GAMMA Investing LLC Makes New Investment in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

GAMMA Investing LLC bought a new stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 1,074 shares of the financial services provider’s stock, valued at approximately $95,000.

A number of other hedge funds have also made changes to their positions in PNFP. Wellington Management Group LLP increased its stake in Pinnacle Financial Partners by 102.7% in the 3rd quarter. Wellington Management Group LLP now owns 1,870,441 shares of the financial services provider’s stock valued at $125,394,000 after buying an additional 947,704 shares during the period. Earnest Partners LLC raised its holdings in shares of Pinnacle Financial Partners by 35.9% during the third quarter. Earnest Partners LLC now owns 634,109 shares of the financial services provider’s stock worth $42,511,000 after acquiring an additional 167,527 shares in the last quarter. North Reef Capital Management LP boosted its position in Pinnacle Financial Partners by 15.9% during the third quarter. North Reef Capital Management LP now owns 910,108 shares of the financial services provider’s stock valued at $61,014,000 after purchasing an additional 124,573 shares during the last quarter. Los Angeles Capital Management LLC acquired a new stake in Pinnacle Financial Partners during the third quarter valued at $8,033,000. Finally, Envestnet Asset Management Inc. grew its stake in Pinnacle Financial Partners by 43.0% in the third quarter. Envestnet Asset Management Inc. now owns 251,598 shares of the financial services provider’s stock valued at $16,867,000 after purchasing an additional 75,691 shares in the last quarter. 87.40% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on PNFP. Barclays started coverage on Pinnacle Financial Partners in a report on Friday, March 8th. They set an “equal weight” rating and a $93.00 price target for the company. JPMorgan Chase & Co. decreased their target price on shares of Pinnacle Financial Partners from $110.00 to $108.00 and set an “overweight” rating for the company in a research report on Wednesday, April 24th. UBS Group cut their price target on shares of Pinnacle Financial Partners from $91.00 to $90.00 and set a “neutral” rating on the stock in a report on Thursday, January 18th. Stephens reissued an “overweight” rating and set a $109.00 target price on shares of Pinnacle Financial Partners in a research report on Tuesday, April 23rd. Finally, Jefferies Financial Group cut their target price on Pinnacle Financial Partners from $88.00 to $85.00 and set a “hold” rating on the stock in a report on Monday, April 8th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, Pinnacle Financial Partners presently has a consensus rating of “Hold” and an average price target of $95.50.

Insider Transactions at Pinnacle Financial Partners

In other news, CFO Harold R. Carpenter sold 6,306 shares of the stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total value of $518,479.32. Following the completion of the sale, the chief financial officer now directly owns 63,856 shares of the company’s stock, valued at $5,250,240.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CFO Harold R. Carpenter sold 6,306 shares of the company’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $82.22, for a total transaction of $518,479.32. Following the completion of the transaction, the chief financial officer now owns 63,856 shares of the company’s stock, valued at $5,250,240.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO M Terry Turner sold 24,057 shares of the stock in a transaction dated 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 sale, the chief executive officer now owns 294,790 shares of the company’s stock, valued at approximately $24,237,633.80. The disclosure for this sale can be found here. Insiders sold a total of 47,844 shares of company stock worth $3,933,734 over the last three months. 1.87% of the stock is currently owned by insiders.

Pinnacle Financial Partners Trading Down 1.5 %

Shares of NASDAQ:PNFP opened at $80.29 on Monday. Pinnacle Financial Partners, Inc. has a 52-week low of $43.31 and a 52-week high of $92.33. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.90 and a current ratio of 0.90. The company has a market cap of $6.19 billion, a P/E ratio of 11.49 and a beta of 1.08. The stock’s 50-day moving average is $82.20 and its 200-day moving average is $79.45.

Pinnacle Financial Partners Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Shareholders of record on Friday, May 3rd will be given a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 1.10%. The ex-dividend date is Thursday, May 2nd. Pinnacle Financial Partners’s dividend payout ratio is currently 12.59%.

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.