200-day moving average price is $79.19. Pinnacle Financial Partners, Inc. has a 52 week low of $43.31 and a 52 week high of $92.33. The stock has a market cap of $6.28 billion, a P/E ratio of 11.66 and a beta of 1.08.

Pinnacle Financial Partners Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 31st. Investors of record on Friday, May 3rd will be given a $0.22 dividend. The ex-dividend date is Thursday, May 2nd. This represents a $0.88 annualized dividend and a yield of 1.08%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 12.59%.

Insider Activity at Pinnacle Financial Partners

In related news, Chairman Richard D. Callicutt II sold 11,030 shares of the company’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total value of $906,886.60. Following the transaction, the chairman now directly owns 97,226 shares of the company’s stock, valued at approximately $7,993,921.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CFO Harold R. Carpenter sold 6,306 shares of the company’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total value of $518,479.32. Following the transaction, the chief financial officer now directly owns 63,856 shares of the company’s stock, valued at approximately $5,250,240.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Richard D. Callicutt II sold 11,030 shares of the company’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 value of $906,886.60. Following the completion of the transaction, the chairman now directly 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 three months, insiders have sold 47,844 shares of company stock valued at $3,933,734. 1.87% of the stock is owned by corporate insiders.

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.