Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Director Sells $1,298,934.00 in Stock

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Get Free Report) Director David B. Ingram sold 10,309 shares of Pinnacle Financial Partners stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $126.00, for a total transaction of $1,298,934.00. Following the completion of the sale, the director now owns 82,256 shares of the company's stock, valued at approximately $10,364,256. The trade was a 11.14 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

Pinnacle Financial Partners Price Performance

Shares of NASDAQ:PNFP traded down $2.39 during trading on Friday, hitting $123.76. 315,371 shares of the company were exchanged, compared to its average volume of 495,135. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.37. 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 capitalization of $9.56 billion, a P/E ratio of 20.70 and a beta of 1.09. The business's 50 day moving average is $119.16 and its 200-day moving average is $107.65.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last issued its earnings results on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share (EPS) 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 during the quarter, compared to analysts' expectations of $470.33 million. During the same quarter in the prior year, the firm earned $1.68 EPS. The business's revenue for the quarter was up 19.9% compared to the same quarter last year. Equities analysts forecast that Pinnacle Financial Partners, Inc. will post 7.79 earnings per share 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. Investors of record on Friday, February 7th will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 0.78%. The ex-dividend date of this dividend is Friday, February 7th. This is a positive change from Pinnacle Financial Partners's previous quarterly dividend of $0.22. Pinnacle Financial Partners's dividend payout ratio (DPR) is 14.72%.

Analyst Ratings Changes

PNFP has been the topic of a number of recent analyst reports. UBS Group began coverage on Pinnacle Financial Partners in a research report on Tuesday, December 17th. They issued a "neutral" rating and a $133.00 price target on the stock. Citigroup raised their target price on shares of Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a "buy" rating in a report on Tuesday, December 31st. Barclays raised shares of Pinnacle Financial Partners from an "equal weight" rating to an "overweight" rating and upped their price target for the stock from $120.00 to $135.00 in a report on Thursday, December 19th. Truist Financial lifted 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. Finally, Wells Fargo & Company upped their target price 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. Six equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $125.18.

Institutional Investors Weigh In On Pinnacle Financial Partners

A number of institutional investors have recently added to or reduced their stakes in PNFP. Wealthfront Advisers LLC acquired a new position in shares of Pinnacle Financial Partners during the fourth quarter worth $700,000. Sage Mountain Advisors LLC increased its holdings in Pinnacle Financial Partners by 0.3% in the fourth quarter. Sage Mountain Advisors LLC now owns 36,198 shares of the financial services provider's stock valued at $4,141,000 after purchasing an additional 99 shares during the period. Objectivity Squared LLC bought a new position in Pinnacle Financial Partners during the 4th quarter worth $201,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Pinnacle Financial Partners by 24.6% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 20,385 shares of the financial services provider's stock worth $2,332,000 after buying an additional 4,021 shares during the period. Finally, Simplicity Wealth LLC grew its position in shares of Pinnacle Financial Partners by 27.8% in the 4th quarter. Simplicity Wealth LLC now owns 8,669 shares of the financial services provider's stock valued at $992,000 after buying an additional 1,884 shares during the last quarter. 87.40% of the stock is owned by institutional investors.

Pinnacle Financial Partners Company Profile

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.