16,075 Shares in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Purchased by Twinbeech Capital LP

Twinbeech Capital LP acquired a new position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 16,075 shares of the financial services provider's stock, valued at approximately $1,839,000.

A number of other hedge funds also recently bought and sold shares of the stock. Tidal Investments LLC lifted its holdings in Pinnacle Financial Partners by 4.7% during the fourth quarter. Tidal Investments LLC now owns 3,101 shares of the financial services provider's stock worth $355,000 after buying an additional 140 shares during the period. Teza Capital Management LLC purchased a new stake in Pinnacle Financial Partners during the fourth quarter worth $1,427,000. Thornburg Investment Management Inc. lifted its holdings in Pinnacle Financial Partners by 0.4% during the fourth quarter. Thornburg Investment Management Inc. now owns 157,095 shares of the financial services provider's stock worth $17,970,000 after buying an additional 668 shares during the period. Royal Bank of Canada lifted its holdings in Pinnacle Financial Partners by 6.0% during the fourth quarter. Royal Bank of Canada now owns 150,622 shares of the financial services provider's stock worth $17,229,000 after buying an additional 8,547 shares during the period. Finally, Rafferty Asset Management LLC lifted its holdings in Pinnacle Financial Partners by 7.3% during the fourth quarter. Rafferty Asset Management LLC now owns 102,260 shares of the financial services provider's stock worth $11,698,000 after buying an additional 6,973 shares during the period. Hedge funds and other institutional investors own 87.40% of the company's stock.

Insider Activity at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, 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 completion of the transaction, the chief executive officer now owns 254,552 shares in the company, valued at approximately $25,615,567.76. This trade represents a 0.78% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, 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 value of $304,650.00. Following the transaction, the director now owns 9,943 shares of the company's stock, valued at $1,009,711.65. The trade was 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 in the last ninety days. Company insiders own 1.46% of the company's stock.

Pinnacle Financial Partners Stock Performance

Shares of NASDAQ PNFP traded up $1.00 during mid-day trading on Tuesday, hitting $106.55. The stock had a trading volume of 58,250 shares, compared to its average volume of 520,697. 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 50 day moving average of $101.64 and a two-hundred day moving average of $112.19. 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 $8.26 billion, a PE ratio of 17.83 and a beta of 1.00.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last released its earnings results on Monday, April 14th. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $475.37 million for the quarter, compared to the consensus estimate of $478.11 million. During the same period in the prior year, the firm earned $1.53 EPS. Research analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

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 given 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%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. Barclays lowered their target price on Pinnacle Financial Partners from $135.00 to $125.00 and set an "overweight" rating for the company in a report 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 for the company in a report on Wednesday, April 16th. Wells Fargo & Company decreased their price objective on Pinnacle Financial Partners from $125.00 to $105.00 and set an "equal weight" rating for the company in a report on Wednesday, April 9th. Jefferies Financial Group started coverage on Pinnacle Financial Partners in a report on Wednesday, May 21st. They set a "buy" rating and a $135.00 price objective for the company. Finally, JPMorgan Chase & Co. decreased their price objective on Pinnacle Financial Partners from $125.00 to $115.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Four analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Pinnacle Financial Partners presently has a consensus rating of "Moderate Buy" and a consensus price target 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.