21,600 Shares in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Purchased by Louisiana State Employees Retirement System

Louisiana State Employees Retirement System purchased a new position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) during the fourth quarter, HoldingsChannel.com reports. The institutional investor purchased 21,600 shares of the financial services provider’s stock, valued at approximately $1,884,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in PNFP. Emerald Advisers LLC purchased a new position in shares of Pinnacle Financial Partners during the third quarter worth about $27,000. International Assets Investment Management LLC purchased a new position in shares of Pinnacle Financial Partners during the third quarter worth about $28,000. Fifth Third Bancorp grew its holdings in shares of Pinnacle Financial Partners by 101.4% during the third quarter. Fifth Third Bancorp now owns 423 shares of the financial services provider’s stock worth $28,000 after buying an additional 213 shares during the last quarter. Bruce G. Allen Investments LLC purchased a new position in shares of Pinnacle Financial Partners during the fourth quarter worth about $32,000. Finally, Nomura Asset Management Co. Ltd. lifted its position in Pinnacle Financial Partners by 57.1% in the third quarter. Nomura Asset Management Co. Ltd. now owns 550 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 200 shares during the period. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. Barclays assumed coverage on shares of Pinnacle Financial Partners in a research report on Friday, March 8th. They issued an “equal weight” rating and a $93.00 price objective for the company. UBS Group reduced their price objective on shares of Pinnacle Financial Partners from $91.00 to $90.00 and set a “neutral” rating for the company in a research report on Thursday, January 18th. Truist Financial raised their price objective on shares of Pinnacle Financial Partners from $93.00 to $99.00 and gave the company a “buy” rating in a research report on Monday, April 1st. Stephens restated an “overweight” rating and issued a $108.00 price objective on shares of Pinnacle Financial Partners in a research report on Wednesday, January 17th. Finally, Jefferies Financial Group reduced their price objective on shares of Pinnacle Financial Partners from $88.00 to $85.00 and set a “hold” rating for the company in a research report on Monday, April 8th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, Pinnacle Financial Partners presently has an average rating of “Hold” and an average target price of $92.57.

Pinnacle Financial Partners Price Performance

PNFP stock opened at $78.46 on Friday. The firm has a 50 day moving average of $82.40 and a 200-day moving average of $78.64. Pinnacle Financial Partners, Inc. has a 12-month low of $43.31 and a 12-month high of $92.33. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.44. The company has a market cap of $6.05 billion, a price-to-earnings ratio of 10.93 and a beta of 1.08.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings results on Wednesday, January 17th. The financial services provider reported $1.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.67 by $0.01. Pinnacle Financial Partners had a net margin of 20.17% and a return on equity of 9.78%. The company had revenue of $396.34 million during the quarter, compared to the consensus estimate of $416.97 million. During the same period last year, the firm earned $1.76 EPS. The company’s revenue for the quarter was down 1.4% on a year-over-year basis. As a group, equities analysts expect that Pinnacle Financial Partners, Inc. will post 6.83 EPS for the current fiscal year.

Insider Transactions at Pinnacle Financial Partners

In other news, CEO M Terry Turner sold 24,057 shares of the firm’s stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $82.22, for a total transaction of $1,977,966.54. Following the completion of the transaction, the chief executive officer now directly owns 294,790 shares of the company’s stock, valued at approximately $24,237,633.80. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, Chairman Richard D. Callicutt II sold 11,030 shares of the firm’s stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $82.22, for a total transaction of $906,886.60. Following the completion of the transaction, the chairman now directly owns 97,226 shares of the company’s stock, valued at approximately $7,993,921.72. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO M Terry Turner sold 24,057 shares of the firm’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total transaction of $1,977,966.54. Following the transaction, the chief executive officer now directly owns 294,790 shares of the company’s stock, valued at $24,237,633.80. The disclosure for this sale can be found here. Insiders sold a total of 54,175 shares of company stock valued at $4,487,253 in the last ninety days. Corporate insiders own 1.87% 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.