iSAM Funds UK Ltd Buys Shares of 10,246 Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

iSAM Funds UK Ltd purchased a new position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 10,246 shares of the financial services provider's stock, valued at approximately $1,172,000. Pinnacle Financial Partners comprises approximately 0.9% of iSAM Funds UK Ltd's holdings, making the stock its 16th biggest position.

Several other hedge funds and other institutional investors have also made changes to their positions in PNFP. Kapitalo Investimentos Ltda purchased a new stake in Pinnacle Financial Partners during the 4th quarter worth about $78,000. UMB Bank n.a. increased its position 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 in the last quarter. Principal Securities Inc. increased its position 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 in the last quarter. Trust Co. of Vermont purchased a new stake in Pinnacle Financial Partners during the 4th quarter worth about $97,000. Finally, Values First Advisors Inc. increased its position in Pinnacle Financial Partners by 189.9% during the 4th quarter. Values First Advisors Inc. now owns 1,458 shares of the financial services provider's stock worth $167,000 after purchasing an additional 955 shares in the last quarter. Institutional investors and hedge funds own 87.40% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Barclays dropped their price objective on Pinnacle Financial Partners from $135.00 to $125.00 and set an "overweight" rating for the company in a research report on Tuesday, April 8th. Hovde Group upgraded Pinnacle Financial Partners from a "market perform" rating to an "outperform" rating and set a $111.00 price objective for the company in a research report on Wednesday, April 16th. Truist Financial assumed coverage on Pinnacle Financial Partners in a report on Tuesday, May 13th. They issued a "buy" rating and a $123.00 price target for the company. Keefe, Bruyette & Woods lowered their price target 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. Finally, JPMorgan Chase & Co. lowered their price target on Pinnacle Financial Partners from $125.00 to $115.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Four equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Pinnacle Financial Partners has an average rating of "Moderate Buy" and an average price target of $121.27.

Pinnacle Financial Partners Trading Down 0.5%

Shares of NASDAQ:PNFP traded down $0.49 during trading on Friday, reaching $105.55. 222,496 shares of the stock were exchanged, compared to its average volume of 503,736. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.90 and a current ratio of 0.90. Pinnacle Financial Partners, Inc. has a 12-month low of $73.62 and a 12-month high of $131.91. The firm has a market cap of $8.19 billion, a price-to-earnings ratio of 17.65 and a beta of 1.00. The firm's 50-day moving average price is $101.65 and its 200 day moving average price is $112.35.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last issued its earnings results on Monday, April 14th. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.82 by $0.08. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. The business had revenue of $475.37 million during the quarter, compared to analysts' expectations of $478.11 million. During the same quarter in the previous year, the business earned $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 announced a quarterly dividend, which will be paid on Friday, May 30th. Stockholders of record on Friday, May 2nd will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.91%. The ex-dividend date of this dividend is Friday, May 2nd. Pinnacle Financial Partners's payout ratio is currently 15.53%.

Insider Transactions at Pinnacle Financial Partners

In related news, Chairman Robert A. Mccabe, Jr. sold 40,000 shares of the business's stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $113.81, for a total transaction of $4,552,400.00. Following the transaction, the chairman now directly owns 83,000 shares of the company's stock, valued at approximately $9,446,230. The trade was a 32.52% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO M Terry Turner sold 2,000 shares of the business's stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $100.63, for a total value of $201,260.00. Following the transaction, the chief executive officer now directly owns 254,552 shares in the company, valued at $25,615,567.76. This trade represents a 0.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 45,041 shares of company stock worth $5,062,386. 1.46% of the stock is currently owned by company 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.