Pinnacle Financial Partners (NASDAQ:PNFP) Chairman Sells $630,075.00 in Stock

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Chairman Robert Mccabe, Jr. sold 6,775 shares of the firm’s stock in a transaction dated Wednesday, November 26th. The shares were sold at an average price of $93.00, for a total transaction of $630,075.00. Following the transaction, the chairman owned 202,505 shares of the company’s stock, valued at $18,832,965. This trade represents a 3.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Pinnacle Financial Partners Price Performance

Shares of NASDAQ PNFP traded up $0.41 on Friday, hitting $92.33. The company’s stock had a trading volume of 103,710 shares, compared to its average volume of 851,859. The stock has a 50 day moving average of $89.51 and a 200-day moving average of $98.48. The company has a market capitalization of $7.16 billion, a price-to-earnings ratio of 11.73 and a beta of 1.12. Pinnacle Financial Partners, Inc. has a 12-month low of $81.57 and a 12-month high of $128.89. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.89 and a quick ratio of 0.89.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $2.27 earnings per share for the quarter, topping analysts’ consensus estimates of $2.05 by $0.22. Pinnacle Financial Partners had a net margin of 19.17% and a return on equity of 9.91%. The business had revenue of $544.80 million during the quarter, compared to analysts’ expectations of $526.40 million. During the same period last year, the company posted $1.86 EPS. As a group, research analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 28th. Stockholders of record on Friday, November 7th will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend is Friday, November 7th. Pinnacle Financial Partners’s payout ratio is 12.20%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of PNFP. Sheets Smith Wealth Management boosted its position in shares of Pinnacle Financial Partners by 1.8% in the second quarter. Sheets Smith Wealth Management now owns 5,980 shares of the financial services provider’s stock worth $660,000 after acquiring an additional 105 shares during the last quarter. Brooklyn Investment Group grew its stake in shares of Pinnacle Financial Partners by 15.3% during the 1st quarter. Brooklyn Investment Group now owns 827 shares of the financial services provider’s stock valued at $88,000 after buying an additional 110 shares during the period. Park Avenue Securities LLC grew its position in Pinnacle Financial Partners by 1.5% during the second quarter. Park Avenue Securities LLC now owns 8,177 shares of the financial services provider’s stock valued at $903,000 after acquiring an additional 121 shares during the period. EJF Capital LLC lifted its position in Pinnacle Financial Partners by 2.5% during the second quarter. EJF Capital LLC now owns 5,138 shares of the financial services provider’s stock valued at $567,000 after buying an additional 127 shares in the last quarter. Finally, Profund Advisors LLC increased its holdings in Pinnacle Financial Partners by 4.6% in the 3rd quarter. Profund Advisors LLC now owns 2,895 shares of the financial services provider’s stock valued at $272,000 after purchasing an additional 127 shares in the last quarter. Institutional investors and hedge funds own 87.40% of the company’s stock.

Wall Street Analysts Forecast Growth

PNFP has been the topic of a number of analyst reports. TD Cowen started coverage on Pinnacle Financial Partners in a research note on Thursday, September 25th. They set a “buy” rating and a $122.00 price objective on the stock. Stephens reduced their target price on shares of Pinnacle Financial Partners from $104.00 to $97.00 and set an “equal weight” rating on the stock in a report on Friday, October 17th. Barclays raised their price target on shares of Pinnacle Financial Partners from $120.00 to $125.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 11th. Truist Financial lowered their price target on shares of Pinnacle Financial Partners from $107.00 to $105.00 and set a “buy” rating for the company in a report on Friday, October 17th. Finally, Keefe, Bruyette & Woods cut their price objective on shares of Pinnacle Financial Partners from $125.00 to $95.00 and set a “market perform” rating for the company in a research report on Wednesday, August 13th. Six analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat.com, Pinnacle Financial Partners currently has an average rating of “Hold” and an average price target of $109.55.

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.