Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Director Sells $1,298,934.00 in Stock

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Director David B. Ingram sold 10,309 shares of Pinnacle Financial Partners stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $126.00, for a total value of $1,298,934.00. Following the sale, the director now directly owns 82,256 shares of the company’s stock, valued at approximately $10,364,256. This represents a 11.14 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Pinnacle Financial Partners Trading Up 1.3 %

Shares of Pinnacle Financial Partners stock opened at $125.35 on Thursday. Pinnacle Financial Partners, Inc. has a fifty-two week low of $73.62 and a fifty-two week high of $131.91. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.90 and a current ratio of 0.90. The company has a market cap of $9.68 billion, a P/E ratio of 20.96 and a beta of 1.09. The firm has a 50-day simple moving average of $119.22 and a two-hundred day simple moving average of $107.39.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings results on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.80 by $0.10. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. The company had revenue of $475.34 million for the quarter, compared to the consensus estimate of $470.33 million. During the same quarter in the prior year, the business posted $1.68 earnings per share. Pinnacle Financial Partners’s revenue for the quarter was up 19.9% on a year-over-year basis. As a group, equities analysts predict that Pinnacle Financial Partners, Inc. will post 7.79 earnings per share for the current fiscal year.

Pinnacle Financial Partners Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 28th. Investors 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 represents a $0.96 dividend on an annualized basis and a yield of 0.77%. This is a boost from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. Pinnacle Financial Partners’s dividend payout ratio (DPR) is currently 14.72%.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. Hovde Group downgraded Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 target price for the company. in a report on Monday, November 18th. JPMorgan Chase & Co. reduced their price target on shares of Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating for the company in a research report on Tuesday, January 7th. Barclays raised shares of Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $120.00 to $135.00 in a report on Thursday, December 19th. Wells Fargo & Company raised 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 report on Thursday, January 23rd. Finally, Citigroup upped their price target on shares of Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a “buy” rating in a report on Tuesday, December 31st. Six equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $125.18.

Hedge Funds Weigh In On Pinnacle Financial Partners

Large investors have recently added to or reduced their stakes in the stock. Sage Investment Counsel LLC acquired a new stake in shares of Pinnacle Financial Partners in the fourth quarter valued at about $8,671,000. Proficio Capital Partners LLC purchased a new position in Pinnacle Financial Partners in the 4th quarter valued at about $3,860,000. Oppenheimer Asset Management Inc. boosted its holdings in Pinnacle Financial Partners by 5.5% in the 4th quarter. Oppenheimer Asset Management Inc. now owns 129,424 shares of the financial services provider’s stock worth $14,805,000 after buying an additional 6,701 shares during the last quarter. Amalgamated Bank raised its holdings in shares of Pinnacle Financial Partners by 0.5% during the fourth quarter. Amalgamated Bank now owns 36,593 shares of the financial services provider’s stock valued at $4,186,000 after acquiring an additional 178 shares during the last quarter. Finally, First Horizon Advisors Inc. lifted its position in shares of Pinnacle Financial Partners by 3.1% in the fourth quarter. First Horizon Advisors Inc. now owns 3,399 shares of the financial services provider’s stock valued at $389,000 after acquiring an additional 102 shares in the last quarter. 87.40% of the stock is currently owned by institutional investors and hedge funds.

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.