Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Director David B. Ingram Sells 40,000 Shares

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Director David B. Ingram sold 40,000 shares of the company’s stock in a transaction dated Thursday, February 6th. The stock was sold at an average price of $126.50, for a total value of $5,060,000.00. Following the completion of the sale, the director now owns 40,991 shares in the company, valued at $5,185,361.50. The trade was a 49.39 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Pinnacle Financial Partners Price Performance

NASDAQ:PNFP opened at $122.33 on Tuesday. The stock has a 50 day moving average of $119.10 and a two-hundred day moving average of $108.02. Pinnacle Financial Partners, Inc. has a 12 month low of $73.62 and a 12 month high of $131.91. The firm has a market cap of $9.45 billion, a P/E ratio of 20.46 and a beta of 1.09. 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 (NASDAQ:PNFP) last issued its quarterly earnings results on Tuesday, January 21st. The financial services provider reported $1.90 EPS for the quarter, topping the consensus estimate 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 firm had revenue of $475.34 million during the quarter, compared to analysts’ expectations of $470.33 million. The firm’s revenue for the quarter was up 19.9% on a year-over-year basis. During the same period in the previous year, the business earned $1.68 earnings per share. On average, analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current fiscal year.

Pinnacle Financial Partners Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 28th. Stockholders of record on Friday, February 7th will be given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.78%. This is a boost 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%.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on PNFP shares. Wells Fargo & Company upped their price objective on Pinnacle Financial Partners from $120.00 to $125.00 and gave the stock an “equal weight” rating in a research report on Thursday, January 23rd. Hovde Group lowered 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 report on Monday, November 18th. Barclays upgraded shares of Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $120.00 to $135.00 in a research report on Thursday, December 19th. Stephens restated an “overweight” rating and set a $142.00 target price on shares of Pinnacle Financial Partners in a research report on Wednesday, January 22nd. Finally, UBS Group assumed coverage on Pinnacle Financial Partners in a report on Tuesday, December 17th. They issued a “neutral” rating and a $133.00 price target for the company. Six equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $125.18.

Hedge Funds Weigh In On Pinnacle Financial Partners

Several hedge funds and other institutional investors have recently modified their holdings of PNFP. Ashton Thomas Securities LLC purchased a new position in Pinnacle Financial Partners in the 3rd quarter worth approximately $30,000. UMB Bank n.a. increased its holdings in shares of Pinnacle Financial Partners by 83.4% in the third quarter. UMB Bank n.a. now owns 497 shares of the financial services provider’s stock valued at $49,000 after purchasing an additional 226 shares during the last quarter. Values First Advisors Inc. purchased a new position in Pinnacle Financial Partners during the third quarter worth approximately $49,000. Brooklyn Investment Group purchased a new position in Pinnacle Financial Partners during the third quarter worth approximately $70,000. Finally, Principal Securities Inc. boosted its stake in Pinnacle Financial Partners by 12.7% during the fourth quarter. Principal Securities Inc. now owns 808 shares of the financial services provider’s stock worth $92,000 after buying an additional 91 shares during the last quarter. 87.40% of the stock is owned by hedge funds and other institutional investors.

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.