Insider Selling: Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Director Sells 40,000 Shares of Stock

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Director David B. Ingram sold 40,000 shares of the stock in a transaction that occurred on Thursday, February 6th. The shares were sold at an average price of $126.50, for a total transaction of $5,060,000.00. Following the completion of the sale, the director now directly owns 40,991 shares of the company’s stock, valued at approximately $5,185,361.50. This trade represents a 49.39 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Pinnacle Financial Partners Trading Down 1.2 %

NASDAQ PNFP opened at $122.33 on Tuesday. Pinnacle Financial Partners, Inc. has a one year low of $73.62 and a one year high of $131.91. The firm has a 50 day simple moving average of $119.10 and a 200-day simple moving average of $108.02. The firm has a market cap of $9.45 billion, a price-to-earnings ratio of 20.46 and a beta of 1.09. 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 (NASDAQ:PNFP) last issued its quarterly earnings results on Tuesday, January 21st. The financial services provider reported $1.90 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 quarter last year, the company posted $1.68 EPS. The firm’s revenue was up 19.9% compared to the same quarter last year. Equities research analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 28th. Shareholders of record on Friday, February 7th will be issued a dividend of $0.24 per share. This is an increase from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend is Friday, February 7th. This represents a $0.96 annualized dividend and a yield of 0.78%. Pinnacle Financial Partners’s dividend payout ratio is 16.05%.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on PNFP shares. 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. 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. Wells Fargo & Company boosted their price objective on shares of Pinnacle Financial Partners from $120.00 to $125.00 and gave the company an “equal weight” rating in a report on Thursday, January 23rd. Barclays raised shares of Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $120.00 to $135.00 in a research report on Thursday, December 19th. Finally, Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $135.00 price target (up from $115.00) on shares of Pinnacle Financial Partners in a research report on Wednesday, December 4th. Six investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $125.18.

Institutional Investors Weigh In On Pinnacle Financial Partners

A number of hedge funds have recently bought and sold shares of PNFP. OneDigital Investment Advisors LLC grew its position in shares of Pinnacle Financial Partners by 1.3% during the third quarter. OneDigital Investment Advisors LLC now owns 6,646 shares of the financial services provider’s stock worth $651,000 after buying an additional 88 shares in the last quarter. Principal Securities Inc. grew its holdings in Pinnacle Financial Partners by 12.7% during the 4th quarter. Principal Securities Inc. now owns 808 shares of the financial services provider’s stock worth $92,000 after acquiring an additional 91 shares in the last quarter. Sage Mountain Advisors LLC grew its holdings in Pinnacle Financial Partners by 0.3% during the 4th quarter. Sage Mountain Advisors LLC now owns 36,198 shares of the financial services provider’s stock worth $4,141,000 after acquiring an additional 99 shares in the last quarter. EverSource Wealth Advisors LLC increased its position in shares of Pinnacle Financial Partners by 0.6% in the 3rd quarter. EverSource Wealth Advisors LLC now owns 17,976 shares of the financial services provider’s stock valued at $1,761,000 after purchasing an additional 100 shares during the last quarter. Finally, First Horizon Advisors Inc. raised its holdings in shares of Pinnacle Financial Partners by 3.1% in the 4th quarter. First Horizon Advisors Inc. now owns 3,399 shares of the financial services provider’s stock valued at $389,000 after purchasing an additional 102 shares in the last quarter. Institutional investors and hedge funds own 87.40% 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.