UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Acquires 54,340 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 27.2% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 254,472 shares of the financial services provider's stock after purchasing an additional 54,340 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned approximately 0.33% of Pinnacle Financial Partners worth $29,109,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in PNFP. Voloridge Investment Management LLC purchased a new position in Pinnacle Financial Partners in the fourth quarter valued at about $2,937,000. iSAM Funds UK Ltd bought a new position in Pinnacle Financial Partners in the fourth quarter worth about $1,172,000. Twinbeech Capital LP bought a new position in Pinnacle Financial Partners in the fourth quarter worth about $1,839,000. Tidal Investments LLC lifted its holdings in Pinnacle Financial Partners by 4.7% in the fourth quarter. Tidal Investments LLC now owns 3,101 shares of the financial services provider's stock worth $355,000 after acquiring an additional 140 shares during the last quarter. Finally, Teza Capital Management LLC bought a new position in Pinnacle Financial Partners in the fourth quarter worth about $1,427,000. Hedge funds and other institutional investors own 87.40% of the company's stock.

Pinnacle Financial Partners Price Performance

Shares of NASDAQ PNFP traded up $0.54 during mid-day trading on Thursday, hitting $107.25. 292,732 shares of the stock were exchanged, compared to its average volume of 502,027. The company has a market cap of $8.32 billion, a P/E ratio of 17.93 and a beta of 1.00. The stock's fifty day simple moving average is $101.70 and its two-hundred day simple moving average is $112.13. 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 twelve month low of $73.62 and a twelve month 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 EPS for the quarter, topping analysts' consensus estimates of $1.82 by $0.08. The firm had revenue of $475.37 million during the quarter, compared to analyst estimates of $478.11 million. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. During the same quarter in the previous year, the business earned $1.53 EPS. As a group, analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 30th. Shareholders of record on Friday, May 2nd will be paid a $0.24 dividend. The ex-dividend date is Friday, May 2nd. This represents a $0.96 annualized dividend and a yield of 0.90%. Pinnacle Financial Partners's payout ratio is currently 15.53%.

Insider Transactions at Pinnacle Financial Partners

In related news, Director Glenda Baskin Glover sold 3,000 shares of the company's stock in a transaction that occurred 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 transaction, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO M Terry Turner sold 2,000 shares of the company'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 transaction of $201,260.00. Following the transaction, the chief executive officer now 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 disclosure for this sale can be found here. Insiders have sold 5,041 shares of company stock worth $509,986 in the last ninety days. Insiders own 1.46% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on PNFP. JPMorgan Chase & Co. reduced their price objective on 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 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 note on Tuesday, April 8th. Jefferies Financial Group initiated coverage on shares of Pinnacle Financial Partners in a research note on Wednesday, May 21st. They set a "buy" rating and a $135.00 target price on the stock. Hovde Group raised shares of Pinnacle Financial Partners from a "market perform" rating to an "outperform" rating and set a $111.00 price target on the stock in a research note on Wednesday, April 16th. Finally, Truist Financial assumed coverage on shares of Pinnacle Financial Partners in a report on Tuesday, May 13th. They issued a "buy" rating and a $123.00 price objective for the company. Four investment 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 company's stock. According to data from MarketBeat.com, Pinnacle Financial Partners presently has an average rating of "Moderate Buy" and a consensus price target of $121.27.

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.