M Terry Turner Sells 53,601 Shares of Pinnacle Financial Partners (NYSE:PNFP) Stock

Pinnacle Financial Partners, Inc. (NYSE:PNFP) insider M Terry Turner sold 53,601 shares of Pinnacle Financial Partners stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $108.10, for a total transaction of $5,794,268.10. Following the transaction, the insider owned 369,013 shares in the company, valued at $39,890,305.30. The trade was a 12.68% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

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 Friday, August 14th, M Terry Turner sold 66,783 shares of Pinnacle Financial Partners stock. The stock was sold at an average price of $108.01, for a total transaction of $7,213,231.83.
• 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 value of $295,623.37.

Pinnacle Financial Partners Price Performance

NYSE:PNFP opened at $104.63 on Wednesday. The firm has a market cap of $8.12 billion, a price-to-earnings ratio of 14.37, a P/E/G ratio of 0.43 and a beta of 1.03. The firm’s 50 day moving average is $101.17. 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, Inc. has a 12-month low of $81.08 and a 12-month high of $110.33.

Pinnacle Financial Partners (NYSE:PNFP) last issued its earnings results on Wednesday, July 22nd. The company reported $2.50 earnings per share 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 return on equity of 10.93% and a net margin of 15.40%. Research analysts anticipate that Pinnacle Financial Partners, Inc. will post 10.19 EPS for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

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

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in PNFP. Brown Brothers Harriman & Co. purchased a new position in Pinnacle Financial Partners during the 3rd quarter worth approximately $26,000. High Point Wealth Management LLC acquired a new position in Pinnacle Financial Partners in the 4th quarter valued at approximately $27,000. BOKF NA lifted its position in Pinnacle Financial Partners by 1,204.5% in the 3rd quarter. BOKF NA now owns 287 shares of the company’s stock worth $27,000 after buying an additional 265 shares in the last quarter. Activest Wealth Management acquired a new stake in shares of Pinnacle Financial Partners during the 4th quarter valued at $28,000. Finally, Resources Management Corp CT ADV purchased a new position in shares of Pinnacle Financial Partners during the 1st quarter valued at $26,000. 87.40% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have commented on PNFP. Wall Street Zen upgraded shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research report on Tuesday, May 12th. Stephens set a $112.00 price objective on Pinnacle Financial Partners in a research report on Monday, July 27th. TD Cowen increased their price objective on Pinnacle Financial Partners from $116.00 to $119.00 and gave the stock a “buy” rating in a report on Monday, July 27th. UBS Group raised their target price on Pinnacle Financial Partners from $110.00 to $120.00 and gave the company a “buy” rating in a research report on Friday, April 24th. Finally, Weiss Ratings raised Pinnacle Financial Partners from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, June 26th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, Pinnacle Financial Partners has a consensus rating of “Moderate Buy” and an average target price of $118.35.

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.