GTS Securities LLC bought a new stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 3,481 shares of the financial services provider's stock, valued at approximately $398,000.
Several other hedge funds have also modified their holdings of PNFP. Kapitalo Investimentos Ltda purchased a new stake in shares of Pinnacle Financial Partners during the fourth quarter worth about $78,000. Principal Securities Inc. boosted its position in shares of 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. Values First Advisors Inc. grew its holdings in shares of Pinnacle Financial Partners by 189.9% in the fourth quarter. Values First Advisors Inc. now owns 1,458 shares of the financial services provider's stock valued at $167,000 after purchasing an additional 955 shares in the last quarter. Blue Trust Inc. raised its holdings in Pinnacle Financial Partners by 20.6% in the fourth quarter. Blue Trust Inc. now owns 1,586 shares of the financial services provider's stock valued at $181,000 after acquiring an additional 271 shares in the last quarter. Finally, Blair William & Co. IL purchased a new position in Pinnacle Financial Partners in the fourth quarter valued at approximately $200,000. 87.40% of the stock is owned by hedge funds and other institutional investors.
Insider Activity at Pinnacle Financial Partners
In other news, CEO M Terry Turner sold 2,000 shares of the stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $100.63, for a total value of $201,260.00. Following the sale, the chief executive officer now directly owns 254,552 shares of the company's stock, valued at approximately $25,615,567.76. This represents a 0.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Glenda Baskin Glover sold 3,000 shares of the company's stock in a transaction on 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 transaction, the director now owns 9,943 shares of the company's stock, valued at $1,009,711.65. This trade represents a 23.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,041 shares of company stock worth $509,986 in the last 90 days. Corporate insiders own 1.46% of the company's stock.
Pinnacle Financial Partners Trading Down 0.8%
NASDAQ:PNFP traded down $0.90 during trading hours on Friday, hitting $106.35. 337,939 shares of the stock were exchanged, compared to its average volume of 503,230. Pinnacle Financial Partners, Inc. has a twelve month low of $73.62 and a twelve month high of $131.91. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.37. The company has a market capitalization of $8.25 billion, a P/E ratio of 17.78 and a beta of 1.00. The company's 50 day moving average is $101.58 and its two-hundred day moving average is $111.68.
Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last posted its quarterly earnings data on Monday, April 14th. The financial services provider reported $1.90 EPS for the quarter, topping analysts' consensus estimates 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 company had revenue of $475.37 million during the quarter, compared to the consensus estimate of $478.11 million. During the same period in the prior year, the business posted $1.53 EPS. On average, sell-side analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current fiscal year.
Pinnacle Financial Partners Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, May 30th. Stockholders of record on Friday, May 2nd were paid a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 0.90%. The ex-dividend date was Friday, May 2nd. Pinnacle Financial Partners's dividend payout ratio is currently 15.53%.
Analyst Ratings Changes
A number of brokerages have commented on PNFP. JPMorgan Chase & Co. cut their price objective on shares of Pinnacle Financial Partners from $125.00 to $115.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Barclays decreased their target price on shares of Pinnacle Financial Partners from $135.00 to $125.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. Truist Financial started coverage on shares of Pinnacle Financial Partners in a report on Tuesday, May 13th. They issued a "buy" rating and a $123.00 price target on the stock. Hovde Group raised Pinnacle Financial Partners from a "market perform" rating to an "outperform" rating and set a $111.00 target price for the company in a research report on Wednesday, April 16th. Finally, Jefferies Financial Group initiated coverage on Pinnacle Financial Partners in a research note on Wednesday, May 21st. They set a "buy" rating and a $135.00 target price for the company. Four investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $121.27.
Get Our Latest Analysis on Pinnacle Financial Partners
Pinnacle Financial Partners Company Profile
(
Free Report)
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.
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