Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Chairman Sells $4,552,400.00 in Stock

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Chairman Robert A. Mccabe, Jr. sold 40,000 shares of the business’s stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $113.81, for a total value of $4,552,400.00. Following the completion of the sale, the chairman now directly owns 83,000 shares in the company, valued at approximately $9,446,230. The trade was a 32.52 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Pinnacle Financial Partners Stock Performance

NASDAQ:PNFP opened at $114.26 on Friday. The firm has a market capitalization of $8.83 billion, a PE ratio of 19.11 and a beta of 1.09. The business’s fifty day moving average price is $118.49 and its 200 day moving average price is $110.41. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.90 and a quick ratio of 0.90. Pinnacle Financial Partners, Inc. has a 12 month low of $73.62 and a 12 month high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its 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. The firm had revenue of $475.34 million for the quarter, compared to analyst estimates of $470.33 million. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. Pinnacle Financial Partners’s revenue for the quarter was up 19.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.68 earnings per share. On average, sell-side analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current fiscal year.

Pinnacle Financial Partners Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Friday, February 7th were issued a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 0.84%. The ex-dividend date was Friday, February 7th. This is a positive change from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. Pinnacle Financial Partners’s dividend payout ratio is 16.05%.

Hedge Funds Weigh In On Pinnacle Financial Partners

Several large investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its holdings in Pinnacle Financial Partners by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 7,200,386 shares of the financial services provider’s stock valued at $823,652,000 after buying an additional 87,058 shares during the last quarter. FMR LLC boosted its stake in Pinnacle Financial Partners by 10.6% in the fourth quarter. FMR LLC now owns 3,003,310 shares of the financial services provider’s stock valued at $343,549,000 after acquiring an additional 286,894 shares in the last quarter. North Reef Capital Management LP boosted its stake in Pinnacle Financial Partners by 57.1% in the fourth quarter. North Reef Capital Management LP now owns 1,940,000 shares of the financial services provider’s stock valued at $221,917,000 after acquiring an additional 705,000 shares in the last quarter. Capital Research Global Investors boosted its stake in Pinnacle Financial Partners by 57.0% in the fourth quarter. Capital Research Global Investors now owns 1,559,798 shares of the financial services provider’s stock valued at $178,425,000 after acquiring an additional 566,061 shares in the last quarter. Finally, Wellington Management Group LLP boosted its stake in Pinnacle Financial Partners by 16.5% in the fourth quarter. Wellington Management Group LLP now owns 1,504,254 shares of the financial services provider’s stock valued at $172,072,000 after acquiring an additional 213,505 shares in the last quarter. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Analyst Ratings Changes

A number of analysts have issued reports on PNFP shares. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $135.00 target price (up previously from $115.00) on shares of Pinnacle Financial Partners in a research report on Wednesday, December 4th. Barclays raised Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $120.00 to $135.00 in a research report on Thursday, December 19th. JPMorgan Chase & Co. cut their target price on Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 7th. Wells Fargo & Company boosted their target price on Pinnacle Financial Partners from $120.00 to $125.00 and gave the company an “equal weight” rating in a research report on Thursday, January 23rd. Finally, Hovde Group lowered Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 price objective on the stock. in a research report on Monday, November 18th. Six equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, Pinnacle Financial Partners 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.