Insider Selling: Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Director Sells 3,000 Shares of Stock

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Director Glenda Baskin Glover sold 3,000 shares of the stock in a transaction on Friday, March 14th. The shares were sold at an average price of $101.55, for a total value of $304,650.00. Following the completion of the transaction, the director now directly owns 9,943 shares in the company, valued at approximately $1,009,711.65. This trade represents a 23.18 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Pinnacle Financial Partners Stock Up 1.6 %

Shares of NASDAQ PNFP traded up $1.70 during mid-day trading on Monday, hitting $104.52. The company had a trading volume of 205,585 shares, compared to its average volume of 458,587. The company has a market capitalization of $8.09 billion, a PE ratio of 17.48 and a beta of 1.09. The firm has a 50-day simple moving average of $116.52 and a two-hundred day simple moving average of $111.60. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.37. Pinnacle Financial Partners, Inc. has a one year low of $73.62 and a one year high of $131.91.

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

Pinnacle Financial Partners Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Friday, February 7th were issued a $0.24 dividend. This is a boost from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend was Friday, February 7th. This represents a $0.96 annualized dividend and a dividend yield of 0.92%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 16.05%.

Analyst Ratings Changes

A number of research analysts have recently weighed in on PNFP shares. Barclays raised Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $120.00 to $135.00 in a research note on Thursday, December 19th. Wells Fargo & Company raised their price objective on 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. Stephens reaffirmed an “overweight” rating and set a $142.00 price objective on shares of Pinnacle Financial Partners in a research note on Wednesday, January 22nd. Citigroup raised their price objective on Pinnacle Financial Partners from $123.00 to $132.00 and gave the stock a “buy” rating in a research note on Tuesday, December 31st. Finally, JPMorgan Chase & Co. dropped their price objective 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. Six investment 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 has an average rating of “Hold” and a consensus price target of $125.18.

Institutional Investors Weigh In On Pinnacle Financial Partners

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

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.