Insider Selling: Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Director Sells $304,650.00 in Stock

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Director Glenda Baskin Glover sold 3,000 shares of the company’s stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $101.55, for a total value of $304,650.00. Following the transaction, the director now directly owns 9,943 shares in the company, valued at $1,009,711.65. This represents a 23.18 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Pinnacle Financial Partners Stock Performance

NASDAQ PNFP opened at $106.13 on Thursday. The firm has a market capitalization of $8.21 billion, a P/E ratio of 17.75 and a beta of 1.09. The stock has a 50-day simple moving average of $115.91 and a two-hundred day simple moving average of $111.63. 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, 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 announced its quarterly earnings results on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share for the quarter, beating the consensus estimate 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 company had revenue of $475.34 million during the quarter, compared to analysts’ expectations of $470.33 million. During the same period last year, the business earned $1.68 earnings per share. Pinnacle Financial Partners’s quarterly revenue was up 19.9% on a year-over-year basis. On average, equities analysts forecast 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 announced a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Friday, February 7th were paid a $0.24 dividend. This is a boost from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a dividend yield of 0.90%. The ex-dividend date of this dividend was Friday, February 7th. Pinnacle Financial Partners’s payout ratio is currently 16.05%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Keefe, Bruyette & Woods restated a “market perform” rating and set a $135.00 price target (up previously from $115.00) on shares of Pinnacle Financial Partners in a research note on Wednesday, December 4th. Stephens reissued an “overweight” rating and set a $142.00 target price on shares of Pinnacle Financial Partners in a research report on Wednesday, January 22nd. UBS Group initiated coverage on shares of Pinnacle Financial Partners in a report on Tuesday, December 17th. They issued a “neutral” rating and a $133.00 price target for the company. Wells Fargo & Company lifted their price objective on shares of Pinnacle Financial Partners from $120.00 to $125.00 and gave the stock an “equal weight” rating in a research note on Thursday, January 23rd. Finally, 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. Six equities 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 has an average rating of “Hold” and an average price target of $125.18.

Institutional Trading of Pinnacle Financial Partners

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Virtue Capital Management LLC acquired a new position in shares of Pinnacle Financial Partners in the fourth quarter worth about $213,000. Sunbeam Capital Management LLC acquired a new position in Pinnacle Financial Partners in the 4th quarter worth about $1,131,000. Forum Financial Management LP boosted its position in Pinnacle Financial Partners by 19.4% during the fourth quarter. Forum Financial Management LP now owns 2,660 shares of the financial services provider’s stock worth $304,000 after purchasing an additional 433 shares in the last quarter. GTS Securities LLC acquired a new stake in Pinnacle Financial Partners in the fourth quarter valued at approximately $398,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Pinnacle Financial Partners by 27.2% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 254,472 shares of the financial services provider’s stock valued at $29,109,000 after buying an additional 54,340 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.