Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Director David B. Ingram Sells 20,000 Shares

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Director David B. Ingram sold 20,000 shares of Pinnacle Financial Partners stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $126.02, for a total transaction of $2,520,400.00. Following the completion of the transaction, the director now owns 92,565 shares of the company’s stock, valued at $11,665,041.30. The trade was a 17.77 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Pinnacle Financial Partners Stock Down 1.1 %

PNFP opened at $120.91 on Wednesday. The business’s fifty day simple moving average is $112.76 and its 200 day simple moving average is $96.63. Pinnacle Financial Partners, Inc. has a 52 week low of $73.62 and a 52 week high of $131.91. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.42. The stock has a market cap of $9.34 billion, a PE ratio of 22.99 and a beta of 1.08.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $1.86 EPS for the quarter, beating the consensus estimate of $1.79 by $0.07. The firm had revenue of $810.11 million for the quarter, compared to analyst estimates of $454.18 million. Pinnacle Financial Partners had a return on equity of 8.89% and a net margin of 13.97%. During the same period in the prior year, the company earned $1.79 EPS. As a group, research analysts expect that Pinnacle Financial Partners, Inc. will post 6.8 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 1st were paid a $0.22 dividend. The ex-dividend date was Friday, November 1st. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.73%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 16.73%.

Hedge Funds Weigh In On Pinnacle Financial Partners

Large investors have recently added to or reduced their stakes in the business. SG Americas Securities LLC bought a new position in shares of Pinnacle Financial Partners during the second quarter valued at about $366,000. Envestnet Portfolio Solutions Inc. increased its stake in Pinnacle Financial Partners by 11.1% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 9,670 shares of the financial services provider’s stock worth $774,000 after purchasing an additional 966 shares during the period. Hunter Perkins Capital Management LLC lifted its position in Pinnacle Financial Partners by 18.2% in the second quarter. Hunter Perkins Capital Management LLC now owns 14,735 shares of the financial services provider’s stock valued at $1,179,000 after purchasing an additional 2,265 shares during the last quarter. Foster Victor Wealth Advisors LLC purchased a new stake in shares of Pinnacle Financial Partners during the second quarter valued at approximately $178,000. Finally, Raymond James & Associates grew its holdings in shares of Pinnacle Financial Partners by 0.4% in the second quarter. Raymond James & Associates now owns 203,716 shares of the financial services provider’s stock worth $16,305,000 after purchasing an additional 904 shares during the last quarter. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Stephens lifted their price objective on shares of Pinnacle Financial Partners from $108.00 to $120.00 and gave the company an “overweight” rating in a research note on Thursday, October 17th. Citigroup raised their price target on Pinnacle Financial Partners from $113.00 to $123.00 and gave the stock a “buy” rating in a report on Thursday, October 17th. Hovde Group lowered Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 price objective on the stock. in a research note on Monday, November 18th. Keefe, Bruyette & Woods restated 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, Wells Fargo & Company increased their price objective on Pinnacle Financial Partners from $104.00 to $120.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 3rd. Seven analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $113.64.

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.