Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Shares Bought by GAMMA Investing LLC

GAMMA Investing LLC lifted its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 15,990.2% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. 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 about 0.22% of Pinnacle Financial Partners worth $18,171,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Kapitalo Investimentos Ltda purchased a new position in shares of Pinnacle Financial Partners during the 4th quarter valued at $78,000. Principal Securities Inc. lifted its position in shares of Pinnacle Financial Partners by 12.7% in the fourth quarter. Principal Securities Inc. now owns 808 shares of the financial services provider's stock valued at $92,000 after acquiring an additional 91 shares in the last quarter. Values First Advisors Inc. lifted its position 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 acquiring an additional 955 shares in the last quarter. Blair William & Co. IL purchased a new stake in shares of Pinnacle Financial Partners during the fourth quarter worth about $200,000. Finally, SlateStone Wealth LLC bought a new stake in Pinnacle Financial Partners during the 4th quarter valued at approximately $204,000. Institutional investors own 87.40% of the company's stock.

Insider Buying and Selling at Pinnacle Financial Partners

In other Pinnacle Financial Partners 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 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 value of $304,650.00. Following the completion of the sale, the director now owns 9,943 shares in the company, valued at $1,009,711.65. The trade was a 23.18% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 5,041 shares of company stock valued at $509,986. Company insiders own 1.46% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. 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 report on Tuesday, April 8th. Jefferies Financial Group initiated coverage on shares of Pinnacle Financial Partners in a research note on Wednesday, May 21st. They issued a "buy" rating and a $135.00 price target on the stock. Wells Fargo & Company cut their price objective on 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. Hovde Group raised Pinnacle Financial Partners from a "market perform" rating to an "outperform" rating and set a $111.00 target price on the stock in a report on Wednesday, April 16th. Finally, Truist Financial initiated coverage on Pinnacle Financial Partners in a research note on Tuesday, May 13th. They set a "buy" rating and a $123.00 price target for the company. Four analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $121.27.

Pinnacle Financial Partners Trading Up 2.4%

Shares of Pinnacle Financial Partners stock traded up $2.52 on Friday, reaching $108.05. The company had a trading volume of 296,252 shares, compared to its average volume of 502,386. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.90 and a quick ratio of 0.90. The firm's 50-day moving average price is $101.61 and its two-hundred day moving average price is $111.27. The firm has a market cap of $8.38 billion, a price-to-earnings ratio of 18.07 and a beta of 1.00. 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 earnings results on Monday, April 14th. The financial services provider reported $1.90 earnings per share for the quarter, topping the consensus estimate of $1.82 by $0.08. The business had revenue of $475.37 million during the quarter, compared to the consensus estimate of $478.11 million. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. During the same period last year, the company earned $1.53 earnings per share. As a group, research analysts predict 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 announced a quarterly dividend, which was paid on Friday, May 30th. Shareholders of record on Friday, May 2nd were issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 0.89%. The ex-dividend date of this dividend was Friday, May 2nd. Pinnacle Financial Partners's payout ratio is 15.53%.

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.