AM Investment Strategies LLC Acquires 618 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

AM Investment Strategies LLC grew its holdings in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 5.8% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,290 shares of the financial services provider’s stock after buying an additional 618 shares during the quarter. AM Investment Strategies LLC’s holdings in Pinnacle Financial Partners were worth $985,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. FMR LLC raised its holdings in shares of Pinnacle Financial Partners by 3.4% in the 3rd quarter. FMR LLC now owns 2,084,141 shares of the financial services provider’s stock valued at $139,721,000 after purchasing an additional 69,197 shares during the period. Wellington Management Group LLP raised its holdings in shares of 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 purchasing an additional 947,704 shares during the period. Jennison Associates LLC raised its holdings in shares of Pinnacle Financial Partners by 0.7% in the 3rd quarter. Jennison Associates LLC now owns 1,269,503 shares of the financial services provider’s stock valued at $85,107,000 after purchasing an additional 8,698 shares during the period. North Reef Capital Management LP raised its holdings in shares of Pinnacle Financial Partners by 15.9% in the 3rd 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 period. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Pinnacle Financial Partners by 5.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 842,959 shares of the financial services provider’s stock valued at $56,512,000 after purchasing an additional 43,355 shares during the period. 87.40% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts recently commented on PNFP shares. UBS Group decreased 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 research note on Thursday, January 18th. Barclays started coverage on shares of Pinnacle Financial Partners in a research note on Friday, March 8th. They issued an “equal weight” rating and a $93.00 price target on the stock. Jefferies Financial Group decreased their price target on shares of Pinnacle Financial Partners from $88.00 to $85.00 and set a “hold” rating on the stock in a research note on Monday, April 8th. Stephens reiterated an “overweight” rating and issued a $109.00 price target on shares of Pinnacle Financial Partners in a research note on Tuesday. Finally, Hovde Group decreased their price target on shares of Pinnacle Financial Partners from $104.00 to $99.00 and set an “outperform” rating on the stock in a research note on Tuesday. One analyst has rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Pinnacle Financial Partners presently has an average rating of “Hold” and an average target price of $95.50.

Pinnacle Financial Partners Stock Performance

Shares of NASDAQ:PNFP traded down $1.43 on Thursday, reaching $81.53. 598,704 shares of the company’s stock were exchanged, compared to its average volume of 467,758. The company has a fifty day moving average of $82.28 and a 200-day moving average of $79.19. Pinnacle Financial Partners, Inc. has a twelve month low of $43.31 and a twelve month high of $92.33. The company has a market capitalization of $6.28 billion, a price-to-earnings ratio of 11.66 and a beta of 1.08. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.43.

Pinnacle Financial Partners Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Investors of record on Friday, May 3rd will be given a dividend of $0.22 per share. The ex-dividend date of this dividend is Thursday, May 2nd. This represents a $0.88 annualized dividend and a dividend yield of 1.08%. Pinnacle Financial Partners’s dividend payout ratio is 12.59%.

Insider Buying and Selling

In related news, Chairman Richard D. Callicutt II sold 11,030 shares of the 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 sale, the chairman now owns 97,226 shares in the company, valued at approximately $7,993,921.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Chairman Richard D. Callicutt II sold 11,030 shares of the 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 sale, the chairman now owns 97,226 shares in the company, valued at approximately $7,993,921.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Harold R. Carpenter sold 6,306 shares of the 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 $518,479.32. Following the completion of the transaction, the chief financial officer now directly owns 63,856 shares of the company’s stock, valued at approximately $5,250,240.32. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 47,844 shares of company stock worth $3,933,734. Corporate insiders own 1.87% of the company’s stock.

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.