M Terry Turner Sells 66,783 Shares of Pinnacle Financial Partners (NYSE:PNFP) Stock

Pinnacle Financial Partners, Inc. (NYSE:PNFP) insider M Terry Turner sold 66,783 shares of Pinnacle Financial Partners stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $108.01, for a total transaction of $7,213,231.83. Following the sale, the insider owned 302,230 shares of the company’s stock, valued at approximately $32,643,862.30. The trade was a 18.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

M Terry Turner also recently made the following trade(s):

• On Monday, August 17th, M Terry Turner sold 54,107 shares of Pinnacle Financial Partners stock. The stock was sold at an average price of $108.13, for a total transaction of $5,850,589.91.
• On Thursday, August 13th, M Terry Turner sold 53,601 shares of Pinnacle Financial Partners stock. The shares were sold at an average price of $108.10, for a total value of $5,794,268.10.
• On Thursday, August 6th, M Terry Turner sold 2,737 shares of Pinnacle Financial Partners stock. The shares were sold at an average price of $108.01, for a total transaction of $295,623.37.

Pinnacle Financial Partners Price Performance

Shares of NYSE PNFP opened at $104.63 on Wednesday. Pinnacle Financial Partners, Inc. has a 1 year low of $81.08 and a 1 year high of $110.33. The stock has a market capitalization of $8.12 billion, a PE ratio of 14.37, a P/E/G ratio of 0.43 and a beta of 1.03. The company’s 50-day moving average is $101.17. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.94 and a quick ratio of 0.93.

Pinnacle Financial Partners (NYSE:PNFP) last announced its quarterly earnings data 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 return on equity of 10.93% and a net margin of 15.40%.The business had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.24 billion. Research analysts anticipate that Pinnacle Financial Partners, Inc. will post 10.19 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

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

Wall Street Analyst Weigh In

Several research firms have recently issued reports on PNFP. Truist Financial raised their price objective on Pinnacle Financial Partners from $115.00 to $118.00 and gave the company a “buy” rating in a research note on Tuesday, July 28th. Benchmark lifted their price objective on shares of Pinnacle Financial Partners from $125.00 to $130.00 and gave the stock a “buy” rating in a research note on Wednesday, August 5th. JPMorgan Chase & Co. reduced their target price on shares of Pinnacle Financial Partners from $125.00 to $120.00 and set an “overweight” rating on the stock in a research note on Friday, July 24th. DA Davidson lifted their price target on shares of Pinnacle Financial Partners from $109.00 to $112.00 and gave the stock a “neutral” rating in a research note on Friday, July 24th. Finally, UBS Group upped their price target on shares of Pinnacle Financial Partners from $110.00 to $120.00 and gave the company a “buy” rating in a report on Friday, April 24th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $118.35.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. BlackRock Inc. acquired a new position in shares of Pinnacle Financial Partners in the 2nd quarter valued at $1,704,708,000. AQR Capital Management LLC raised its stake in Pinnacle Financial Partners by 63.1% in the fourth quarter. AQR Capital Management LLC now owns 5,330,170 shares of the company’s stock valued at $508,551,000 after buying an additional 2,062,504 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Pinnacle Financial Partners by 80.4% in the first quarter. Dimensional Fund Advisors LP now owns 5,035,295 shares of the company’s stock valued at $433,712,000 after purchasing an additional 2,244,659 shares during the last quarter. State Street Corp boosted its stake in Pinnacle Financial Partners by 5.5% in the fourth quarter. State Street Corp now owns 3,451,939 shares of the company’s stock valued at $329,350,000 after acquiring an additional 179,819 shares in the last quarter. Finally, Wellington Management Group LLP boosted its position in shares of Pinnacle Financial Partners by 42.2% in the 4th quarter. Wellington Management Group LLP now owns 3,067,116 shares of the company’s stock valued at $292,634,000 after purchasing an additional 910,367 shares during the period. Institutional investors and hedge funds own 87.40% of the company’s stock.

About Pinnacle Financial Partners

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.