Pinnacle Financial Partners (NYSE:PNFP) Insider Sells $523,100.00 in Stock

Pinnacle Financial Partners, Inc. (NYSE:PNFP) insider Allan Kamensky sold 5,000 shares of the business’s stock in a transaction dated Monday, November 2nd. The stock was sold at an average price of $104.62, for a total value of $523,100.00. Following the transaction, the insider owned 43,940 shares of the company’s stock, valued at $4,597,002.80. The trade was a 10.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.

Pinnacle Financial Partners Trading Down 2.6%

Shares of NYSE PNFP opened at $101.51 on Friday. The company has a quick ratio of 0.85, a current ratio of 0.93 and a debt-to-equity ratio of 0.72. Pinnacle Financial Partners, Inc. has a twelve month low of $81.08 and a twelve month high of $110.33. The company’s fifty day moving average is $97.67 and its 200-day moving average is $96.95. The stock has a market cap of $7.87 billion, a price-to-earnings ratio of 13.55, a P/E/G ratio of 0.40 and a beta of 1.04.

Pinnacle Financial Partners (NYSE:PNFP) last posted its earnings results on Wednesday, October 21st. The company reported $2.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.62 by $0.07. Pinnacle Financial Partners had a return on equity of 11.33% and a net margin of 15.97%. The firm had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.28 billion. Equities research analysts predict that Pinnacle Financial Partners, Inc. will post 10.25 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 27th. Investors of record on Friday, November 6th will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend is Friday, November 6th. Pinnacle Financial Partners’s dividend payout ratio (DPR) is currently 26.70%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Oregon Public Employees Retirement Fund boosted its stake in shares of Pinnacle Financial Partners by 0.3% in the 3rd quarter. Oregon Public Employees Retirement Fund now owns 31,159 shares of the company’s stock worth $2,917,000 after buying an additional 100 shares during the last quarter. Brown Financial Advisors boosted its holdings in Pinnacle Financial Partners by 2.7% in the 2nd quarter. Brown Financial Advisors now owns 4,019 shares of the company’s stock valued at $405,000 after purchasing an additional 105 shares during the period. Simplicity Wealth LLC grew its holdings in shares of Pinnacle Financial Partners by 1.5% during the first quarter. Simplicity Wealth LLC now owns 9,155 shares of the company’s stock worth $789,000 after purchasing an additional 131 shares in the last quarter. Cahaba Wealth Management Inc. increased its stake in Pinnacle Financial Partners by 0.5% in the third quarter. Cahaba Wealth Management Inc. now owns 27,090 shares of the company’s stock valued at $2,536,000 after acquiring an additional 133 shares during the last quarter. Finally, North Dakota State Investment Board raised its stake in shares of Pinnacle Financial Partners by 3.2% during the third quarter. North Dakota State Investment Board now owns 4,571 shares of the company’s stock worth $428,000 after acquiring an additional 140 shares in the last quarter. Institutional investors own 87.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on PNFP. Morgan Stanley increased their price objective on Pinnacle Financial Partners from $139.00 to $140.00 and gave the company an “overweight” rating in a report on Friday, October 23rd. Piper Sandler increased their price objective on Pinnacle Financial Partners from $125.00 to $127.00 and gave the stock an “overweight” rating in a research report on Monday, October 26th. Truist Financial boosted their price target on Pinnacle Financial Partners from $112.00 to $120.00 and gave the company a “buy” rating in a research note on Wednesday, October 28th. JPMorgan Chase & Co. increased their price objective on shares of Pinnacle Financial Partners from $115.00 to $125.00 and gave the stock an “overweight” rating in a research note on Friday, October 23rd. Finally, Evercore reissued an “outperform” rating on shares of Pinnacle Financial Partners in a report on Tuesday, October 27th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $120.15.

About Pinnacle Financial Partners

Pinnacle Financial Partners, Inc is a bank holding company headquartered in Nashville, Tennessee. Through its primary subsidiary, Pinnacle Bank, the company provides banking and financial services to businesses, professionals, entrepreneurs and individuals.

Its offerings include commercial and consumer loans, deposit accounts, treasury and cash-management services, mortgage lending, investment and wealth-management services, trust services and insurance solutions. Pinnacle emphasizes relationship-based banking and serves clients through offices and financial professionals in Tennessee and selected markets in the Carolinas and Virginia.

Founded in 2000, Pinnacle has expanded from its Nashville base into a broader regional banking franchise through organic growth and acquisitions.