Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) CEO Sells $201,260.00 in Stock

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) CEO M Terry Turner sold 2,000 shares of the company’s stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $100.63, for a total value of $201,260.00. Following the transaction, the chief executive officer now directly owns 254,552 shares in the company, valued at $25,615,567.76. This represents a 0.78 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Pinnacle Financial Partners Stock Performance

Shares of Pinnacle Financial Partners stock traded up $2.16 during trading on Wednesday, hitting $101.74. 175,470 shares of the company’s stock were exchanged, compared to its average volume of 459,313. The stock has a market capitalization of $7.87 billion, a price-to-earnings ratio of 16.93 and a beta of 1.09. The business has a 50-day simple moving average of $117.30 and a 200-day simple moving average of $111.53. Pinnacle Financial Partners, Inc. has a 52-week low of $73.62 and a 52-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.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings data 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 business had revenue of $475.34 million during the quarter, compared to analyst estimates of $470.33 million. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. The company’s revenue was up 19.9% on a year-over-year basis. During the same quarter last year, the business posted $1.68 EPS. On average, research analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Friday, February 7th were issued a $0.24 dividend. The ex-dividend date of this dividend was Friday, February 7th. This is an increase 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 0.94%. Pinnacle Financial Partners’s payout ratio is presently 16.05%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on PNFP shares. Stephens restated an “overweight” rating and set a $142.00 price target on shares of Pinnacle Financial Partners in a research note on Wednesday, January 22nd. JPMorgan Chase & Co. lowered their target price on shares of Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating for the company in a research note on Tuesday, January 7th. 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 note on Monday, November 18th. UBS Group began coverage on shares of Pinnacle Financial Partners in a research note on Tuesday, December 17th. They set a “neutral” rating and a $133.00 price objective for the company. Finally, Wells Fargo & Company boosted their price objective on shares of Pinnacle Financial Partners from $120.00 to $125.00 and gave the company an “equal weight” rating in a report on Thursday, January 23rd. Six equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $125.18.

Institutional Investors Weigh In On Pinnacle Financial Partners

Hedge funds have recently bought and sold shares of the stock. Victory Capital Management Inc. lifted its stake in shares of Pinnacle Financial Partners by 17.9% in the 3rd quarter. Victory Capital Management Inc. now owns 186,612 shares of the financial services provider’s stock valued at $18,282,000 after purchasing an additional 28,327 shares during the period. B. Metzler seel. Sohn & Co. Holding AG purchased a new stake in shares of Pinnacle Financial Partners in the third quarter valued at approximately $3,606,000. KBC Group NV raised its position in Pinnacle Financial Partners by 1,054.3% during the fourth quarter. KBC Group NV now owns 26,722 shares of the financial services provider’s stock worth $3,057,000 after acquiring an additional 24,407 shares during the period. Artemis Investment Management LLP lifted its holdings in Pinnacle Financial Partners by 2.6% during the fourth quarter. Artemis Investment Management LLP now owns 482,672 shares of the financial services provider’s stock valued at $55,213,000 after purchasing an additional 12,455 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in shares of Pinnacle Financial Partners by 0.7% in the third quarter. Geode Capital Management LLC now owns 1,328,564 shares of the financial services provider’s stock valued at $130,192,000 after purchasing an additional 8,604 shares during the period. Hedge funds and other institutional investors own 87.40% of the company’s stock.

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.