GAMMA Investing LLC Sells 401 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

GAMMA Investing LLC lowered its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 37.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 673 shares of the financial services provider’s stock after selling 401 shares during the period. GAMMA Investing LLC’s holdings in Pinnacle Financial Partners were worth $58,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Bruce G. Allen Investments LLC bought a new position in Pinnacle Financial Partners in the 4th quarter valued at about $32,000. ICA Group Wealth Management LLC purchased a new position in shares of Pinnacle Financial Partners during the fourth quarter valued at approximately $44,000. Principal Securities Inc. purchased a new position in shares of Pinnacle Financial Partners during the fourth quarter valued at approximately $60,000. CWM LLC grew its holdings in Pinnacle Financial Partners by 62.3% during the fourth quarter. CWM LLC now owns 865 shares of the financial services provider’s stock worth $75,000 after buying an additional 332 shares in the last quarter. Finally, Assetmark Inc. purchased a new stake in Pinnacle Financial Partners in the 4th quarter valued at $101,000. Institutional investors and hedge funds own 87.40% of the company’s stock.

Pinnacle Financial Partners Stock Up 0.8 %

PNFP stock opened at $77.21 on Tuesday. The stock has a fifty day moving average of $79.50 and a 200-day moving average of $82.50. Pinnacle Financial Partners, Inc. has a fifty-two week low of $53.33 and a fifty-two week high of $92.33. The company has a market capitalization of $5.96 billion, a price-to-earnings ratio of 11.05 and a beta of 1.08. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.90 and a current ratio of 0.90.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its earnings results on Monday, April 22nd. The financial services provider reported $1.53 earnings per share for the quarter, topping analysts’ consensus estimates of $1.52 by $0.01. Pinnacle Financial Partners had a net margin of 18.59% and a return on equity of 9.31%. The firm had revenue of $428.14 million during the quarter, compared to analyst estimates of $413.27 million. As a group, equities research analysts predict that Pinnacle Financial Partners, Inc. will post 6.74 earnings per share for the current year.

Pinnacle Financial Partners Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 31st. Investors of record on Friday, May 3rd were paid a $0.22 dividend. The ex-dividend date of this dividend was Thursday, May 2nd. This represents a $0.88 dividend on an annualized basis and a yield of 1.14%. Pinnacle Financial Partners’s dividend payout ratio is 12.59%.

Insider Buying and Selling at Pinnacle Financial Partners

In other news, Chairman Robert A. Mccabe, Jr. sold 115,249 shares of Pinnacle Financial Partners stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $81.04, for a total value of $9,339,778.96. Following the completion of the transaction, the chairman now directly owns 153,062 shares in the company, valued at $12,404,144.48. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, Chairman Robert A. Mccabe, Jr. sold 115,249 shares of the stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $81.04, for a total value of $9,339,778.96. Following the sale, the chairman now directly owns 153,062 shares of the company’s stock, valued at $12,404,144.48. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO M Terry Turner sold 72,000 shares of the business’s stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $80.97, for a total transaction of $5,829,840.00. Following the transaction, the chief executive officer now directly owns 222,790 shares of the company’s stock, valued at approximately $18,039,306.30. The disclosure for this sale can be found here. Insiders own 1.87% of the company’s stock.

Analyst Ratings Changes

PNFP has been the subject of several analyst reports. Stephens lowered their target price on shares of Pinnacle Financial Partners from $109.00 to $102.00 and set an “overweight” rating for the company in a report on Thursday, May 23rd. JPMorgan Chase & Co. dropped their target price on shares of Pinnacle Financial Partners from $110.00 to $108.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 24th. Jefferies Financial Group reduced their target price on Pinnacle Financial Partners from $88.00 to $85.00 and set a “hold” rating for the company in a report on Monday, April 8th. Hovde Group decreased their price target on Pinnacle Financial Partners from $104.00 to $99.00 and set an “outperform” rating for the company in a research report on Tuesday, April 23rd. Finally, Barclays began coverage on Pinnacle Financial Partners in a research report on Friday, March 8th. They issued an “equal weight” rating and a $93.00 price objective on the stock. One research analyst has rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, Pinnacle Financial Partners presently has an average rating of “Hold” and a consensus target price of $94.63.

Pinnacle Financial Partners Company 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.