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

AM Investment Strategies LLC grew its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 5.8% during the 4th quarter, HoldingsChannel.com reports. The firm 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 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Caprock Group LLC grew its stake in Pinnacle Financial Partners by 2.2% during the fourth quarter. Caprock Group LLC now owns 5,604 shares of the financial services provider’s stock valued at $489,000 after acquiring an additional 122 shares in the last quarter. Treasurer of the State of North Carolina grew its stake in Pinnacle Financial Partners by 0.5% during the third quarter. Treasurer of the State of North Carolina now owns 33,040 shares of the financial services provider’s stock valued at $2,215,000 after acquiring an additional 170 shares in the last quarter. Nomura Asset Management Co. Ltd. grew its stake in Pinnacle Financial Partners by 57.1% during the third quarter. Nomura Asset Management Co. Ltd. now owns 550 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 200 shares in the last quarter. Fifth Third Bancorp grew its stake in Pinnacle Financial Partners by 101.4% during the third quarter. Fifth Third Bancorp now owns 423 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 213 shares in the last quarter. Finally, Venturi Wealth Management LLC grew its stake in Pinnacle Financial Partners by 17.6% during the third quarter. Venturi Wealth Management LLC now owns 2,000 shares of the financial services provider’s stock valued at $134,000 after acquiring an additional 300 shares in the last quarter. Institutional investors own 87.40% of the company’s stock.

Insider Activity

In other news, CFO Harold R. Carpenter sold 6,306 shares of the company’s stock in a transaction on Tuesday, March 12th. The shares were 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 owns 63,856 shares of the company’s stock, valued at approximately $5,250,240.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO Harold R. Carpenter sold 6,306 shares of the company’s stock in a transaction on Tuesday, March 12th. The shares were 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 owns 63,856 shares of the company’s stock, valued at approximately $5,250,240.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Richard D. Callicutt II sold 11,030 shares of the company’s stock in a transaction 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 completion of the sale, the chairman now directly owns 97,226 shares of the company’s stock, valued at approximately $7,993,921.72. The disclosure for this sale can be found here. In the last 90 days, insiders sold 47,844 shares of company stock valued at $3,933,734. Corporate insiders own 1.87% of the company’s stock.

Pinnacle Financial Partners Price Performance

PNFP stock traded down $1.43 during midday trading on Thursday, reaching $81.53. The company had a trading volume of 598,704 shares, compared to its average volume of 467,758. Pinnacle Financial Partners, Inc. has a 1 year low of $43.31 and a 1 year high of $92.33. The company has a market capitalization of $6.28 billion, a P/E ratio of 11.66 and a beta of 1.08. The firm has a 50-day moving average price of $82.28 and a 200-day moving average price of $79.19. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.90 and a quick ratio of 0.90.

Pinnacle Financial Partners Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 31st. Stockholders of record on Friday, May 3rd will be paid a $0.22 dividend. The ex-dividend date of this dividend is Thursday, May 2nd. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.08%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 12.59%.

Wall Street Analyst Weigh In

Several brokerages recently commented on PNFP. Barclays began coverage on shares of Pinnacle Financial Partners in a research note on Friday, March 8th. They set an “equal weight” rating and a $93.00 price objective for the company. Jefferies Financial Group reduced their price objective on shares of Pinnacle Financial Partners from $88.00 to $85.00 and set a “hold” rating for the company in a research note on Monday, April 8th. Hovde Group reduced their price objective on shares of Pinnacle Financial Partners from $104.00 to $99.00 and set an “outperform” rating for the company in a research note on Tuesday. Truist Financial cut their price target on shares of Pinnacle Financial Partners from $99.00 to $94.00 and set a “buy” rating for the company in a research note on Thursday. Finally, UBS Group cut their price target on shares of Pinnacle Financial Partners from $91.00 to $90.00 and set a “neutral” rating for the company in a research note on Thursday, January 18th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, Pinnacle Financial Partners currently has a consensus rating of “Hold” and an average price target of $95.50.

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.