9,887 Shares in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Purchased by Sunbeam Capital Management LLC

Sunbeam Capital Management LLC purchased a new position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 9,887 shares of the financial services provider's stock, valued at approximately $1,131,000. Pinnacle Financial Partners accounts for about 2.4% of Sunbeam Capital Management LLC's investment portfolio, making the stock its 10th largest position.

Other hedge funds also recently made changes to their positions in the company. GTS Securities LLC purchased a new stake in shares of Pinnacle Financial Partners in the fourth quarter worth about $398,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Pinnacle Financial Partners by 27.2% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 254,472 shares of the financial services provider's stock valued at $29,109,000 after acquiring an additional 54,340 shares in the last quarter. Voloridge Investment Management LLC bought a new position in Pinnacle Financial Partners during the 4th quarter valued at $2,937,000. iSAM Funds UK Ltd acquired a new position in Pinnacle Financial Partners during the 4th quarter worth $1,172,000. Finally, Twinbeech Capital LP acquired a new position in Pinnacle Financial Partners during the 4th quarter worth $1,839,000. Institutional investors and hedge funds own 87.40% of the company's stock.

Insider Buying and Selling

In related news, CEO M Terry Turner sold 2,000 shares of the 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 of the company's stock, valued at $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 is available at the SEC website. Also, Director Glenda Baskin Glover sold 3,000 shares of Pinnacle Financial Partners 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 owns 9,943 shares in the company, valued at approximately $1,009,711.65. This trade represents a 23.18% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 5,041 shares of company stock valued at $509,986 over the last three months. Company insiders own 1.46% of the company's stock.

Pinnacle Financial Partners Stock Performance

Shares of NASDAQ:PNFP traded up $2.60 on Tuesday, hitting $108.15. The company's stock had a trading volume of 245,682 shares, compared to its average volume of 502,703. Pinnacle Financial Partners, Inc. has a 12 month low of $73.62 and a 12 month high of $131.91. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.90 and a current ratio of 0.90. The company has a market capitalization of $8.39 billion, a price-to-earnings ratio of 18.09 and a beta of 1.00. The stock's 50-day moving average is $101.69 and its two-hundred day moving average is $112.17.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last issued its quarterly earnings results on Monday, April 14th. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, beating 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 period last year, the company posted $1.53 EPS. On average, equities research analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, May 30th. Investors of record on Friday, May 2nd will be paid a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, May 2nd. This represents a $0.96 annualized dividend and a yield of 0.89%. Pinnacle Financial Partners's dividend payout ratio is currently 15.53%.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. Keefe, Bruyette & Woods reduced their price target on shares of 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. Wells Fargo & Company reduced their target price on Pinnacle Financial Partners from $125.00 to $105.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 9th. Hovde Group upgraded Pinnacle Financial Partners from a "market perform" rating to an "outperform" rating and set a $111.00 price target for the company in a report on Wednesday, April 16th. JPMorgan Chase & Co. dropped their price target on Pinnacle Financial Partners from $125.00 to $115.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Finally, Jefferies Financial Group began coverage on shares of Pinnacle Financial Partners in a report on Wednesday, May 21st. They issued a "buy" rating and a $135.00 price objective for the company. Four equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average 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.