Trexquant Investment LP Purchases Shares of 18,194 Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Trexquant Investment LP purchased a new stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 18,194 shares of the financial services provider's stock, valued at approximately $2,081,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Norges Bank acquired a new position in Pinnacle Financial Partners during the 4th quarter worth approximately $101,798,000. Raymond James Financial Inc. acquired a new stake in Pinnacle Financial Partners in the fourth quarter valued at $44,737,000. Wellington Management Group LLP boosted its position in shares of Pinnacle Financial Partners by 16.5% during the 4th quarter. Wellington Management Group LLP now owns 1,504,254 shares of the financial services provider's stock worth $172,072,000 after acquiring an additional 213,505 shares in the last quarter. Principal Financial Group Inc. lifted its stake in Pinnacle Financial Partners by 27.0% during the third quarter. Principal Financial Group Inc. now owns 983,282 shares of the financial services provider's stock worth $96,332,000 after purchasing an additional 208,938 shares during the last quarter. Finally, Picton Mahoney Asset Management raised its holdings in Pinnacle Financial Partners by 190.1% during the fourth quarter. Picton Mahoney Asset Management now owns 159,187 shares of the financial services provider's stock worth $18,211,000 after purchasing an additional 104,306 shares in the last quarter. Hedge funds and other institutional investors own 87.40% of the company's stock.

Analyst Ratings Changes

PNFP has been the topic of a number of research analyst reports. Stephens reiterated an "overweight" rating and set a $142.00 target price on shares of Pinnacle Financial Partners in a research report on Wednesday, January 22nd. JPMorgan Chase & Co. reduced their price objective on Pinnacle Financial Partners from $140.00 to $138.00 and set an "overweight" rating for the company in a research note on Tuesday, January 7th. Wells Fargo & Company lowered their target price on shares of Pinnacle Financial Partners from $125.00 to $105.00 and set an "equal weight" rating on the stock in a research report on Wednesday, April 9th. Barclays decreased their price target on shares of Pinnacle Financial Partners from $135.00 to $125.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. Finally, Citigroup lifted their price objective 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. Five investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, Pinnacle Financial Partners has a consensus rating of "Moderate Buy" and an average target price of $124.70.

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Pinnacle Financial Partners Trading Up 1.3 %

Pinnacle Financial Partners stock traded up $1.17 during trading on Monday, hitting $91.21. The company's stock had a trading volume of 53,384 shares, compared to its average volume of 496,402. The stock's fifty day moving average is $107.69 and its 200 day moving average is $112.04. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.90 and a current ratio of 0.90. Pinnacle Financial Partners, Inc. has a 1-year low of $73.62 and a 1-year high of $131.91. The stock has a market capitalization of $7.06 billion, a price-to-earnings ratio of 15.25 and a beta of 0.94.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last announced its quarterly earnings data on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.80 by $0.10. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. The company had revenue of $475.34 million during the quarter, compared to analysts' expectations of $470.33 million. During the same period in the previous year, the company earned $1.68 EPS. The business's quarterly revenue was up 19.9% compared to the same quarter last year. As a group, equities research analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Friday, February 7th were paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.05%. The ex-dividend date of this dividend was Friday, February 7th. This is a boost from Pinnacle Financial Partners's previous quarterly dividend of $0.22. Pinnacle Financial Partners's payout ratio is currently 16.05%.

Insider Transactions at Pinnacle Financial Partners

In other news, Director David B. Ingram sold 10,309 shares of the firm's stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $126.00, for a total transaction of $1,298,934.00. Following the completion of the sale, the director now owns 82,256 shares of the company's stock, valued at approximately $10,364,256. This trade represents a 11.14 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO M Terry Turner sold 2,000 shares of the company's stock in a transaction 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 completion of the sale, the chief executive officer now directly owns 254,552 shares in the company, valued at $25,615,567.76. This represents a 0.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 95,350 shares of company stock valued at $11,421,320 over the last quarter. Company insiders own 1.46% of the company's stock.

Pinnacle Financial Partners Company Profile

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.