David B. Ingram Sells 40,000 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Stock

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

Pinnacle Financial Partners Stock Up 0.9 %

PNFP stock opened at $123.40 on Wednesday. The stock has a 50-day simple moving average of $119.04 and a two-hundred day simple moving average of $108.20. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.37. Pinnacle Financial Partners, Inc. has a twelve month low of $73.62 and a twelve month high of $131.91. The firm has a market capitalization of $9.53 billion, a PE ratio of 20.64 and a beta of 1.09.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its 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 business had revenue of $475.34 million for 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%. Pinnacle Financial Partners’s revenue was up 19.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.68 EPS. On average, equities analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Increases Dividend

The business 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 dividend of $0.24 per share. The ex-dividend date is Friday, February 7th. This is a positive change from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a yield of 0.78%. Pinnacle Financial Partners’s payout ratio is presently 14.72%.

Hedge Funds Weigh In On Pinnacle Financial Partners

A number of institutional investors have recently made changes to their positions in PNFP. Ashton Thomas Securities LLC purchased a new position in Pinnacle Financial Partners in the third quarter worth $30,000. UMB Bank n.a. lifted its position in Pinnacle Financial Partners by 83.4% in the 3rd quarter. UMB Bank n.a. now owns 497 shares of the financial services provider’s stock worth $49,000 after buying an additional 226 shares during the last quarter. Values First Advisors Inc. purchased a new stake in Pinnacle Financial Partners in the third quarter worth approximately $49,000. Brooklyn Investment Group bought a new position in Pinnacle Financial Partners during the third quarter valued at approximately $70,000. Finally, Principal Securities Inc. raised its stake 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 worth $92,000 after acquiring an additional 91 shares in the last quarter. Institutional investors own 87.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. UBS Group initiated coverage on shares of Pinnacle Financial Partners in a research report on Tuesday, December 17th. They issued a “neutral” rating and a $133.00 price objective on the stock. Barclays upgraded Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $120.00 to $135.00 in a research note on Thursday, December 19th. Stephens reissued an “overweight” rating and issued a $142.00 target price on shares of Pinnacle Financial Partners in a research report on Wednesday, January 22nd. Citigroup upped their price target on Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a “buy” rating in a research report on Tuesday, December 31st. Finally, Truist Financial lifted their price objective on Pinnacle Financial Partners from $113.00 to $119.00 and gave the stock a “buy” rating in a report on Monday, October 21st. Six research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $125.18.

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.