Insider Selling: Pinnacle Financial Partners (NYSE:PNFP) Insider Sells $7,213,231.83 in Stock

Pinnacle Financial Partners, Inc. (NYSE:PNFP) insider M Terry Turner sold 66,783 shares of the business’s stock in a transaction dated 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 completion of the sale, the insider owned 302,230 shares in the company, valued at approximately $32,643,862.30. This trade represents a 18.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink.

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 shares were 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 stock was sold at an average price of $108.10, for a total transaction 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 Stock Performance

Pinnacle Financial Partners stock opened at $101.76 on Thursday. The company has a 50 day moving average of $101.35. The stock has a market cap of $7.89 billion, a P/E ratio of 13.98, a price-to-earnings-growth ratio of 0.42 and a beta of 1.03. Pinnacle Financial Partners, Inc. has a 1 year low of $81.08 and a 1 year high of $110.33. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.73.

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

Pinnacle Financial Partners Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Friday, August 7th will be paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date is Friday, August 7th. Pinnacle Financial Partners’s dividend payout ratio is 27.47%.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. TD Cowen lifted their price objective on Pinnacle Financial Partners from $116.00 to $119.00 and gave the company a “buy” rating in a research note on Monday, July 27th. Piper Sandler increased their target price on Pinnacle Financial Partners from $122.00 to $123.00 and gave the stock an “overweight” rating in a research note on Friday, July 24th. Robert W. Baird initiated coverage on Pinnacle Financial Partners in a research report on Tuesday, May 19th. They issued an “outperform” rating and a $115.00 target price for the company. Benchmark boosted their price target 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. Finally, Evercore reissued an “outperform” rating and set a $120.00 price target on shares of Pinnacle Financial Partners in a research report on Monday, July 6th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $118.35.

Institutional Trading of Pinnacle Financial Partners

Hedge funds have recently modified their holdings of the stock. Northwestern Mutual Wealth Management Co. grew its stake in Pinnacle Financial Partners by 1.9% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 9,269 shares of the company’s stock worth $935,000 after purchasing an additional 174 shares in the last quarter. Sheets Smith Wealth Management increased its holdings in Pinnacle Financial Partners by 31.5% during the 2nd quarter. Sheets Smith Wealth Management now owns 8,062 shares of the company’s stock worth $813,000 after purchasing an additional 1,929 shares during the period. Penn Capital Management Company LLC raised its position in Pinnacle Financial Partners by 38.8% in the 2nd quarter. Penn Capital Management Company LLC now owns 17,236 shares of the company’s stock valued at $1,759,000 after purchasing an additional 4,821 shares in the last quarter. Greenleaf Trust acquired a new stake in Pinnacle Financial Partners in the 2nd quarter valued at about $475,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Pinnacle Financial Partners by 11,547.3% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 452,150 shares of the company’s stock valued at $45,613,000 after buying an additional 448,268 shares during the period. 87.40% of the stock is currently owned by institutional investors and hedge funds.

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.