Pinnacle Financial Partners (NASDAQ:PNFP) Shares Gap Down – Here’s What Happened

Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) gapped down before the market opened on Tuesday . The stock had previously closed at $92.20, but opened at $89.50. Pinnacle Financial Partners shares last traded at $95.72, with a volume of 65,015 shares changing hands.

Analysts Set New Price Targets

PNFP has been the subject of several recent research reports. Wells Fargo & Company reduced their price target on Pinnacle Financial Partners from $125.00 to $105.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 9th. Citigroup boosted their price objective on shares of Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a “buy” rating in a research note on Tuesday, December 31st. Stephens reissued an “overweight” rating and issued a $142.00 price target on shares of Pinnacle Financial Partners in a report on Wednesday, January 22nd. UBS Group initiated coverage on Pinnacle Financial Partners in a research report on Tuesday, December 17th. They issued a “neutral” rating and a $133.00 price objective on the stock. Finally, Hovde Group lowered their price target on Pinnacle Financial Partners from $135.00 to $120.00 and set a “market perform” rating on the stock in a report on Wednesday, April 2nd. Five equities research 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 “Moderate Buy” and an average target price of $124.70.

Pinnacle Financial Partners Stock Up 3.7 %

The stock has a market capitalization of $7.40 billion, a P/E ratio of 15.99 and a beta of 0.94. The stock has a 50 day moving average price of $107.03 and a 200-day moving average price of $112.01. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.90 and a quick ratio of 0.90.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings data on Monday, April 14th. The financial services provider reported $1.90 earnings per share for the quarter, beating the consensus estimate of $1.82 by $0.08. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. The firm had revenue of $475.37 million during the quarter, compared to the consensus estimate of $478.11 million. During the same quarter in the previous year, the company posted $1.53 earnings per share. As a group, research analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Friday, February 7th were issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.00%. The ex-dividend date was Friday, February 7th. This is an increase from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. Pinnacle Financial Partners’s dividend payout ratio is currently 16.05%.

Insider Activity at Pinnacle Financial Partners

In related news, CEO M Terry Turner sold 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $100.63, for a total value of $201,260.00. Following the sale, the chief executive officer now owns 254,552 shares in the company, valued at $25,615,567.76. This represents a 0.78 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Chairman Robert A. Mccabe, Jr. sold 40,000 shares of the business’s stock in a transaction on Monday, February 24th. The stock was sold at an average price of $113.81, for a total value of $4,552,400.00. Following the completion of the sale, the chairman now directly owns 83,000 shares in the company, valued at $9,446,230. This trade represents a 32.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 95,350 shares of company stock worth $11,421,320 over the last quarter. Corporate insiders own 1.46% of the company’s stock.

Institutional Trading of Pinnacle Financial Partners

Institutional investors and hedge funds have recently bought and sold shares of the company. Kapitalo Investimentos Ltda purchased a new stake in shares of Pinnacle Financial Partners during the fourth quarter valued at approximately $78,000. UMB Bank n.a. raised its holdings in Pinnacle Financial Partners by 48.1% in the 4th quarter. UMB Bank n.a. now owns 736 shares of the financial services provider’s stock worth $84,000 after acquiring an additional 239 shares during the last quarter. Principal Securities Inc. lifted its position in Pinnacle Financial Partners by 12.7% in the 4th quarter. Principal Securities Inc. now owns 808 shares of the financial services provider’s stock valued at $92,000 after acquiring an additional 91 shares in the last quarter. Trust Co. of Vermont purchased a new stake in Pinnacle Financial Partners during the 4th quarter valued at $97,000. Finally, Values First Advisors Inc. increased its holdings in shares of Pinnacle Financial Partners by 189.9% in the 4th quarter. Values First Advisors Inc. now owns 1,458 shares of the financial services provider’s stock worth $167,000 after purchasing an additional 955 shares in the last quarter. 87.40% of the stock is currently owned by institutional investors.

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.