Tennessee Valley Asset Management Partners Makes New Investment in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Tennessee Valley Asset Management Partners acquired a new stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 1,829 shares of the financial services provider’s stock, valued at approximately $209,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Ashton Thomas Securities LLC acquired a new stake in Pinnacle Financial Partners in the third quarter valued at $30,000. UMB Bank n.a. raised its holdings in shares of Pinnacle Financial Partners by 83.4% in the 3rd quarter. UMB Bank n.a. now owns 497 shares of the financial services provider’s stock valued at $49,000 after purchasing an additional 226 shares during the period. Values First Advisors Inc. acquired a new stake in Pinnacle Financial Partners in the 3rd quarter valued at about $49,000. Brooklyn Investment Group bought a new position in Pinnacle Financial Partners during the third quarter worth about $70,000. Finally, Quarry LP increased its position in Pinnacle Financial Partners by 3,500.0% during the second quarter. Quarry LP now owns 756 shares of the financial services provider’s stock worth $61,000 after buying an additional 735 shares during the last quarter. 87.40% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. UBS Group assumed coverage on Pinnacle Financial Partners in a research report on Tuesday, December 17th. They issued a “neutral” rating and a $133.00 price objective for the company. Wells Fargo & Company lifted their price objective on shares of Pinnacle Financial Partners from $120.00 to $125.00 and gave the stock an “equal weight” rating in a research report on Thursday. Truist Financial upped their price objective on shares of Pinnacle Financial Partners from $113.00 to $119.00 and gave the company a “buy” rating in a report on Monday, October 21st. Barclays upgraded shares of Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $120.00 to $135.00 in a research note on Thursday, December 19th. Finally, Citigroup upped their price target on shares of Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a “buy” rating in a research note on Tuesday, December 31st. Six research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $125.18.

Pinnacle Financial Partners Stock Performance

NASDAQ PNFP opened at $123.28 on Monday. Pinnacle Financial Partners, Inc. has a 12-month low of $73.62 and a 12-month high of $131.91. The firm has a 50-day moving average price of $119.31 and a two-hundred day moving average price of $105.71. The company has a market capitalization of $9.52 billion, a P/E ratio of 20.62 and a beta of 1.09. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.37.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings results on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.80 by $0.10. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. The business had revenue of $475.34 million for the quarter, compared to the consensus estimate of $470,334.57 billion. During the same quarter in the prior year, the business posted $1.68 earnings per share. The firm’s quarterly revenue was up 19.9% compared to the same quarter last year. Analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.56 earnings per share for the current year.

Pinnacle Financial Partners Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 28th. Investors of record on Friday, February 7th will be given a $0.24 dividend. The ex-dividend date is Friday, February 7th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.78%. This is a boost from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 14.72%.

Insider Activity at Pinnacle Financial Partners

In related news, CFO Harold R. Carpenter sold 3,051 shares of Pinnacle Financial Partners stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $125.57, for a total value of $383,114.07. Following the transaction, the chief financial officer now directly owns 60,805 shares of the company’s stock, valued at $7,635,283.85. This trade represents a 4.78 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director David B. Ingram sold 3,610 shares of the company’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $126.07, for a total value of $455,112.70. Following the sale, the director now owns 139,489 shares of the company’s stock, valued at $17,585,378.23. The trade was a 2.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 76,661 shares of company stock valued at $9,563,127 over the last quarter. 1.87% of the stock is owned by corporate 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.