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 Pinnacle Financial Partners stock in a transaction on Thursday, February 6th. The stock was sold at an average price of $126.50, for a total transaction of $5,060,000.00. Following the transaction, the director now directly owns 40,991 shares of the company’s stock, valued at $5,185,361.50. The trade was a 49.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Pinnacle Financial Partners Trading Down 3.3 %

NASDAQ PNFP opened at $119.27 on Thursday. The company’s 50-day simple moving average is $119.02 and its two-hundred day simple moving average is $108.38. 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 capitalization of $9.21 billion, a price-to-earnings ratio of 19.94 and a beta of 1.09. 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 issued its quarterly earnings data on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.80 by $0.10. The company had revenue of $475.34 million for 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%. Pinnacle Financial Partners’s revenue was up 19.9% compared to the same quarter last year. During the same period last year, the company posted $1.68 earnings per share. Equities analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Increases Dividend

The business also recently declared 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 annualized dividend and a dividend yield of 0.80%. This is a positive change from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. The ex-dividend date is Friday, February 7th. Pinnacle Financial Partners’s payout ratio is presently 14.72%.

Institutional Investors Weigh In On Pinnacle Financial Partners

A number of institutional investors have recently added to or reduced their stakes in PNFP. Landscape Capital Management L.L.C. bought a new position in Pinnacle Financial Partners in the fourth quarter worth about $726,000. ExodusPoint Capital Management LP purchased a new position in shares of Pinnacle Financial Partners in the 4th quarter worth approximately $16,162,000. OneAscent Financial Services LLC bought a new position in shares of Pinnacle Financial Partners during the 4th quarter worth approximately $434,000. Villanova Investment Management Co LLC lifted its position in Pinnacle Financial Partners by 4.4% during the fourth quarter. Villanova Investment Management Co LLC now owns 23,247 shares of the financial services provider’s stock valued at $2,659,000 after acquiring an additional 971 shares during the last quarter. Finally, Trexquant Investment LP acquired a new stake in Pinnacle Financial Partners in the fourth quarter valued at approximately $2,081,000. Institutional investors own 87.40% of the company’s stock.

Wall Street Analysts Forecast Growth

PNFP has been the subject of a number of recent analyst reports. Truist Financial lifted their price target on shares of Pinnacle Financial Partners from $113.00 to $119.00 and gave the stock a “buy” rating in a research note on Monday, October 21st. Keefe, Bruyette & Woods restated a “market perform” rating and set a $135.00 target price (up previously from $115.00) on shares of Pinnacle Financial Partners in a research report on Wednesday, December 4th. Hovde Group downgraded Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 price target on the stock. in a 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. Finally, Stephens reaffirmed an “overweight” rating and issued a $142.00 price target on shares of Pinnacle Financial Partners in a research note on Wednesday, January 22nd. Six investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, Pinnacle Financial Partners currently has a consensus rating of “Hold” and an average target price 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.