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) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 9,887 shares of the financial services provider's stock, valued at approximately $1,131,000. Pinnacle Financial Partners makes up 1.0% of Sunbeam Capital Management LLC's investment portfolio, making the stock its 23rd biggest position.

A number of other hedge funds and other institutional investors have also modified their holdings of PNFP. Barclays PLC raised its holdings in shares of Pinnacle Financial Partners by 117.0% in the 3rd quarter. Barclays PLC now owns 167,838 shares of the financial services provider's stock valued at $16,442,000 after purchasing an additional 90,478 shares in the last quarter. Ballentine Partners LLC purchased a new position in shares of Pinnacle Financial Partners in the 4th quarter valued at $228,000. Crossmark Global Holdings Inc. grew its position in shares of Pinnacle Financial Partners by 3.6% in the 4th quarter. Crossmark Global Holdings Inc. now owns 6,084 shares of the financial services provider's stock valued at $696,000 after buying an additional 210 shares during the last quarter. Atomi Financial Group Inc. purchased a new position in shares of Pinnacle Financial Partners in the 4th quarter valued at $221,000. Finally, Tennessee Valley Asset Management Partners purchased a new position in shares of Pinnacle Financial Partners in the 4th quarter valued at $209,000. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Pinnacle Financial Partners Stock Performance

Pinnacle Financial Partners stock traded down $1.44 during midday trading on Wednesday, hitting $106.71. 370,202 shares of the company's stock were exchanged, compared to its average volume of 502,864. 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 stock has a market cap of $8.28 billion, a price-to-earnings ratio of 17.84 and a beta of 1.00. The firm's 50 day simple moving average is $101.70 and its 200 day simple moving average is $112.13.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last issued its quarterly earnings data on Monday, April 14th. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.82 by $0.08. The company had revenue of $475.37 million for the quarter, compared to the consensus estimate 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 period last year, the firm posted $1.53 EPS. Equities research analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

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

Analysts Set New Price Targets

PNFP has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. dropped their target price on shares of 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. Hovde Group raised shares of Pinnacle Financial Partners from a "market perform" rating to an "outperform" rating and set a $111.00 target price on the stock in a research report on Wednesday, April 16th. Wells Fargo & Company dropped their target price 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. Keefe, Bruyette & Woods dropped their target price 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. Finally, Truist Financial initiated coverage on shares of Pinnacle Financial Partners in a research report on Tuesday, May 13th. They issued a "buy" rating and a $123.00 target price on the stock. 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 stock. According to data from MarketBeat, Pinnacle Financial Partners currently has an average rating of "Moderate Buy" and a consensus target price of $121.27.

Insider Activity

In other Pinnacle Financial Partners news, Director Glenda Baskin Glover sold 3,000 shares of Pinnacle Financial Partners stock in a transaction dated 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 owns 9,943 shares in the company, valued at approximately $1,009,711.65. The trade was a 23.18% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO M Terry Turner sold 2,000 shares of Pinnacle Financial Partners stock in a transaction dated 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. The trade was a 0.78% 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 quarter. Corporate insiders own 1.46% of the company's stock.

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.