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

Voloridge Investment Management LLC acquired a new stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 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 added to or reduced their stakes in the stock. iSAM Funds UK Ltd purchased a new position in Pinnacle Financial Partners during the fourth quarter valued at approximately $1,172,000. Twinbeech Capital LP bought a new stake in Pinnacle Financial Partners in the fourth quarter worth approximately $1,839,000. Tidal Investments LLC grew its position in Pinnacle Financial Partners by 4.7% in the fourth quarter. Tidal Investments LLC now owns 3,101 shares of the financial services provider's stock worth $355,000 after acquiring an additional 140 shares in the last quarter. Teza Capital Management LLC bought a new stake in Pinnacle Financial Partners in the fourth quarter worth approximately $1,427,000. Finally, Thornburg Investment Management Inc. grew its position in Pinnacle Financial Partners by 0.4% in the fourth quarter. Thornburg Investment Management Inc. now owns 157,095 shares of the financial services provider's stock worth $17,970,000 after acquiring an additional 668 shares in the last quarter. 87.40% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Pinnacle Financial Partners

In other news, Director Glenda Baskin Glover sold 3,000 shares of the stock in a transaction on Friday, March 14th. The shares were sold at an average price of $101.55, for a total value 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 represents a 23.18% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO M Terry Turner sold 2,000 shares of the stock in a transaction 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 transaction, 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. Insiders sold a total of 5,041 shares of company stock worth $509,986 in the last ninety days. 1.46% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts have commented on PNFP shares. 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 report on Tuesday, April 8th. JPMorgan Chase & Co. decreased their target price on shares of Pinnacle Financial Partners from $125.00 to $115.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Truist Financial assumed 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 for the company. Hovde Group raised shares of 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. Finally, Keefe, Bruyette & Woods decreased their price objective on shares of Pinnacle Financial Partners from $130.00 to $115.00 and set a "market perform" rating for the company in a report on Thursday, April 17th. Four investment 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's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $121.27.

Pinnacle Financial Partners Stock Performance

NASDAQ:PNFP traded down $0.90 during trading hours on Friday, hitting $106.35. 337,939 shares of the company traded hands, compared to its average volume of 503,230. The stock has a market capitalization of $8.25 billion, a price-to-earnings ratio of 17.78 and a beta of 1.00. Pinnacle Financial Partners, Inc. has a twelve month low of $73.62 and a twelve month high of $131.91. The firm has a 50-day moving average of $101.58 and a 200 day moving average of $111.68. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.37.

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 the consensus estimate of $1.82 by $0.08. The firm had revenue of $475.37 million during the quarter, compared to analysts' expectations 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 in the prior year, the company earned $1.53 EPS. On average, analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 30th. Investors of record on Friday, May 2nd were paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 0.90%. The ex-dividend date of this dividend was Friday, May 2nd. Pinnacle Financial Partners's payout ratio is currently 15.53%.

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.