Robert A. Mccabe, Jr. Sells 18,333 Shares of Pinnacle Financial Partners Inc. (PNFP) Stock
Pinnacle Financial Partners Inc. (NASDAQ:PNFP) Chairman Robert A. Mccabe, Jr. sold 18,333 shares of the stock in a transaction dated Friday, November 18th. The shares were sold at an average price of $62.99, for a total value of $1,154,795.67. Following the completion of the sale, the chairman now directly owns 501,630 shares of the company’s stock, valued at approximately $31,597,673.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.
Pinnacle Financial Partners Inc. (NASDAQ:PNFP) opened at 65.30 on Thursday. The firm has a 50-day moving average price of $55.32 and a 200 day moving average price of $52.85. Pinnacle Financial Partners Inc. has a one year low of $43.32 and a one year high of $66.35. The company has a market cap of $2.97 billion, a price-to-earnings ratio of 23.50 and a beta of 1.20.
Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings results on Tuesday, October 18th. The financial services provider reported $0.78 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.78. Pinnacle Financial Partners had a return on equity of 9.74% and a net margin of 25.83%. The firm earned $118.30 million during the quarter, compared to analyst estimates of $22.11 million. During the same quarter in the previous year, the company posted $0.66 earnings per share. The company’s revenue was up 9.8% compared to the same quarter last year. Equities analysts expect that Pinnacle Financial Partners Inc. will post $2.95 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, November 25th. Shareholders of record on Friday, November 4th will be paid a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 0.86%. The ex-dividend date is Wednesday, November 2nd. Pinnacle Financial Partners’s dividend payout ratio (DPR) is currently 20.22%.
A number of large investors have recently modified their holdings of the company. State Street Corp raised its stake in shares of Pinnacle Financial Partners by 0.6% in the first quarter. State Street Corp now owns 880,546 shares of the financial services provider’s stock valued at $43,199,000 after buying an additional 5,678 shares during the period. Royal Bank of Canada raised its stake in Pinnacle Financial Partners by 33.7% in the first quarter. Royal Bank of Canada now owns 416,831 shares of the financial services provider’s stock worth $20,450,000 after buying an additional 105,175 shares during the period. Chartwell Investment Partners LLC raised its stake in Pinnacle Financial Partners by 0.3% in the second quarter. Chartwell Investment Partners LLC now owns 352,305 shares of the financial services provider’s stock worth $17,210,000 after buying an additional 1,125 shares during the period. BNP Paribas Arbitrage SA raised its stake in Pinnacle Financial Partners by 133.7% in the second quarter. BNP Paribas Arbitrage SA now owns 12,142 shares of the financial services provider’s stock worth $593,000 after buying an additional 6,947 shares during the period. Finally, BlackRock Inc. raised its stake in Pinnacle Financial Partners by 152.4% in the first quarter. BlackRock Inc. now owns 2,542 shares of the financial services provider’s stock worth $125,000 after buying an additional 1,535 shares during the period. 69.14% of the stock is owned by hedge funds and other institutional investors.
Several equities research analysts have recently weighed in on the company. Zacks Investment Research cut Pinnacle Financial Partners from a “hold” rating to a “sell” rating in a research note on Wednesday, August 10th. Sandler O’Neill cut Pinnacle Financial Partners from a “buy” rating to a “hold” rating and set a $60.00 target price for the company. in a research note on Tuesday, September 13th. Hilliard Lyons cut Pinnacle Financial Partners from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $64.00 to $59.00 in a research note on Thursday, October 20th. Finally, Keefe, Bruyette & Woods cut Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $55.00 target price for the company. in a research note on Thursday, October 20th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $57.29.
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Pinnacle Financial Partners Company Profile
Pinnacle Financial Partners, Inc (Pinnacle) is a bank holding company. Pinnacle operates through its subsidiary, Pinnacle Bank. The Company operates as a community bank primarily in the urban markets of Nashville and Knoxville, Tennessee. As an urban community bank, Pinnacle provides the personalized service associated with small community banks, while seeking to offer the products and services, such as investments and treasury management, offered by large regional and national banks.
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