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

Sunbeam Capital Management LLC acquired a new stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 9,887 shares of the financial services provider's stock, valued at approximately $1,131,000. Pinnacle Financial Partners accounts for about 1.0% of Sunbeam Capital Management LLC's investment portfolio, making the stock its 23rd largest holding.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of Pinnacle Financial Partners by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 7,200,386 shares of the financial services provider's stock worth $823,652,000 after buying an additional 87,058 shares during the period. FMR LLC raised its position in Pinnacle Financial Partners by 10.6% in the fourth quarter. FMR LLC now owns 3,003,310 shares of the financial services provider's stock worth $343,549,000 after acquiring an additional 286,894 shares during the period. North Reef Capital Management LP raised its position in Pinnacle Financial Partners by 57.1% in 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 acquiring an additional 705,000 shares during the period. Capital Research Global Investors increased its stake in shares of Pinnacle Financial Partners by 57.0% in 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 grew its stake in Pinnacle Financial Partners by 16.5% during 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. Institutional investors own 87.40% of the company's stock.

Pinnacle Financial Partners Stock Down 0.9%

PNFP traded down $1.00 on Friday, reaching $106.26. The company's stock had a trading volume of 65,096 shares, compared to its average volume of 500,944. 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 business's 50 day moving average is $101.70 and its 200 day moving average is $112.13. The stock has a market cap of $8.24 billion, a price-to-earnings ratio of 17.77 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 issued its earnings results on Monday, April 14th. The financial services provider reported $1.90 EPS for the quarter, topping the consensus estimate 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 business had revenue of $475.37 million during the quarter, compared to analysts' expectations of $478.11 million. During the same quarter last year, the firm posted $1.53 earnings per share. As a group, research analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

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

Insiders Place Their Bets

In related news, Director Glenda Baskin Glover sold 3,000 shares of Pinnacle Financial Partners stock in a transaction dated 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO M Terry Turner sold 2,000 shares of the business'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 value of $201,260.00. Following the sale, 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 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. 1.46% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms recently commented on PNFP. JPMorgan Chase & Co. lowered their price target on shares of Pinnacle Financial Partners from $125.00 to $115.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Barclays reduced 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 report on Tuesday, April 8th. Keefe, Bruyette & Woods cut their price objective 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 cut their price objective on shares of Pinnacle Financial Partners from $125.00 to $105.00 and set an "equal weight" rating on the stock in a research report on Wednesday, April 9th. Finally, Jefferies Financial Group began 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. Four research 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 stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $121.27.

Pinnacle Financial Partners 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.