25,676 Shares in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Purchased by Voloridge Investment Management LLC

Voloridge Investment Management LLC bought a new position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 25,676 shares of the financial services provider's stock, valued at approximately $2,937,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of PNFP. KBC Group NV boosted its stake in Pinnacle Financial Partners by 1,054.3% in the fourth quarter. KBC Group NV now owns 26,722 shares of the financial services provider's stock valued at $3,057,000 after acquiring an additional 24,407 shares in the last quarter. Beacon Capital Management LLC boosted its stake in Pinnacle Financial Partners by 101,563.6% in the fourth quarter. Beacon Capital Management LLC now owns 22,366 shares of the financial services provider's stock valued at $2,558,000 after acquiring an additional 22,344 shares in the last quarter. Teacher Retirement System of Texas acquired a new position in Pinnacle Financial Partners in the fourth quarter valued at $367,000. Waldron Private Wealth LLC acquired a new position in Pinnacle Financial Partners in the fourth quarter valued at $239,000. Finally, Sage Investment Counsel LLC acquired a new position in Pinnacle Financial Partners in the fourth quarter valued at $8,671,000. Institutional investors and hedge funds own 87.40% of the company's stock.

Analysts Set New Price Targets

Several research firms have issued reports on PNFP. Wells Fargo & Company decreased their price objective on shares of Pinnacle Financial Partners from $125.00 to $105.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 9th. Keefe, Bruyette & Woods decreased their target price on shares of Pinnacle Financial Partners from $130.00 to $115.00 and set a "market perform" rating for the company in a research note on Thursday, April 17th. Barclays decreased their target price on shares of Pinnacle Financial Partners from $135.00 to $125.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. Hovde Group upgraded shares of Pinnacle Financial Partners from a "market perform" rating to an "outperform" rating and set a $111.00 target price for the company in a research note on Wednesday, April 16th. Finally, Truist Financial assumed coverage on shares of Pinnacle Financial Partners in a research note on Tuesday, May 13th. They set a "buy" rating and a $123.00 target price for the company. Four analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $121.27.

Pinnacle Financial Partners Price Performance

Pinnacle Financial Partners stock traded down $0.90 during midday trading on Friday, reaching $106.35. The company's stock had a trading volume of 337,939 shares, compared to its average volume of 502,017. Pinnacle Financial Partners, Inc. has a fifty-two week low of $73.62 and a fifty-two week 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's 50 day simple moving average is $101.65 and its 200 day simple moving average is $111.99. The firm has a market capitalization of $8.25 billion, a PE ratio of 17.78 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 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 company had revenue of $475.37 million during the quarter, compared to the consensus estimate of $478.11 million. During the same quarter last year, the company earned $1.53 earnings per share. On average, equities research analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 30th. Shareholders of record on Friday, May 2nd will be issued a $0.24 dividend. 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 dividend payout ratio (DPR) is currently 15.53%.

Insider Buying and Selling at Pinnacle Financial Partners

In other news, Director Glenda Baskin Glover sold 3,000 shares of Pinnacle Financial Partners stock in a transaction 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 of the company's stock, valued at $1,009,711.65. The trade was a 23.18% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO M Terry Turner sold 2,000 shares of Pinnacle Financial Partners stock in a transaction 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 transaction, the chief executive officer now directly owns 254,552 shares of the company's stock, valued at $25,615,567.76. This trade represents a 0.78% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 5,041 shares of company stock valued at $509,986. 1.46% of the stock is owned by company insiders.

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.