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 Pinnacle Financial Partners stock in a transaction on Monday, February 24th. The shares were sold at an average price of $113.81, for a total value of $4,552,400.00. Following the sale, the chairman now directly owns 83,000 shares of the company’s stock, valued at approximately $9,446,230. The trade was a 32.52 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Pinnacle Financial Partners Stock Performance

Pinnacle Financial Partners stock traded up $0.84 on Wednesday, hitting $113.41. The company’s stock had a trading volume of 592,670 shares, compared to its average volume of 466,951. Pinnacle Financial Partners, Inc. has a one year low of $73.62 and a one year high of $131.91. The firm has a market cap of $8.76 billion, a P/E ratio of 18.96 and a beta of 1.09. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.37. The company has a fifty day moving average price of $118.40 and a 200-day moving average price of $110.37.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings results on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.80 by $0.10. The firm had revenue of $475.34 million during the quarter, compared to analyst estimates of $470.33 million. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. The company’s quarterly revenue was up 19.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.68 earnings per share. On average, equities analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current 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. This is a positive change from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. The ex-dividend date is Friday, February 7th. This represents a $0.96 annualized dividend and a yield of 0.85%. Pinnacle Financial Partners’s payout ratio is currently 16.05%.

Institutional Trading of Pinnacle Financial Partners

A number of large investors have recently bought and sold shares of the stock. Victory Capital Management Inc. grew its holdings 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 worth $18,282,000 after purchasing an additional 28,327 shares during the last quarter. B. Metzler seel. Sohn & Co. Holding AG acquired a new position in Pinnacle Financial Partners in the third quarter valued at about $3,606,000. KBC Group NV grew its stake 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 buying an additional 24,407 shares during the last quarter. Artemis Investment Management LLP increased its holdings in shares of 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 worth $55,213,000 after buying an additional 12,455 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of Pinnacle Financial Partners by 0.7% during the third quarter. Geode Capital Management LLC now owns 1,328,564 shares of the financial services provider’s stock worth $130,192,000 after buying an additional 8,604 shares in the last quarter. 87.40% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

PNFP has been the topic of several recent research reports. Hovde Group lowered shares of Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 price objective on the stock. in a research report on Monday, November 18th. Barclays raised Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $120.00 to $135.00 in a research report on Thursday, December 19th. Wells Fargo & Company increased 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 research note on Wednesday, December 4th. 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 analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus 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.