Insider Selling: Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Chairman Sells 40,000 Shares of Stock

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Chairman Robert A. Mccabe, Jr. sold 40,000 shares of the stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $113.81, for a total value of $4,552,400.00. Following the transaction, the chairman now owns 83,000 shares in the company, valued at approximately $9,446,230. This trade represents a 32.52 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.

Pinnacle Financial Partners Stock Up 0.7 %

Shares of NASDAQ PNFP opened at $113.41 on Thursday. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.90 and a quick ratio of 0.90. Pinnacle Financial Partners, Inc. has a 1 year low of $73.62 and a 1 year high of $131.91. The stock has a market capitalization of $8.76 billion, a P/E ratio of 18.96 and a beta of 1.09. The company has a 50-day moving average price of $118.40 and a 200-day moving average price of $110.37.

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

Pinnacle Financial Partners Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 28th. Shareholders of record on Friday, February 7th will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 0.85%. This is a positive change from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. The ex-dividend date is Friday, February 7th. Pinnacle Financial Partners’s dividend payout ratio is 16.05%.

Institutional Investors Weigh In On Pinnacle Financial Partners

Large investors have recently added to or reduced their stakes in the company. Ashton Thomas Securities LLC purchased a new position in shares of Pinnacle Financial Partners in the third quarter valued at $30,000. Brooklyn Investment Group purchased a new stake in shares of Pinnacle Financial Partners in the third quarter worth $70,000. Kapitalo Investimentos Ltda bought a new position in Pinnacle Financial Partners in the 4th quarter worth about $78,000. UMB Bank n.a. raised its holdings in shares of Pinnacle Financial Partners by 48.1% in the 4th quarter. UMB Bank n.a. now owns 736 shares of the financial services provider’s stock valued at $84,000 after acquiring an additional 239 shares in the last quarter. Finally, Principal Securities Inc. boosted its position in shares of 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 acquiring an additional 91 shares during the last quarter. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Analysts Set New Price Targets

PNFP has been the subject of a number of analyst reports. UBS Group initiated coverage on shares of Pinnacle Financial Partners in a research report on Tuesday, December 17th. They issued a “neutral” rating and a $133.00 price target for the company. Hovde Group downgraded shares of Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 price target on the stock. in a research note on Monday, November 18th. Barclays upgraded shares of Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $120.00 to $135.00 in a report on Thursday, December 19th. JPMorgan Chase & Co. cut their price target on Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 7th. Finally, Citigroup lifted their target price on shares of Pinnacle Financial Partners from $123.00 to $132.00 and gave the stock a “buy” rating in a research report on Tuesday, December 31st. Six research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, Pinnacle Financial Partners currently has an average rating of “Hold” and a consensus 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.