Pinnacle Financial Partners (NYSE:PNFP) Insider Sells $5,850,589.91 in Stock

Pinnacle Financial Partners, Inc. (NYSE:PNFP) insider M Terry Turner sold 54,107 shares of Pinnacle Financial Partners stock in a transaction on Monday, August 17th. The shares were sold at an average price of $108.13, for a total transaction of $5,850,589.91. Following the completion of the transaction, the insider owned 248,123 shares in the company, valued at approximately $26,829,539.99. This trade represents a 17.90% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

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

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

Pinnacle Financial Partners Trading Down 0.6%

Shares of NYSE:PNFP traded down $0.61 during midday trading on Monday, hitting $107.40. The stock had a trading volume of 773,098 shares, compared to its average volume of 1,444,139. 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. The company’s 50 day moving average price is $100.77. The stock has a market cap of $8.33 billion, a P/E ratio of 14.75, a PEG ratio of 0.43 and a beta of 1.03.

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 analysts’ consensus estimates 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 firm had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. As a group, equities analysts expect that Pinnacle Financial Partners, Inc. will post 10.19 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

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

Wall Street Analysts Forecast Growth

PNFP has been the topic of several research analyst reports. Evercore restated an “outperform” rating and set a $120.00 target price on shares of Pinnacle Financial Partners in a research report on Monday, July 6th. Wells Fargo & Company raised their price objective on shares of Pinnacle Financial Partners from $111.00 to $118.00 and gave the company an “equal weight” rating in a research note on Monday, August 10th. Wall Street Zen raised shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a report on Tuesday, May 12th. Weiss Ratings upgraded shares of Pinnacle Financial Partners from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, June 26th. Finally, Piper Sandler lifted their price target on shares of Pinnacle Financial Partners from $122.00 to $123.00 and gave the company an “overweight” rating in a research report on Friday, July 24th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, Pinnacle Financial Partners has an average rating of “Moderate Buy” and a consensus price target of $118.35.

Hedge Funds Weigh In On Pinnacle Financial Partners

Institutional investors have recently added to or reduced their stakes in the business. Brown Brothers Harriman & Co. purchased a new position in Pinnacle Financial Partners during the third quarter worth approximately $26,000. High Point Wealth Management LLC acquired a new stake in Pinnacle Financial Partners during the 4th quarter worth approximately $27,000. BOKF NA raised its holdings in Pinnacle Financial Partners by 1,204.5% in the third quarter. BOKF NA now owns 287 shares of the company’s stock valued at $27,000 after buying an additional 265 shares during the period. Activest Wealth Management purchased a new position in Pinnacle Financial Partners in the fourth quarter valued at approximately $28,000. Finally, Resources Management Corp CT ADV acquired a new position in Pinnacle Financial Partners during the first quarter valued at approximately $26,000. 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.