Robert A. Mccabe, Jr. Sells 40,000 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Stock

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Chairman Robert A. Mccabe, Jr. sold 40,000 shares of the company’s stock in a transaction dated 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 transaction, the chairman now owns 83,000 shares in the company, valued at $9,446,230. This represents a 32.52 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

Pinnacle Financial Partners Stock Performance

Shares of PNFP stock opened at $113.07 on Friday. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.90 and a quick ratio of 0.90. The firm has a 50-day moving average of $118.45 and a 200-day moving average of $110.39. Pinnacle Financial Partners, Inc. has a one year low of $73.62 and a one year high of $131.91. The company has a market cap of $8.73 billion, a P/E ratio of 18.91 and a beta of 1.09.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings data on Tuesday, January 21st. The financial services provider reported $1.90 EPS for the quarter, beating the consensus estimate 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 firm had revenue of $475.34 million during the quarter, compared to analyst estimates of $470.33 million. During the same quarter last year, the business posted $1.68 EPS. The company’s revenue for the quarter was up 19.9% on a year-over-year basis. 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 firm also recently declared a quarterly dividend, which will be paid on Friday, February 28th. Investors of record on Friday, February 7th will be issued a dividend of $0.24 per share. This is a positive change 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 0.85%. The ex-dividend date of this dividend is Friday, February 7th. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 16.05%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its stake in shares of Pinnacle Financial Partners by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 7,200,386 shares of the financial services provider’s stock worth $823,652,000 after purchasing an additional 87,058 shares during the period. FMR LLC raised its position in Pinnacle Financial Partners by 10.6% in the fourth quarter. FMR LLC now owns 3,003,310 shares of the financial services provider’s stock worth $343,549,000 after acquiring an additional 286,894 shares during the period. North Reef Capital Management LP boosted its stake in Pinnacle Financial Partners by 57.1% in the fourth quarter. North Reef Capital Management LP now owns 1,940,000 shares of the financial services provider’s stock valued at $221,917,000 after acquiring an additional 705,000 shares during the last quarter. Capital Research Global Investors boosted its stake in Pinnacle Financial Partners by 57.0% in the fourth quarter. Capital Research Global Investors now owns 1,559,798 shares of the financial services provider’s stock valued at $178,425,000 after acquiring an additional 566,061 shares during the last quarter. Finally, Wellington Management Group LLP grew its position in shares of Pinnacle Financial Partners by 16.5% during the 4th quarter. Wellington Management Group LLP now owns 1,504,254 shares of the financial services provider’s stock valued at $172,072,000 after acquiring an additional 213,505 shares during the period. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently commented on the company. Hovde Group lowered Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 target price for the company. in a research report on Monday, November 18th. Wells Fargo & Company boosted their price objective on Pinnacle Financial Partners from $120.00 to $125.00 and gave the company an “equal weight” rating in a report on Thursday, January 23rd. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $135.00 target price (up from $115.00) on shares of Pinnacle Financial Partners in a report on Wednesday, December 4th. Citigroup boosted their price target on shares of Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a “buy” rating in a research note on Tuesday, December 31st. Finally, Barclays raised shares of Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $120.00 to $135.00 in a research note on Thursday, December 19th. Six analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, Pinnacle Financial Partners currently 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.