Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Shares Acquired by Crestline Management LP

Crestline Management LP lifted its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 85.4% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 19,459 shares of the financial services provider's stock after purchasing an additional 8,965 shares during the period. Crestline Management LP's holdings in Pinnacle Financial Partners were worth $2,226,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Kapitalo Investimentos Ltda acquired a new position in shares of Pinnacle Financial Partners in the fourth quarter worth $78,000. UMB Bank n.a. increased its holdings in Pinnacle Financial Partners by 48.1% during the 4th quarter. UMB Bank n.a. now owns 736 shares of the financial services provider's stock worth $84,000 after purchasing an additional 239 shares during the period. Principal Securities Inc. increased its holdings in Pinnacle Financial Partners by 12.7% during the 4th quarter. Principal Securities Inc. now owns 808 shares of the financial services provider's stock worth $92,000 after purchasing an additional 91 shares during the period. Trust Co. of Vermont acquired a new stake in Pinnacle Financial Partners in the 4th quarter valued at about $97,000. Finally, Values First Advisors Inc. boosted its stake in shares of Pinnacle Financial Partners by 189.9% in the 4th quarter. Values First Advisors Inc. now owns 1,458 shares of the financial services provider's stock valued at $167,000 after buying an additional 955 shares during the period. 87.40% of the stock is owned by hedge funds and other institutional investors.

Pinnacle Financial Partners Price Performance

Shares of PNFP traded up $0.15 during mid-day trading on Tuesday, hitting $111.06. The company's stock had a trading volume of 109,522 shares, compared to its average volume of 498,502. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.37. Pinnacle Financial Partners, Inc. has a 1-year low of $73.62 and a 1-year high of $131.91. The firm has a market capitalization of $8.59 billion, a P/E ratio of 18.57 and a beta of 1.00. The firm has a 50-day simple moving average of $100.47 and a 200 day simple moving average of $112.26.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last announced its quarterly earnings data on Monday, April 14th. The financial services provider reported $1.90 EPS for the quarter, beating the consensus estimate of $1.82 by $0.08. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. The firm had revenue of $475.37 million during the quarter, compared to analysts' expectations of $478.11 million. During the same quarter last year, the business earned $1.53 earnings per share. Analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 30th. Shareholders of record on Friday, May 2nd will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 0.86%. The ex-dividend date is Friday, May 2nd. Pinnacle Financial Partners's dividend payout ratio (DPR) is 15.53%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on PNFP. Truist Financial began coverage on Pinnacle Financial Partners in a report on Tuesday. They set a "buy" rating and a $123.00 price target for the company. Wells Fargo & Company reduced their price objective on shares of Pinnacle Financial Partners from $125.00 to $105.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 9th. Keefe, Bruyette & Woods decreased their price objective on Pinnacle Financial Partners from $130.00 to $115.00 and set a "market perform" rating for the company in a report on Thursday, April 17th. Stephens reaffirmed an "overweight" rating and issued a $142.00 target price on shares of Pinnacle Financial Partners in a report on Wednesday, January 22nd. Finally, Barclays decreased their price target on shares of Pinnacle Financial Partners from $135.00 to $125.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. Four analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat.com, Pinnacle Financial Partners presently has a consensus rating of "Moderate Buy" and a consensus target price of $119.90.

Insider Activity

In other Pinnacle Financial Partners news, Director Glenda Baskin Glover sold 3,000 shares of the company's stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $101.55, for a total transaction of $304,650.00. Following the completion of the sale, the director now directly owns 9,943 shares in the company, valued at $1,009,711.65. This represents a 23.18% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Chairman Robert A. Mccabe, Jr. sold 40,000 shares of the firm's stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $113.81, for a total value of $4,552,400.00. Following the completion of the transaction, the chairman now owns 83,000 shares in the company, valued at approximately $9,446,230. This trade represents a 32.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 45,041 shares of company stock worth $5,062,386 over the last 90 days. 1.46% of the stock is currently owned by corporate insiders.

About Pinnacle Financial Partners

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.