GAMMA Investing LLC grew its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 15,990.2% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 171,361 shares of the financial services provider's stock after buying an additional 170,296 shares during the quarter. GAMMA Investing LLC owned 0.22% of Pinnacle Financial Partners worth $18,171,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Kapitalo Investimentos Ltda purchased a new stake in Pinnacle Financial Partners during the fourth quarter valued at $78,000. Principal Securities Inc. grew its stake 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 valued at $92,000 after purchasing an additional 91 shares during the period. Values First Advisors Inc. increased its position in shares of 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 valued at $167,000 after purchasing an additional 955 shares during the last quarter. Blair William & Co. IL purchased a new stake in shares of Pinnacle Financial Partners during the 4th quarter valued at about $200,000. Finally, SlateStone Wealth LLC bought a new position in shares of Pinnacle Financial Partners in the 4th quarter worth approximately $204,000. 87.40% of the stock is owned by institutional investors.
Insider Buying and Selling at Pinnacle Financial Partners
In related news, CEO M Terry Turner sold 2,000 shares of the company's stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $100.63, for a total transaction of $201,260.00. Following the completion of the transaction, the chief executive officer now owns 254,552 shares in the company, 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 legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Glenda Baskin Glover sold 3,000 shares of Pinnacle Financial Partners stock in a transaction on Friday, March 14th. The shares were 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 owns 9,943 shares in the company, valued at approximately $1,009,711.65. This represents a 23.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,041 shares of company stock valued at $509,986 in the last three months. 1.46% of the stock is currently owned by corporate insiders.
Pinnacle Financial Partners Price Performance
PNFP stock traded down $0.03 during trading on Monday, reaching $108.02. The company's stock had a trading volume of 291,109 shares, compared to its average volume of 502,302. 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's fifty day moving average is $101.64 and its 200-day moving average is $110.99. The company has a market capitalization of $8.38 billion, a P/E ratio of 18.06 and a beta of 1.02. Pinnacle Financial Partners, Inc. has a 1 year low of $73.62 and a 1 year high of $131.91.
Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last released its quarterly earnings data on Monday, April 14th. The financial services provider reported $1.90 earnings per share 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 firm had revenue of $475.37 million during the quarter, compared to analyst estimates of $478.11 million. During the same quarter in the prior year, the company posted $1.53 earnings per share. On average, research analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current fiscal year.
Pinnacle Financial Partners Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, May 30th. Shareholders of record on Friday, May 2nd were paid a $0.24 dividend. The ex-dividend date of this dividend was Friday, May 2nd. This represents a $0.96 annualized dividend and a yield of 0.89%. Pinnacle Financial Partners's payout ratio is 15.53%.
Analyst Ratings Changes
PNFP has been the subject of several recent research reports. JPMorgan Chase & Co. cut their target price 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 cut their price objective on shares of 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 note on Wednesday, April 16th. Keefe, Bruyette & Woods lowered their target price on Pinnacle Financial Partners from $130.00 to $115.00 and set a "market perform" rating on the stock in a research report on Thursday, April 17th. Finally, Jefferies Financial Group assumed coverage on Pinnacle Financial Partners in a report on Wednesday, May 21st. They set a "buy" rating and a $135.00 price target for the company. Four analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $121.27.
View Our Latest Stock Report on Pinnacle Financial Partners
About Pinnacle Financial Partners
(
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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