Tennessee Valley Asset Management Partners Makes New $158,000 Investment in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Tennessee Valley Asset Management Partners purchased a new position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 1,812 shares of the financial services provider’s stock, valued at approximately $158,000.

Several other hedge funds also recently modified their holdings of the company. FMR LLC boosted its stake in shares of Pinnacle Financial Partners by 3.4% during the 3rd quarter. FMR LLC now owns 2,084,141 shares of the financial services provider’s stock worth $139,721,000 after purchasing an additional 69,197 shares during the last quarter. Wellington Management Group LLP boosted its stake in shares of Pinnacle Financial Partners by 102.7% during the 3rd quarter. Wellington Management Group LLP now owns 1,870,441 shares of the financial services provider’s stock worth $125,394,000 after purchasing an additional 947,704 shares during the last quarter. Jennison Associates LLC boosted its stake in shares of Pinnacle Financial Partners by 0.7% during the 3rd quarter. Jennison Associates LLC now owns 1,269,503 shares of the financial services provider’s stock worth $85,107,000 after purchasing an additional 8,698 shares during the last quarter. North Reef Capital Management LP boosted its stake in shares of Pinnacle Financial Partners by 15.9% during the 3rd quarter. North Reef Capital Management LP now owns 910,108 shares of the financial services provider’s stock worth $61,014,000 after purchasing an additional 124,573 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Pinnacle Financial Partners by 5.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 842,959 shares of the financial services provider’s stock worth $56,512,000 after purchasing an additional 43,355 shares during the last quarter. 87.40% of the stock is owned by institutional investors and hedge funds.

Pinnacle Financial Partners Trading Up 2.4 %

Shares of PNFP stock opened at $81.42 on Tuesday. The stock has a market cap of $6.28 billion, a price-to-earnings ratio of 11.34 and a beta of 1.08. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.44. Pinnacle Financial Partners, Inc. has a fifty-two week low of $43.31 and a fifty-two week high of $92.33. The firm’s 50 day moving average price is $82.32 and its two-hundred day moving average price is $79.05.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on PNFP shares. Jefferies Financial Group decreased their target price on shares of Pinnacle Financial Partners from $88.00 to $85.00 and set a “hold” rating on the stock in a research report on Monday, April 8th. Barclays started coverage on shares of Pinnacle Financial Partners in a research report on Friday, March 8th. They issued an “equal weight” rating and a $93.00 target price on the stock. Truist Financial raised their target price on shares of Pinnacle Financial Partners from $93.00 to $99.00 and gave the stock a “buy” rating in a research report on Monday, April 1st. UBS Group decreased their target price on shares of Pinnacle Financial Partners from $91.00 to $90.00 and set a “neutral” rating on the stock in a research report on Thursday, January 18th. Finally, Stephens reissued an “overweight” rating and issued a $108.00 target price on shares of Pinnacle Financial Partners in a research report on Wednesday, January 17th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the company. According to MarketBeat, Pinnacle Financial Partners has an average rating of “Hold” and an average price target of $92.57.

Insider Buying and Selling at Pinnacle Financial Partners

In other news, CFO Harold R. Carpenter sold 6,306 shares of Pinnacle Financial Partners stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $82.22, for a total transaction of $518,479.32. Following the sale, the chief financial officer now owns 63,856 shares in the company, valued at $5,250,240.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Chairman Richard D. Callicutt II sold 11,030 shares of Pinnacle Financial Partners stock in a transaction that occurred 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 sale, the chairman now owns 97,226 shares in the company, valued at $7,993,921.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Harold R. Carpenter sold 6,306 shares of Pinnacle Financial Partners stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $82.22, for a total transaction of $518,479.32. Following the sale, the chief financial officer now owns 63,856 shares in the company, valued at approximately $5,250,240.32. The disclosure for this sale can be found here. Insiders have sold a total of 47,844 shares of company stock valued at $3,933,734 over the last ninety days. Corporate insiders own 1.87% 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.