Sunbeam Capital Management LLC Takes Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Sunbeam Capital Management LLC purchased a new stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) during the fourth quarter, according to its most recent filing with the SEC. The firm purchased 9,887 shares of the financial services provider's stock, valued at approximately $1,131,000. Pinnacle Financial Partners accounts for 2.4% of Sunbeam Capital Management LLC's portfolio, making the stock its 10th biggest holding.

A number of other institutional investors and hedge funds have also made changes to their positions in PNFP. Vanguard Group Inc. grew its position in Pinnacle Financial Partners by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 7,200,386 shares of the financial services provider's stock worth $823,652,000 after acquiring an additional 87,058 shares during the period. FMR LLC lifted its stake in Pinnacle Financial Partners by 10.6% during the fourth quarter. FMR LLC now owns 3,003,310 shares of the financial services provider's stock worth $343,549,000 after purchasing an additional 286,894 shares in the last quarter. North Reef Capital Management LP lifted its stake in Pinnacle Financial Partners by 57.1% during the fourth quarter. North Reef Capital Management LP now owns 1,940,000 shares of the financial services provider's stock worth $221,917,000 after purchasing an additional 705,000 shares in the last quarter. Capital Research Global Investors lifted its stake in Pinnacle Financial Partners by 57.0% during the fourth quarter. Capital Research Global Investors now owns 1,559,798 shares of the financial services provider's stock worth $178,425,000 after purchasing an additional 566,061 shares in the last quarter. Finally, Wellington Management Group LLP raised its stake in shares of Pinnacle Financial Partners by 16.5% in the fourth quarter. Wellington Management Group LLP now owns 1,504,254 shares of the financial services provider's stock valued at $172,072,000 after acquiring an additional 213,505 shares in the last quarter. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO M Terry Turner sold 2,000 shares of the firm's stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 254,552 shares in the company, valued at approximately $25,615,567.76. This trade represents a 0.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Glenda Baskin Glover sold 3,000 shares of the firm's stock in a transaction that occurred 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 directly owns 9,943 shares of the company's stock, valued at $1,009,711.65. This represents a 23.18% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 5,041 shares of company stock worth $509,986. Corporate insiders own 1.46% of the company's stock.

Pinnacle Financial Partners Stock Performance

PNFP traded up $0.08 on Thursday, hitting $106.79. 135,017 shares of the company's stock were exchanged, compared to its average volume of 501,426. The stock has a fifty day moving average of $101.70 and a two-hundred day moving average of $112.13. Pinnacle Financial Partners, Inc. has a twelve month low of $73.62 and a twelve month high of $131.91. The firm has a market cap of $8.28 billion, a PE ratio of 17.81 and a beta of 1.00. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.37.

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, beating analysts' consensus estimates of $1.82 by $0.08. The business had revenue of $475.37 million for 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 last year, the business earned $1.53 earnings per share. On average, research analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 30th. Investors 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 yield of 0.90%. The ex-dividend date is Friday, May 2nd. Pinnacle Financial Partners's payout ratio is 15.53%.

Analyst Upgrades and Downgrades

PNFP has been the topic of several analyst reports. Wells Fargo & Company reduced their price objective on Pinnacle Financial Partners from $125.00 to $105.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 9th. Barclays reduced their price objective on 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. Hovde Group upgraded Pinnacle Financial Partners from a "market perform" rating to an "outperform" rating and set a $111.00 price objective on the stock in a research note on Wednesday, April 16th. Truist Financial initiated coverage on Pinnacle Financial Partners in a research note on Tuesday, May 13th. They issued a "buy" rating and a $123.00 price objective on the stock. Finally, Keefe, Bruyette & Woods reduced their price objective on Pinnacle Financial Partners from $130.00 to $115.00 and set a "market perform" rating on the stock in a research note on Thursday, April 17th. 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's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $121.27.

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.