Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Chairman Robert A. Mccabe, Jr. Sells 40,000 Shares

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Chairman Robert A. Mccabe, Jr. sold 40,000 shares of Pinnacle Financial Partners stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $113.81, for a total transaction of $4,552,400.00. Following the completion of the transaction, the chairman now directly owns 83,000 shares of the company’s stock, valued at $9,446,230. This trade represents a 32.52 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link.

Pinnacle Financial Partners Price Performance

PNFP stock traded up $0.84 during trading on Wednesday, hitting $113.41. The company had a trading volume of 592,670 shares, compared to its average volume of 466,951. The business has a 50 day moving average of $118.40 and a 200 day moving average of $110.37. The firm has a market capitalization of $8.76 billion, a price-to-earnings ratio of 18.96 and a beta of 1.09. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.37. Pinnacle Financial Partners, Inc. has a fifty-two week low of $73.62 and a fifty-two week high of $131.91.

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 for the quarter, topping analysts’ consensus estimates of $1.80 by $0.10. The company had revenue of $475.34 million during the quarter, compared to analyst estimates of $470.33 million. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. The business’s revenue for the quarter was up 19.9% compared to the same quarter last year. During the same period in the prior year, the business posted $1.68 EPS. As a group, research analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 28th. Shareholders of record on Friday, February 7th will be paid a dividend of $0.24 per share. This is a positive change 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 0.85%. The ex-dividend date is Friday, February 7th. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 16.05%.

Analysts Set New Price Targets

A number of brokerages have issued reports on PNFP. Barclays raised 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 report on Thursday, December 19th. Hovde Group downgraded 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. JPMorgan Chase & Co. lowered 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. Citigroup raised their target price on Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a “buy” rating in a research note on Tuesday, December 31st. Finally, Wells Fargo & Company upped their price target 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, January 23rd. Six investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $125.18.

Hedge Funds Weigh In On Pinnacle Financial Partners

Several hedge funds have recently modified their holdings of PNFP. Ashton Thomas Securities LLC bought a new position in Pinnacle Financial Partners during the third quarter valued at about $30,000. Kapitalo Investimentos Ltda bought a new stake in Pinnacle Financial Partners in the fourth quarter worth about $78,000. Brooklyn Investment Group acquired a new stake in Pinnacle Financial Partners in the 3rd quarter valued at about $70,000. UMB Bank n.a. lifted its holdings in shares of Pinnacle Financial Partners by 48.1% in the fourth quarter. UMB Bank n.a. now owns 736 shares of the financial services provider’s stock valued at $84,000 after purchasing an additional 239 shares in the last quarter. Finally, Principal Securities Inc. grew its holdings in shares of Pinnacle Financial Partners by 12.7% during the fourth quarter. Principal Securities Inc. now owns 808 shares of the financial services provider’s stock valued at $92,000 after buying an additional 91 shares in the last quarter. 87.40% of the stock is currently owned by institutional investors and hedge funds.

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.