Voloridge Investment Management LLC Acquires New Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Voloridge Investment Management LLC acquired a new stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 25,676 shares of the financial services provider’s stock, valued at approximately $2,937,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in PNFP. Kapitalo Investimentos Ltda purchased a new position in Pinnacle Financial Partners during the 4th quarter valued at about $78,000. Principal Securities Inc. increased its holdings in Pinnacle Financial Partners by 12.7% during the 4th quarter. Principal Securities Inc. now owns 808 shares of the financial services provider’s stock valued at $92,000 after acquiring an additional 91 shares in the last quarter. Values First Advisors Inc. increased its holdings in Pinnacle Financial Partners by 189.9% during the 4th quarter. Values First Advisors Inc. now owns 1,458 shares of the financial services provider’s stock valued at $167,000 after acquiring an additional 955 shares in the last quarter. Blue Trust Inc. increased its holdings in Pinnacle Financial Partners by 20.6% during the 4th quarter. Blue Trust Inc. now owns 1,586 shares of the financial services provider’s stock valued at $181,000 after acquiring an additional 271 shares in the last quarter. Finally, Blair William & Co. IL purchased a new position in Pinnacle Financial Partners during the 4th quarter valued at about $200,000. Institutional investors and hedge funds own 87.40% of the company’s stock.

Analysts Set New Price Targets

Several research firms have weighed in on PNFP. JPMorgan Chase & Co. dropped their target price on shares of Pinnacle Financial Partners from $125.00 to $115.00 and set an “overweight” rating for the company in a report on Wednesday, April 16th. Keefe, Bruyette & Woods dropped their target price on shares of Pinnacle Financial Partners from $130.00 to $115.00 and set a “market perform” rating for the company in a report on Thursday, April 17th. Jefferies Financial Group began coverage on shares of Pinnacle Financial Partners in a report on Wednesday, May 21st. They set a “buy” rating and a $135.00 target price for the company. Wells Fargo & Company dropped their target price on shares of Pinnacle Financial Partners from $125.00 to $105.00 and set an “equal weight” rating for the company in a report on Wednesday, April 9th. Finally, Barclays dropped their target price on shares of Pinnacle Financial Partners from $135.00 to $125.00 and set an “overweight” rating for the company in a report on Tuesday, April 8th. Four research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $121.27.

Pinnacle Financial Partners Stock Performance

Shares of NASDAQ PNFP opened at $108.15 on Wednesday. Pinnacle Financial Partners, Inc. has a 12 month low of $73.62 and a 12 month high of $131.91. The company has a 50-day simple moving average of $101.69 and a 200-day simple moving average of $112.17. The company has a market cap of $8.39 billion, a PE ratio of 18.09 and a beta of 1.00. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.90 and a quick ratio of 0.90.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its earnings results on Monday, April 14th. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.82 by $0.08. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. The firm had revenue of $475.37 million during the quarter, compared to the consensus estimate of $478.11 million. During the same period in the previous year, the firm earned $1.53 earnings per share. On average, equities analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, May 30th. Investors of record on Friday, May 2nd will be issued a $0.24 dividend. The ex-dividend date of this dividend is Friday, May 2nd. This represents a $0.96 dividend on an annualized basis and a yield of 0.89%. Pinnacle Financial Partners’s payout ratio is 15.53%.

Insider Activity at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, CEO M Terry Turner sold 2,000 shares of Pinnacle Financial Partners stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $100.63, for a total transaction of $201,260.00. Following the transaction, the chief executive officer now directly owns 254,552 shares of the company’s stock, valued at $25,615,567.76. The trade was a 0.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Glenda Baskin Glover sold 3,000 shares of Pinnacle Financial Partners stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $101.55, for a total transaction of $304,650.00. Following the transaction, the director now directly owns 9,943 shares in the company, valued at approximately $1,009,711.65. This trade represents a 23.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 5,041 shares of company stock worth $509,986. 1.46% of the stock is owned by company insiders.

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.