Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Director Sells $1,298,934.00 in Stock

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Director David B. Ingram sold 10,309 shares of the stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $126.00, for a total value of $1,298,934.00. Following the completion of the sale, the director now directly owns 82,256 shares of the company’s stock, valued at approximately $10,364,256. The trade was a 11.14 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

Pinnacle Financial Partners Stock Performance

Shares of PNFP traded down $2.93 on Monday, reaching $121.84. 386,885 shares of the company’s stock traded hands, compared to its average volume of 503,826. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.37. The stock’s 50 day simple moving average is $119.48 and its two-hundred day simple moving average is $106.98. Pinnacle Financial Partners, Inc. has a 52-week low of $73.62 and a 52-week high of $131.91. The stock has a market cap of $9.41 billion, a PE ratio of 20.37 and a beta of 1.09.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its 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 during the quarter, compared to the consensus estimate of $470.33 million. During the same period last year, the business posted $1.68 earnings per share. The business’s revenue for the quarter was up 19.9% on a year-over-year basis. On average, analysts forecast that Pinnacle Financial Partners, Inc. will post 7.79 earnings per share for the current fiscal year.

Pinnacle Financial Partners Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 28th. Shareholders of record on Friday, February 7th will be given a $0.24 dividend. This is an increase from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a yield of 0.79%. The ex-dividend date of this dividend is Friday, February 7th. Pinnacle Financial Partners’s dividend payout ratio (DPR) is currently 14.72%.

Analyst Upgrades and Downgrades

PNFP has been the topic of several research analyst reports. Truist Financial upped their target price on Pinnacle Financial Partners from $113.00 to $119.00 and gave the company a “buy” rating in a research report on Monday, October 21st. Hovde Group lowered Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 price target on the stock. in a report on Monday, November 18th. Citigroup increased their price target on Pinnacle Financial Partners from $123.00 to $132.00 and gave the stock a “buy” rating in a report on Tuesday, December 31st. UBS Group started coverage on Pinnacle Financial Partners in a report on Tuesday, December 17th. They issued a “neutral” rating and a $133.00 price target on the stock. Finally, JPMorgan Chase & Co. cut their price target on Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating on the stock in a report on Tuesday, January 7th. Six equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $125.18.

Institutional Trading of Pinnacle Financial Partners

Large investors have recently bought and sold shares of the company. Ashton Thomas Securities LLC purchased a new position in shares of Pinnacle Financial Partners in the third quarter valued at $30,000. UMB Bank n.a. grew its position in shares of Pinnacle Financial Partners by 83.4% in the third 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 in the last quarter. Values First Advisors Inc. purchased a new position in shares of Pinnacle Financial Partners in the third quarter valued at $49,000. Brooklyn Investment Group purchased a new position in shares of Pinnacle Financial Partners in the third quarter valued at $70,000. Finally, Principal Securities Inc. grew its position in shares of Pinnacle Financial Partners by 12.7% in the fourth quarter. Principal Securities Inc. now owns 808 shares of the financial services provider’s stock valued at $92,000 after purchasing an additional 91 shares in the last quarter. 87.40% of the stock is owned by hedge funds and other institutional investors.

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.