Tennessee Valley Asset Management Partners Purchases New Shares in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Tennessee Valley Asset Management Partners acquired a new position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 1,829 shares of the financial services provider’s stock, valued at approximately $209,000.

A number of other hedge funds also recently bought and sold shares of the company. Victory Capital Management Inc. raised its holdings in shares of Pinnacle Financial Partners by 17.9% during the third quarter. Victory Capital Management Inc. now owns 186,612 shares of the financial services provider’s stock valued at $18,282,000 after acquiring an additional 28,327 shares during the period. B. Metzler seel. Sohn & Co. Holding AG purchased a new position in Pinnacle Financial Partners during the 3rd quarter worth approximately $3,606,000. Geode Capital Management LLC raised its stake in Pinnacle Financial Partners by 0.7% during the 3rd quarter. Geode Capital Management LLC now owns 1,328,564 shares of the financial services provider’s stock valued at $130,192,000 after purchasing an additional 8,604 shares during the period. Artemis Investment Management LLP lifted its holdings in shares of Pinnacle Financial Partners by 2.6% in the fourth quarter. Artemis Investment Management LLP now owns 482,672 shares of the financial services provider’s stock valued at $55,213,000 after purchasing an additional 12,455 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Pinnacle Financial Partners by 1.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 920,088 shares of the financial services provider’s stock worth $90,141,000 after buying an additional 9,856 shares during the period. 87.40% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Pinnacle Financial Partners

In other news, CFO Harold R. Carpenter sold 3,051 shares of the company’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $125.57, for a total transaction of $383,114.07. Following the completion of the transaction, the chief financial officer now directly owns 60,805 shares of the company’s stock, valued at $7,635,283.85. This represents a 4.78 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director David B. Ingram sold 3,610 shares of the stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $126.07, for a total value of $455,112.70. Following the transaction, the director now owns 139,489 shares of the company’s stock, valued at approximately $17,585,378.23. The trade was a 2.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 76,661 shares of company stock valued at $9,563,127 over the last quarter. Corporate insiders own 1.87% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. Barclays raised Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $120.00 to $135.00 in a research note on Thursday, December 19th. Citigroup upped their price objective on shares of Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a “buy” rating in a research note on Tuesday, December 31st. Wells Fargo & Company lifted their target price on shares of Pinnacle Financial Partners from $120.00 to $125.00 and gave the company an “equal weight” rating in a research note on Thursday. Truist Financial increased their price target on Pinnacle Financial Partners from $113.00 to $119.00 and gave the company a “buy” rating in a report on Monday, October 21st. Finally, JPMorgan Chase & Co. dropped their price target on shares of Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating for the company in a research report on Tuesday, January 7th. Six equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, Pinnacle Financial Partners currently has an average rating of “Hold” and an average price target of $125.18.

Pinnacle Financial Partners Stock Performance

PNFP stock opened at $123.28 on Monday. Pinnacle Financial Partners, Inc. has a 1-year low of $73.62 and a 1-year high of $131.91. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.37. The firm has a market cap of $9.52 billion, a PE ratio of 20.62 and a beta of 1.09. The business’s 50-day moving average price is $119.31 and its two-hundred day moving average price is $105.71.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings data on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share for the quarter, beating the consensus estimate of $1.80 by $0.10. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. The business had revenue of $475.34 million for the quarter, compared to analysts’ expectations of $470,334.57 billion. During the same quarter in the previous year, the business posted $1.68 EPS. Pinnacle Financial Partners’s revenue for the quarter was up 19.9% on a year-over-year basis. As a group, research analysts forecast that Pinnacle Financial Partners, Inc. will post 7.56 earnings per share for the current year.

Pinnacle Financial Partners Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 28th. Stockholders of record on Friday, February 7th will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 0.78%. The ex-dividend date of this dividend is Friday, February 7th. This is a boost from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. Pinnacle Financial Partners’s dividend payout ratio is 14.72%.

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.