Rafferty Asset Management LLC Increases Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Rafferty Asset Management LLC raised its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 7.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 102,260 shares of the financial services provider's stock after purchasing an additional 6,973 shares during the quarter. Rafferty Asset Management LLC owned 0.13% of Pinnacle Financial Partners worth $11,698,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Kapitalo Investimentos Ltda purchased a new stake in shares of Pinnacle Financial Partners in the fourth quarter worth approximately $78,000. UMB Bank n.a. increased its position in shares of Pinnacle Financial Partners by 48.1% during the fourth quarter. UMB Bank n.a. now owns 736 shares of the financial services provider's stock valued at $84,000 after acquiring an additional 239 shares during the last quarter. Principal Securities Inc. increased its position in shares of Pinnacle Financial Partners by 12.7% during the fourth quarter. Principal Securities Inc. now owns 808 shares of the financial services provider's stock valued at $92,000 after acquiring an additional 91 shares during the last quarter. Trust Co. of Vermont purchased a new stake in shares of Pinnacle Financial Partners during the fourth quarter valued at approximately $97,000. Finally, Values First Advisors Inc. increased its position in shares of Pinnacle Financial Partners by 189.9% during the fourth quarter. Values First Advisors Inc. now owns 1,458 shares of the financial services provider's stock valued at $167,000 after acquiring an additional 955 shares during the last quarter. 87.40% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

PNFP has been the subject of a number of research analyst reports. Hovde Group raised Pinnacle Financial Partners from a "market perform" rating to an "outperform" rating and set a $111.00 price target for the company in a research report on Wednesday, April 16th. Truist Financial initiated coverage on Pinnacle Financial Partners in a report on Tuesday, May 13th. They issued a "buy" rating and a $123.00 price target for the company. Wells Fargo & Company cut their price target 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. JPMorgan Chase & Co. reduced their target price on 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. Finally, Keefe, Bruyette & Woods reduced their target price on Pinnacle Financial Partners from $130.00 to $115.00 and set a "market perform" rating for the company in a research report on Thursday, April 17th. Four analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Pinnacle Financial Partners currently has a consensus rating of "Moderate Buy" and an average target price of $119.90.

Pinnacle Financial Partners Price Performance

PNFP stock traded down $0.82 during mid-day trading on Tuesday, hitting $109.85. 326,773 shares of the stock were exchanged, compared to its average volume of 501,444. 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 has a fifty day moving average price of $101.33 and a 200 day moving average price of $112.47. Pinnacle Financial Partners, Inc. has a 12 month low of $73.62 and a 12 month high of $131.91. The stock has a market capitalization of $8.52 billion, a price-to-earnings ratio of 18.37 and a beta of 1.00.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last issued its quarterly earnings results 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. 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 during the quarter, compared to analyst estimates of $478.11 million. During the same quarter in the previous year, the company posted $1.53 earnings per share. On average, sell-side analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, May 30th. Shareholders of record on Friday, May 2nd will be paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 0.87%. The ex-dividend date of this dividend is Friday, May 2nd. Pinnacle Financial Partners's dividend payout ratio (DPR) is currently 15.53%.

Insider Transactions at Pinnacle Financial Partners

In other news, Chairman Robert A. Mccabe, Jr. sold 40,000 shares of Pinnacle Financial Partners stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $113.81, for a total value of $4,552,400.00. Following the transaction, the chairman now owns 83,000 shares in the company, valued at approximately $9,446,230. The trade was a 32.52% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 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 disclosure for this sale can be found here. Over the last quarter, insiders have sold 45,041 shares of company stock worth $5,062,386. Company insiders own 1.46% of the company's stock.

About Pinnacle Financial Partners

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.