Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Chairman Sells $4,552,400.00 in Stock

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Chairman Robert A. Mccabe, Jr. sold 40,000 shares of the company’s stock in a transaction on Monday, February 24th. The shares were sold at an average price of $113.81, for a total transaction of $4,552,400.00. Following the completion of the transaction, the chairman now owns 83,000 shares of the company’s stock, valued at $9,446,230. This represents a 32.52 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Pinnacle Financial Partners Price Performance

Shares of NASDAQ:PNFP opened at $114.26 on Friday. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.37. The company has a market cap of $8.83 billion, a P/E ratio of 19.11 and a beta of 1.09. Pinnacle Financial Partners, Inc. has a 52 week low of $73.62 and a 52 week high of $131.91. The company has a 50-day moving average price of $118.49 and a 200 day moving average price of $110.41.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its earnings results on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.80 by $0.10. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. The company had revenue of $475.34 million during the quarter, compared to analysts’ expectations of $470.33 million. During the same period last year, the company posted $1.68 earnings per share. The firm’s quarterly revenue was up 19.9% compared to the same quarter last year. Research analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Friday, February 7th were issued a $0.24 dividend. The ex-dividend date was 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 yield of 0.84%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 16.05%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in PNFP. Creative Planning increased its holdings in Pinnacle Financial Partners by 9.4% in the third quarter. Creative Planning now owns 18,710 shares of the financial services provider’s stock valued at $1,833,000 after buying an additional 1,614 shares in the last quarter. Blue Trust Inc. increased its stake in shares of Pinnacle Financial Partners by 10.6% during the 3rd quarter. Blue Trust Inc. now owns 1,315 shares of the financial services provider’s stock worth $129,000 after purchasing an additional 126 shares in the last quarter. International Assets Investment Management LLC increased its stake in shares of Pinnacle Financial Partners by 9,804.4% during the 3rd quarter. International Assets Investment Management LLC now owns 36,151 shares of the financial services provider’s stock worth $3,542,000 after purchasing an additional 35,786 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its stake in shares of Pinnacle Financial Partners by 15.1% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 19,477 shares of the financial services provider’s stock worth $1,908,000 after purchasing an additional 2,552 shares in the last quarter. Finally, State of Alaska Department of Revenue increased its stake in shares of Pinnacle Financial Partners by 7.2% during the 3rd quarter. State of Alaska Department of Revenue now owns 8,892 shares of the financial services provider’s stock worth $871,000 after purchasing an additional 600 shares in the last quarter. 87.40% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PNFP has been the subject of several recent research reports. Wells Fargo & Company increased their target price on shares of Pinnacle Financial Partners from $120.00 to $125.00 and gave the stock an “equal weight” rating in a research note on Thursday, January 23rd. Barclays upgraded shares of Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $120.00 to $135.00 in a research note on Thursday, December 19th. JPMorgan Chase & Co. decreased their target price on shares of Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating for the company in a research note on Tuesday, January 7th. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $135.00 target price (up previously from $115.00) on shares of Pinnacle Financial Partners in a research note on Wednesday, December 4th. Finally, Stephens reiterated an “overweight” rating and set a $142.00 target price on shares of Pinnacle Financial Partners in a research note on Wednesday, January 22nd. Six investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, Pinnacle Financial Partners has a consensus rating of “Hold” and an average price target of $125.18.

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.