Pinnacle Financial Partners (NYSE:PNFP) Insider Sells $5,850,589.91 in Stock

Pinnacle Financial Partners, Inc. (NYSE:PNFP) insider M Terry Turner sold 54,107 shares of the company’s stock in a transaction on Monday, August 17th. The shares were sold at an average price of $108.13, for a total value of $5,850,589.91. Following the completion of the sale, the insider directly owned 248,123 shares in the company, valued at $26,829,539.99. This trade represents a 17.90% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.

M Terry Turner also recently made the following trade(s):

• On Friday, August 14th, M Terry Turner sold 66,783 shares of Pinnacle Financial Partners stock. The stock was sold at an average price of $108.01, for a total transaction of $7,213,231.83.
• On Thursday, August 13th, M Terry Turner sold 53,601 shares of Pinnacle Financial Partners stock. The shares were sold at an average price of $108.10, for a total transaction of $5,794,268.10.
• On Thursday, August 6th, M Terry Turner sold 2,737 shares of Pinnacle Financial Partners stock. The stock was sold at an average price of $108.01, for a total transaction of $295,623.37.

Pinnacle Financial Partners Price Performance

Shares of NYSE PNFP opened at $101.76 on Thursday. Pinnacle Financial Partners, Inc. has a 12-month low of $81.08 and a 12-month high of $110.33. The stock has a market capitalization of $7.89 billion, a P/E ratio of 13.98, a PEG ratio of 0.42 and a beta of 1.03. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.73. The firm has a 50-day simple moving average of $101.35.

Pinnacle Financial Partners (NYSE:PNFP) last released its quarterly earnings results on Wednesday, July 22nd. The company reported $2.50 EPS for the quarter, beating the consensus estimate of $2.46 by $0.04. Pinnacle Financial Partners had a net margin of 15.40% and a return on equity of 10.93%. The business had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. On average, analysts forecast that Pinnacle Financial Partners, Inc. will post 10.19 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Friday, August 7th will be issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date is Friday, August 7th. Pinnacle Financial Partners’s dividend payout ratio is 27.47%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Northwestern Mutual Wealth Management Co. grew its stake in shares of Pinnacle Financial Partners by 122.9% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 16,188 shares of the company’s stock valued at $1,544,000 after buying an additional 8,927 shares during the period. M&T Bank Corp raised its position in shares of Pinnacle Financial Partners by 283.3% in the 4th quarter. M&T Bank Corp now owns 27,583 shares of the company’s stock worth $2,632,000 after buying an additional 20,386 shares during the period. Harbor Advisors LLC acquired a new position in Pinnacle Financial Partners in the first quarter valued at $1,034,000. Anchor Investment Management LLC acquired a new position in Pinnacle Financial Partners in the first quarter valued at $1,156,000. Finally, Impax Asset Management Group plc grew its position in Pinnacle Financial Partners by 21.0% during the fourth quarter. Impax Asset Management Group plc now owns 421,413 shares of the company’s stock valued at $41,298,000 after acquiring an additional 73,176 shares during the period. Institutional investors and hedge funds own 87.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on PNFP shares. Wall Street Zen upgraded Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research report on Tuesday, May 12th. Weiss Ratings upgraded Pinnacle Financial Partners from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, June 26th. Piper Sandler boosted their target price on shares of Pinnacle Financial Partners from $122.00 to $123.00 and gave the company an “overweight” rating in a research note on Friday, July 24th. Truist Financial upped their target price on shares of Pinnacle Financial Partners from $115.00 to $118.00 and gave the company a “buy” rating in a report on Tuesday, July 28th. Finally, Evercore reaffirmed an “outperform” rating and set a $120.00 price target on shares of Pinnacle Financial Partners in a research note on Monday, July 6th. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Pinnacle Financial Partners presently has a consensus rating of “Moderate Buy” and an average price target of $118.35.

Pinnacle Financial Partners Company Profile

Pinnacle Financial Partners (NYSE: PNFP) is a bank holding company headquartered in Nashville, Tennessee, that provides a broad range of commercial and consumer banking services. Founded in 2000, the company operates through a network of banking offices and digital channels to serve individuals, small and middle-market businesses, and institutional clients. Pinnacle’s business model emphasizes relationship-based banking and tailored financial solutions for commercial borrowers and deposit customers.

The company’s product and service offerings include commercial and residential lending, treasury and payment solutions, deposit accounts, mortgage services, and cash management.