M Terry Turner Sells 2,737 Shares of Pinnacle Financial Partners (NYSE:PNFP) Stock

Pinnacle Financial Partners, Inc. (NYSE:PNFP) insider M Terry Turner sold 2,737 shares of the firm’s stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $108.01, for a total transaction of $295,623.37. Following the completion of the transaction, the insider directly owned 422,614 shares of the company’s stock, valued at approximately $45,646,538.14. The trade was a 0.64% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Pinnacle Financial Partners Stock Up 1.0%

Shares of PNFP opened at $105.61 on Wednesday. The stock has a market cap of $8.19 billion, a P/E ratio of 14.51, a P/E/G ratio of 0.42 and a beta of 1.03. Pinnacle Financial Partners, Inc. has a fifty-two week low of $81.08 and a fifty-two week high of $110.33. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.93 and a current ratio of 0.94. The business’s 50 day simple moving average is $100.06.

Pinnacle Financial Partners (NYSE:PNFP) last issued its quarterly earnings results on Wednesday, July 22nd. The company reported $2.50 EPS for the quarter, beating the consensus estimate of $2.46 by $0.04. Pinnacle Financial Partners had a net margin of 15.40% and a return on equity of 10.93%. The company had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.24 billion. Research analysts forecast that Pinnacle Financial Partners, Inc. will post 10.19 earnings per share for the current year.

Pinnacle Financial Partners Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Friday, August 7th will be paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend is Friday, August 7th. Pinnacle Financial Partners’s payout ratio is presently 27.47%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. JPMorgan Chase & Co. decreased their price objective on Pinnacle Financial Partners from $125.00 to $120.00 and set an “overweight” rating for the company in a research note on Friday, July 24th. Evercore restated an “outperform” rating and set a $120.00 target price on shares of Pinnacle Financial Partners in a research note on Monday, July 6th. TD Cowen raised their target price on shares of Pinnacle Financial Partners from $116.00 to $119.00 and gave the company a “buy” rating in a report on Monday, July 27th. UBS Group lifted their price target on shares of Pinnacle Financial Partners from $110.00 to $120.00 and gave the stock a “buy” rating in a research note on Friday, April 24th. Finally, Robert W. Baird initiated coverage on shares of Pinnacle Financial Partners in a report on Tuesday, May 19th. They set an “outperform” rating and a $115.00 price target for the company. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, Pinnacle Financial Partners currently has a consensus rating of “Moderate Buy” and a consensus target price of $118.35.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in PNFP. Northwestern Mutual Wealth Management Co. lifted its stake in shares of Pinnacle Financial Partners by 1.6% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 7,377 shares of the company’s stock valued at $704,000 after purchasing an additional 116 shares in the last quarter. Villanova Investment Management Co LLC increased its position in Pinnacle Financial Partners by 0.4% during the 4th quarter. Villanova Investment Management Co LLC now owns 28,511 shares of the company’s stock worth $2,720,000 after purchasing an additional 118 shares in the last quarter. Simplicity Wealth LLC raised its holdings in Pinnacle Financial Partners by 1.5% in the first quarter. Simplicity Wealth LLC now owns 9,155 shares of the company’s stock valued at $789,000 after buying an additional 131 shares during the period. Whittier Trust Co. raised its holdings in Pinnacle Financial Partners by 10.1% in the fourth quarter. Whittier Trust Co. now owns 1,521 shares of the company’s stock valued at $145,000 after buying an additional 140 shares during the period. Finally, Graham Capital Management L.P. lifted its position in Pinnacle Financial Partners by 0.7% during the fourth quarter. Graham Capital Management L.P. now owns 22,169 shares of the company’s stock valued at $2,115,000 after buying an additional 146 shares in the last quarter. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Company Profile

Pinnacle Financial Partners (NYSE: PNFP) is a bank holding company headquartered in Nashville, Tennessee, that provides a broad range of commercial and consumer banking services. Founded in 2000, the company operates through a network of banking offices and digital channels to serve individuals, small and middle-market businesses, and institutional clients. Pinnacle’s business model emphasizes relationship-based banking and tailored financial solutions for commercial borrowers and deposit customers.

The company’s product and service offerings include commercial and residential lending, treasury and payment solutions, deposit accounts, mortgage services, and cash management.