Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) CFO Sells $383,114.07 in Stock

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) CFO Harold R. Carpenter sold 3,051 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $125.57, for a total value of $383,114.07. Following the completion of the sale, the chief financial officer now owns 60,805 shares of the company’s stock, valued at $7,635,283.85. This trade represents a 4.78 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Pinnacle Financial Partners Trading Down 1.1 %

NASDAQ PNFP traded down $1.39 on Tuesday, reaching $120.91. The stock had a trading volume of 522,704 shares, compared to its average volume of 469,627. Pinnacle Financial Partners, Inc. has a 12-month low of $73.62 and a 12-month high of $131.91. The stock has a fifty day moving average price of $112.20 and a two-hundred day moving average price of $96.33. The firm has a market capitalization of $9.34 billion, a price-to-earnings ratio of 23.42 and a beta of 1.08. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.42.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its earnings results on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.79 by $0.07. Pinnacle Financial Partners had a return on equity of 8.89% and a net margin of 13.97%. The firm had revenue of $810.11 million for the quarter, compared to analyst estimates of $454.18 million. During the same quarter in the prior year, the company earned $1.79 EPS. As a group, sell-side analysts forecast that Pinnacle Financial Partners, Inc. will post 6.8 EPS for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 1st were paid a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 0.73%. The ex-dividend date was Friday, November 1st. Pinnacle Financial Partners’s payout ratio is 16.73%.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Truist Financial upped their target price on Pinnacle Financial Partners from $113.00 to $119.00 and gave the company a “buy” rating in a report on Monday, October 21st. Stephens raised their price objective on shares of Pinnacle Financial Partners from $108.00 to $120.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. Hovde Group lowered shares of Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 target price on the stock. in a report on Monday, November 18th. Citigroup raised their price target on shares of Pinnacle Financial Partners from $113.00 to $123.00 and gave the stock a “buy” rating in a report on Thursday, October 17th. Finally, Wells Fargo & Company upped their price objective on Pinnacle Financial Partners from $104.00 to $120.00 and gave the company an “equal weight” rating in a report on Tuesday, December 3rd. Seven analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $113.64.

Institutional Investors Weigh In On Pinnacle Financial Partners

Several large investors have recently added to or reduced their stakes in the business. Victory Capital Management Inc. boosted its position in Pinnacle Financial Partners by 17.9% in the 3rd quarter. Victory Capital Management Inc. now owns 186,612 shares of the financial services provider’s stock valued at $18,282,000 after buying an additional 28,327 shares during the period. B. Metzler seel. Sohn & Co. Holding AG purchased a new position in Pinnacle Financial Partners in the third quarter valued at $3,606,000. Pier Capital LLC grew its stake in Pinnacle Financial Partners by 16.5% during the 2nd quarter. Pier Capital LLC now owns 111,797 shares of the financial services provider’s stock worth $8,948,000 after purchasing an additional 15,797 shares in the last quarter. Edgestream Partners L.P. increased its holdings in Pinnacle Financial Partners by 1,017.9% during the 2nd quarter. Edgestream Partners L.P. now owns 71,064 shares of the financial services provider’s stock worth $5,688,000 after purchasing an additional 64,707 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its holdings in Pinnacle Financial Partners by 1.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 920,088 shares of the financial services provider’s stock worth $90,141,000 after purchasing an additional 9,856 shares during the period. 87.40% of the stock is 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.