GAMMA Investing LLC Lowers Stock Position in Pinnacle Financial Partners, Inc. $PNFP

GAMMA Investing LLC reduced its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 14.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,389 shares of the financial services provider’s stock after selling 227 shares during the quarter. GAMMA Investing LLC’s holdings in Pinnacle Financial Partners were worth $153,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Jefferies Financial Group Inc. purchased a new position in shares of Pinnacle Financial Partners during the first quarter worth approximately $850,000. Golden State Wealth Management LLC purchased a new position in shares of Pinnacle Financial Partners during the first quarter worth approximately $48,000. M&T Bank Corp raised its stake in shares of Pinnacle Financial Partners by 9.0% during the first quarter. M&T Bank Corp now owns 8,187 shares of the financial services provider’s stock worth $868,000 after acquiring an additional 674 shares in the last quarter. Trexquant Investment LP raised its stake in shares of Pinnacle Financial Partners by 27.4% during the first quarter. Trexquant Investment LP now owns 23,183 shares of the financial services provider’s stock worth $2,458,000 after acquiring an additional 4,989 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC raised its stake in shares of Pinnacle Financial Partners by 3.2% during the first quarter. Allspring Global Investments Holdings LLC now owns 142,165 shares of the financial services provider’s stock worth $14,892,000 after acquiring an additional 4,356 shares in the last quarter. 87.40% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Pinnacle Financial Partners news, Director Thomas C. Farnsworth III bought 1,000 shares of the company’s stock in a transaction dated Friday, August 1st. The shares were purchased at an average price of $84.94 per share, for a total transaction of $84,940.00. Following the acquisition, the director owned 28,277 shares in the company, valued at approximately $2,401,848.38. This represents a 3.67% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director G Kennedy Thompson bought 10,000 shares of the company’s stock in a transaction dated Friday, August 1st. The shares were acquired at an average price of $85.65 per share, for a total transaction of $856,500.00. Following the acquisition, the director owned 28,372 shares in the company, valued at approximately $2,430,061.80. This represents a 54.43% increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 12,174 shares of company stock worth $1,047,079. Corporate insiders own 1.46% of the company’s stock.

Analyst Ratings Changes

Several research firms have commented on PNFP. Barclays decreased their price target on shares of Pinnacle Financial Partners from $140.00 to $125.00 and set an “overweight” rating on the stock in a research note on Monday, July 28th. Cowen began coverage on shares of Pinnacle Financial Partners in a research note on Wednesday, September 24th. They set a “buy” rating on the stock. UBS Group decreased their target price on shares of Pinnacle Financial Partners from $121.00 to $108.00 and set a “neutral” rating on the stock in a research note on Tuesday, September 2nd. Hovde Group downgraded shares of Pinnacle Financial Partners from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 25th. Finally, Truist Financial decreased their target price on shares of Pinnacle Financial Partners from $111.00 to $107.00 and set a “buy” rating on the stock in a research note on Wednesday, September 24th. Six investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $112.45.

Pinnacle Financial Partners Stock Performance

Shares of PNFP stock opened at $94.48 on Tuesday. Pinnacle Financial Partners, Inc. has a 12 month low of $81.57 and a 12 month high of $131.91. The stock has a market cap of $7.33 billion, a PE ratio of 12.53 and a beta of 1.07. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.34. The company’s fifty day moving average price is $94.97 and its 200-day moving average price is $101.89.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its earnings results on Tuesday, July 15th. The financial services provider reported $2.00 EPS for the quarter, beating analysts’ consensus estimates of $1.92 by $0.08. Pinnacle Financial Partners had a net margin of 18.69% and a return on equity of 9.60%. The firm had revenue of $504.99 million for the quarter, compared to analysts’ expectations of $495.27 million. During the same quarter in the previous year, the business posted $1.63 EPS. The company’s quarterly revenue was up 15.1% on a year-over-year basis. On average, equities analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 29th. Stockholders of record on Friday, August 1st were issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date was Friday, August 1st. Pinnacle Financial Partners’s payout ratio is 12.73%.

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.