David B. Ingram Sells 40,000 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Stock

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Director David B. Ingram sold 40,000 shares of Pinnacle Financial Partners stock in a transaction that occurred on Thursday, February 6th. The stock was sold at an average price of $126.50, for a total value of $5,060,000.00. Following the completion of the transaction, the director now directly owns 40,991 shares in the company, valued at $5,185,361.50. This trade represents a 49.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Pinnacle Financial Partners Stock Up 0.9 %

Shares of Pinnacle Financial Partners stock opened at $123.40 on Wednesday. The company’s 50 day moving average is $119.04 and its 200 day moving average is $108.20. The company has a market cap of $9.53 billion, a price-to-earnings ratio of 20.64 and a beta of 1.09. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.37. 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, January 21st. The financial services provider reported $1.90 earnings per share for the quarter, beating the consensus estimate of $1.80 by $0.10. The company had revenue of $475.34 million for the quarter, compared to the consensus estimate of $470.33 million. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. Pinnacle Financial Partners’s quarterly revenue was up 19.9% compared to the same quarter last year. During the same period in the previous year, the business earned $1.68 earnings per share. Research analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 28th. Stockholders of record on Friday, February 7th will be paid a $0.24 dividend. The ex-dividend date of this dividend is Friday, February 7th. This is a boost from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.78%. Pinnacle Financial Partners’s dividend payout ratio is 14.72%.

Analyst Upgrades and Downgrades

Several brokerages recently commented on PNFP. Barclays raised shares of Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $120.00 to $135.00 in a research note on Thursday, December 19th. UBS Group initiated coverage on shares of Pinnacle Financial Partners in a report on Tuesday, December 17th. They set a “neutral” rating and a $133.00 target price for the company. Citigroup upped their price target on Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a “buy” rating in a research report on Tuesday, December 31st. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $135.00 price objective (up from $115.00) on shares of Pinnacle Financial Partners in a research report on Wednesday, December 4th. Finally, Stephens reaffirmed an “overweight” rating and issued a $142.00 target price on shares of Pinnacle Financial Partners in a research report on Wednesday, January 22nd. Six equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $125.18.

Institutional Trading of Pinnacle Financial Partners

Several institutional investors and hedge funds have recently modified their holdings of the company. OneDigital Investment Advisors LLC increased its stake in Pinnacle Financial Partners by 1.3% in the 3rd quarter. OneDigital Investment Advisors LLC now owns 6,646 shares of the financial services provider’s stock worth $651,000 after buying an additional 88 shares in the last quarter. Principal Securities Inc. grew its holdings in Pinnacle Financial Partners by 12.7% during the 4th quarter. Principal Securities Inc. now owns 808 shares of the financial services provider’s stock valued at $92,000 after buying an additional 91 shares in the last quarter. Sage Mountain Advisors LLC raised its position in shares of Pinnacle Financial Partners by 0.3% during the fourth quarter. Sage Mountain Advisors LLC now owns 36,198 shares of the financial services provider’s stock valued at $4,141,000 after buying an additional 99 shares during the last quarter. EverSource Wealth Advisors LLC lifted its holdings in shares of Pinnacle Financial Partners by 0.6% in the third quarter. EverSource Wealth Advisors LLC now owns 17,976 shares of the financial services provider’s stock worth $1,761,000 after buying an additional 100 shares in the last quarter. Finally, First Horizon Advisors Inc. boosted its position in shares of Pinnacle Financial Partners by 3.1% during the fourth quarter. First Horizon Advisors Inc. now owns 3,399 shares of the financial services provider’s stock worth $389,000 after acquiring an additional 102 shares during the last quarter. 87.40% of the stock is currently owned by institutional investors.

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.