David B. Ingram Sells 40,000 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Stock

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Get Free Report) Director David B. Ingram sold 40,000 shares of the company's stock in a transaction that occurred on Thursday, February 6th. The stock was sold at an average price of $126.50, for a total transaction of $5,060,000.00. Following the completion of the sale, the director now directly owns 40,991 shares of the company's stock, valued at $5,185,361.50. The trade was a 49.39 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.

Pinnacle Financial Partners Price Performance

PNFP traded up $0.39 on Friday, hitting $120.24. 386,124 shares of the company were exchanged, compared to its average volume of 478,251. Pinnacle Financial Partners, Inc. has a fifty-two week low of $73.62 and a fifty-two week high of $131.91. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.90 and a current ratio of 0.90. The firm has a market capitalization of $9.29 billion, a P/E ratio of 20.11 and a beta of 1.09. The business's fifty day moving average is $118.82 and its 200 day moving average is $108.54.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last released its quarterly earnings results on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share for the quarter, topping analysts' consensus estimates of $1.80 by $0.10. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. The business had revenue of $475.34 million for the quarter, compared to analysts' expectations of $470.33 million. During the same quarter in the prior year, the firm posted $1.68 EPS. The company's revenue was up 19.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 28th. Stockholders of record on Friday, February 7th will be given a $0.24 dividend. The ex-dividend date of this dividend is Friday, February 7th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.80%. This is an increase from Pinnacle Financial Partners's previous quarterly dividend of $0.22. Pinnacle Financial Partners's payout ratio is currently 16.05%.

Wall Street Analysts Forecast Growth

PNFP has been the topic of several research reports. Wells Fargo & Company upped their target price on Pinnacle Financial Partners from $120.00 to $125.00 and gave the company an "equal weight" rating in a research report on Thursday, January 23rd. Stephens restated an "overweight" rating and issued a $142.00 price target on shares of Pinnacle Financial Partners in a research note on Wednesday, January 22nd. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and set a $135.00 price objective (up from $115.00) on shares of Pinnacle Financial Partners in a report on Wednesday, December 4th. JPMorgan Chase & Co. lowered their price target on Pinnacle Financial Partners from $140.00 to $138.00 and set an "overweight" rating on the stock in a research note on Tuesday, January 7th. Finally, Truist Financial upped their price objective on shares of Pinnacle Financial Partners from $113.00 to $119.00 and gave the company a "buy" rating in a research note on Monday, October 21st. Six analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat, Pinnacle Financial Partners currently has an average rating of "Hold" and an average target price of $125.18.

Hedge Funds Weigh In On Pinnacle Financial Partners

Several large investors have recently added to or reduced their stakes in PNFP. Norges Bank acquired a new stake in Pinnacle Financial Partners in the 4th quarter valued at $101,798,000. North Reef Capital Management LP grew its holdings in shares of Pinnacle Financial Partners by 57.1% during the fourth quarter. North Reef Capital Management LP now owns 1,940,000 shares of the financial services provider's stock valued at $221,917,000 after purchasing an additional 705,000 shares during the last quarter. Van Lanschot Kempen Investment Management N.V. bought a new stake in Pinnacle Financial Partners in the 4th quarter valued at about $78,110,000. Azora Capital LP acquired a new stake in Pinnacle Financial Partners in the third quarter worth about $64,326,000. Finally, Capital Research Global Investors raised its stake in shares of Pinnacle Financial Partners by 57.0% in the 4th quarter. Capital Research Global Investors now owns 1,559,798 shares of the financial services provider's stock worth $178,425,000 after buying an additional 566,061 shares in the last quarter. 87.40% of the stock is currently owned by hedge funds and other 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.