Sunbeam Capital Management LLC Acquires New Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Sunbeam Capital Management LLC bought a new position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund bought 9,887 shares of the financial services provider’s stock, valued at approximately $1,131,000. Pinnacle Financial Partners comprises about 1.0% of Sunbeam Capital Management LLC’s portfolio, making the stock its 23rd biggest holding.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Norges Bank bought a new stake in shares of Pinnacle Financial Partners in the fourth quarter worth $101,798,000. North Reef Capital Management LP lifted its holdings in Pinnacle Financial Partners by 57.1% during the 4th quarter. North Reef Capital Management LP now owns 1,940,000 shares of the financial services provider’s stock worth $221,917,000 after buying an additional 705,000 shares during the period. Van Lanschot Kempen Investment Management N.V. bought a new stake in shares of Pinnacle Financial Partners in the 4th quarter valued at about $78,110,000. Capital Research Global Investors increased its stake in shares of Pinnacle Financial Partners by 57.0% in the fourth quarter. Capital Research Global Investors now owns 1,559,798 shares of the financial services provider’s stock valued at $178,425,000 after buying an additional 566,061 shares during the period. Finally, Raymond James Financial Inc. acquired a new stake in shares of Pinnacle Financial Partners in the fourth quarter valued at about $44,737,000. 87.40% of the stock is owned by institutional investors.

Pinnacle Financial Partners Trading Down 0.5%

PNFP opened at $105.55 on Friday. The company has a fifty day moving average price of $101.65 and a two-hundred day moving average price of $112.35. Pinnacle Financial Partners, Inc. has a 1-year low of $73.62 and a 1-year high of $131.91. The company has a market cap of $8.19 billion, a P/E ratio of 17.65 and a beta of 1.00. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.37.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its earnings results on Monday, April 14th. The financial services provider reported $1.90 EPS for the quarter, beating analysts’ consensus estimates of $1.82 by $0.08. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. The business had revenue of $475.37 million during the quarter, compared to analyst estimates of $478.11 million. During the same period in the previous year, the company posted $1.53 EPS. Analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, May 30th. Stockholders of record on Friday, May 2nd will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.91%. The ex-dividend date is Friday, May 2nd. Pinnacle Financial Partners’s payout ratio is 15.53%.

Analyst Ratings Changes

Several analysts recently commented on the company. Hovde Group upgraded Pinnacle Financial Partners from a “market perform” rating to an “outperform” rating and set a $111.00 target price on the stock in a report on Wednesday, April 16th. Jefferies Financial Group assumed coverage on shares of Pinnacle Financial Partners in a research note on Wednesday. They issued a “buy” rating and a $135.00 price objective on the stock. JPMorgan Chase & Co. lowered 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 research note on Wednesday, April 16th. Keefe, Bruyette & Woods cut their price target on shares of Pinnacle Financial Partners from $130.00 to $115.00 and set a “market perform” rating on the stock in a research report on Thursday, April 17th. Finally, Truist Financial started coverage on Pinnacle Financial Partners in a report on Tuesday, May 13th. They set a “buy” rating and a $123.00 price target for the company. Four equities 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 company. According to MarketBeat.com, Pinnacle Financial Partners currently has an average rating of “Moderate Buy” and an average target price of $121.27.

Insider Buying and Selling

In related news, Chairman Robert A. Mccabe, Jr. sold 40,000 shares of the company’s stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $113.81, for a total value of $4,552,400.00. Following the sale, the chairman now owns 83,000 shares in the company, valued at $9,446,230. This represents a 32.52% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO M Terry Turner sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $100.63, for a total transaction of $201,260.00. Following the completion of the transaction, the chief executive officer now directly owns 254,552 shares in the company, valued at approximately $25,615,567.76. The trade was a 0.78% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 45,041 shares of company stock worth $5,062,386 in the last ninety days. Corporate insiders own 1.46% 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.