Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Chairman Sells $4,552,400.00 in Stock

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Get Free Report) Chairman Robert A. Mccabe, Jr. sold 40,000 shares of the business's stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $113.81, for a total value of $4,552,400.00. Following the completion of the transaction, the chairman now owns 83,000 shares of the company's stock, valued at $9,446,230. This represents a 32.52 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this link.

Pinnacle Financial Partners Stock Performance

NASDAQ PNFP traded up $1.19 on Friday, reaching $114.26. The stock had a trading volume of 428,383 shares, compared to its average volume of 465,615. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.90 and a quick ratio of 0.90. The firm has a fifty day moving average of $118.53 and a two-hundred day moving average of $110.74. Pinnacle Financial Partners, Inc. has a 1-year low of $73.62 and a 1-year high of $131.91. The company has a market cap of $8.83 billion, a P/E ratio of 19.11 and a beta of 1.09.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last issued its quarterly earnings data on Tuesday, January 21st. The financial services provider reported $1.90 EPS for the quarter, beating analysts' consensus estimates of $1.80 by $0.10. The firm had revenue of $475.34 million for the quarter, compared to analyst estimates of $470.33 million. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. The company's revenue for the quarter was up 19.9% on a year-over-year basis. During the same period in the prior year, the firm posted $1.68 EPS. On average, equities research analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

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Pinnacle Financial Partners Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Friday, February 7th were paid a $0.24 dividend. The ex-dividend date was Friday, February 7th. This is a positive change from Pinnacle Financial Partners's previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a yield of 0.84%. Pinnacle Financial Partners's dividend payout ratio (DPR) is 16.05%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on PNFP shares. Wells Fargo & Company upped their price objective on Pinnacle Financial Partners from $120.00 to $125.00 and gave the stock an "equal weight" rating in a research note on Thursday, January 23rd. Keefe, Bruyette & Woods reiterated a "market perform" rating and set a $135.00 price objective (up previously from $115.00) on shares of Pinnacle Financial Partners in a research note on Wednesday, December 4th. Citigroup upped their price objective on Pinnacle Financial Partners from $123.00 to $132.00 and gave the stock a "buy" rating in a research note on Tuesday, December 31st. UBS Group started coverage on Pinnacle Financial Partners in a research note on Tuesday, December 17th. They issued a "neutral" rating and a $133.00 price target on the stock. Finally, Hovde Group cut Pinnacle Financial Partners from an "outperform" rating to a "market perform" rating and set a $135.00 price target on the stock. in a research note on Monday, November 18th. Six investment analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat.com, Pinnacle Financial Partners currently has an average rating of "Hold" and a consensus price target of $125.18.

Institutional Trading of Pinnacle Financial Partners

Several large investors have recently bought and sold shares of the business. Virtue Capital Management LLC acquired a new stake in Pinnacle Financial Partners in the fourth quarter valued at about $213,000. Sunbeam Capital Management LLC acquired a new stake in Pinnacle Financial Partners in the fourth quarter valued at about $1,131,000. Forum Financial Management LP boosted its stake in Pinnacle Financial Partners by 19.4% in the fourth quarter. Forum Financial Management LP now owns 2,660 shares of the financial services provider's stock valued at $304,000 after buying an additional 433 shares in the last quarter. GTS Securities LLC acquired a new stake in Pinnacle Financial Partners in the fourth quarter valued at about $398,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Pinnacle Financial Partners by 27.2% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 254,472 shares of the financial services provider's stock valued at $29,109,000 after buying an additional 54,340 shares in the last quarter. 87.40% of the stock is owned by institutional investors and hedge funds.

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.