Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Director Sells $2,520,400.00 in Stock

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Director David B. Ingram sold 20,000 shares of the business’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $126.02, for a total transaction of $2,520,400.00. Following the completion of the transaction, the director now owns 92,565 shares of the company’s stock, valued at approximately $11,665,041.30. This represents a 17.77 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Pinnacle Financial Partners Price Performance

NASDAQ PNFP traded down $1.39 during mid-day trading on Tuesday, hitting $120.91. The stock had a trading volume of 522,704 shares, compared to its average volume of 469,627. The firm’s 50 day moving average is $112.20 and its 200 day moving average is $96.33. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.90 and a quick ratio of 0.90. The stock has a market capitalization of $9.34 billion, a price-to-earnings ratio of 23.42 and a beta of 1.08. Pinnacle Financial Partners, Inc. has a twelve month low of $73.62 and a twelve month high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its earnings results on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.79 by $0.07. The business had revenue of $810.11 million during the quarter, compared to analyst estimates of $454.18 million. Pinnacle Financial Partners had a net margin of 13.97% and a return on equity of 8.89%. During the same quarter in the prior year, the firm earned $1.79 earnings per share. Equities research analysts forecast that Pinnacle Financial Partners, Inc. will post 6.8 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 1st were issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.73%. The ex-dividend date was Friday, November 1st. Pinnacle Financial Partners’s dividend payout ratio is currently 16.73%.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. SG Americas Securities LLC acquired a new stake in shares of Pinnacle Financial Partners in the second quarter valued at $366,000. Envestnet Portfolio Solutions Inc. boosted its position in shares of Pinnacle Financial Partners by 11.1% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 9,670 shares of the financial services provider’s stock valued at $774,000 after purchasing an additional 966 shares during the period. Hunter Perkins Capital Management LLC grew its position in shares of Pinnacle Financial Partners by 18.2% during the second quarter. Hunter Perkins Capital Management LLC now owns 14,735 shares of the financial services provider’s stock worth $1,179,000 after acquiring an additional 2,265 shares during the last quarter. Foster Victor Wealth Advisors LLC purchased a new stake in shares of Pinnacle Financial Partners in the second quarter valued at about $178,000. Finally, Raymond James & Associates lifted its position in Pinnacle Financial Partners by 0.4% during the 2nd quarter. Raymond James & Associates now owns 203,716 shares of the financial services provider’s stock worth $16,305,000 after acquiring an additional 904 shares during the period. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PNFP has been the subject of a number of recent analyst reports. Barclays lifted their price objective on shares of Pinnacle Financial Partners from $108.00 to $120.00 and gave the company an “equal weight” rating in a report on Thursday, December 5th. Hovde Group lowered Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 price target for the company. in a research note on Monday, November 18th. Stephens increased their price target on Pinnacle Financial Partners from $108.00 to $120.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. Citigroup boosted their price objective on Pinnacle Financial Partners from $113.00 to $123.00 and gave the company a “buy” rating in a research report on Thursday, October 17th. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $135.00 target price (up from $115.00) on shares of Pinnacle Financial Partners in a research note on Wednesday, December 4th. Seven equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $113.64.

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.