Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Chairman Sells $6,204,500.00 in Stock

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Chairman Robert A. Mccabe, Jr. sold 50,000 shares of Pinnacle Financial Partners stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $124.09, for a total value of $6,204,500.00. Following the transaction, the chairman now owns 123,000 shares of the company’s stock, valued at $15,263,070. The trade was a 28.90 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Pinnacle Financial Partners Stock Down 1.1 %

NASDAQ PNFP opened at $120.91 on Wednesday. Pinnacle Financial Partners, Inc. has a one year low of $73.62 and a one year high of $131.91. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.90 and a current ratio of 0.90. The business has a fifty day moving average price of $112.76 and a 200 day moving average price of $96.63. The company has a market cap of $9.34 billion, a P/E ratio of 22.99 and a beta of 1.08.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share for the quarter, topping the consensus estimate of $1.79 by $0.07. The firm had revenue of $810.11 million for the quarter, compared to the consensus estimate 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 period last year, the firm posted $1.79 earnings per share. Research analysts anticipate that Pinnacle Financial Partners, Inc. will post 6.8 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

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

Analysts Set New Price Targets

Several analysts recently commented on PNFP shares. Wells Fargo & Company raised their target price on Pinnacle Financial Partners from $104.00 to $120.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 3rd. Barclays lifted their price target on Pinnacle Financial Partners from $108.00 to $120.00 and gave the company an “equal weight” rating in a research note on Thursday, December 5th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $135.00 price target (up previously from $115.00) on shares of Pinnacle Financial Partners in a report on Wednesday, December 4th. Stephens raised their price objective on Pinnacle Financial Partners from $108.00 to $120.00 and gave the company an “overweight” rating in a report on Thursday, October 17th. Finally, Hovde Group cut Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 price objective for the company. in a research report on Monday, November 18th. Seven analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, Pinnacle Financial Partners presently has a consensus rating of “Hold” and an average price target of $113.64.

Hedge Funds Weigh In On Pinnacle Financial Partners

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Victory Capital Management Inc. raised its holdings in shares of Pinnacle Financial Partners by 17.9% during the 3rd quarter. Victory Capital Management Inc. now owns 186,612 shares of the financial services provider’s stock worth $18,282,000 after acquiring an additional 28,327 shares during the period. B. Metzler seel. Sohn & Co. Holding AG acquired a new stake in Pinnacle Financial Partners during the third quarter worth about $3,606,000. Pier Capital LLC raised its stake in Pinnacle Financial Partners by 16.5% during the second quarter. Pier Capital LLC now owns 111,797 shares of the financial services provider’s stock worth $8,948,000 after purchasing an additional 15,797 shares during the period. Edgestream Partners L.P. boosted its holdings in Pinnacle Financial Partners by 1,017.9% in the 2nd quarter. Edgestream Partners L.P. now owns 71,064 shares of the financial services provider’s stock valued at $5,688,000 after purchasing an additional 64,707 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Pinnacle Financial Partners by 1.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 920,088 shares of the financial services provider’s stock valued at $90,141,000 after buying an additional 9,856 shares during the period. Institutional investors and hedge funds own 87.40% of the company’s stock.

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.