Pinnacle Financial Partners (NASDAQ:PNFP) Shares Gap Down – Here’s What Happened

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) gapped down before the market opened on Tuesday . The stock had previously closed at $92.20, but opened at $89.50. Pinnacle Financial Partners shares last traded at $95.72, with a volume of 65,015 shares changing hands.

Analyst Ratings Changes

A number of analysts have commented on PNFP shares. Citigroup upped their price target on Pinnacle Financial Partners from $123.00 to $132.00 and gave the stock a “buy” rating in a research report on Tuesday, December 31st. Hovde Group upgraded shares of Pinnacle Financial Partners from a “market perform” rating to an “outperform” rating and set a $111.00 target price on the stock in a research note on Wednesday. Wells Fargo & Company dropped their price target on shares of Pinnacle Financial Partners from $125.00 to $105.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 9th. Barclays reduced their price objective on shares of Pinnacle Financial Partners from $135.00 to $125.00 and set an “overweight” rating for the company in a research note on Tuesday, April 8th. Finally, Stephens restated an “overweight” rating and set a $142.00 target price on shares of Pinnacle Financial Partners in a research note on Wednesday, January 22nd. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $121.50.

Pinnacle Financial Partners Stock Up 0.4 %

The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.37. The company has a market capitalization of $7.33 billion, a PE ratio of 15.84 and a beta of 0.94. The company’s 50 day moving average is $105.81 and its two-hundred day moving average is $111.77.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings data on Monday, April 14th. The financial services provider reported $1.90 earnings per share for the quarter, beating analysts’ consensus estimates of $1.82 by $0.08. The firm had revenue of $475.37 million during the quarter, compared to analyst estimates of $478.11 million. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. During the same quarter last year, the business posted $1.53 earnings per share. On average, analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 30th. Shareholders of record on Friday, May 2nd will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 1.01%. The ex-dividend date of this dividend is Friday, May 2nd. Pinnacle Financial Partners’s payout ratio is 16.05%.

Insider Transactions at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, Director David B. Ingram sold 40,000 shares of Pinnacle Financial Partners stock in a transaction on Thursday, February 6th. The shares were sold at an average price of $126.50, for a total value of $5,060,000.00. Following the completion of the transaction, the director now directly owns 40,991 shares of the company’s stock, valued at $5,185,361.50. This trade represents a 49.39 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO M Terry Turner sold 2,000 shares of the company’s stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $100.63, for a total transaction of $201,260.00. Following the sale, the chief executive officer now owns 254,552 shares in the company, valued at $25,615,567.76. This represents a 0.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 95,350 shares of company stock valued at $11,421,320 in the last ninety days. Corporate insiders own 1.46% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its stake in shares of Pinnacle Financial Partners by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 7,200,386 shares of the financial services provider’s stock valued at $823,652,000 after purchasing an additional 87,058 shares during the last quarter. FMR LLC boosted its stake in Pinnacle Financial Partners by 10.6% during the fourth quarter. FMR LLC now owns 3,003,310 shares of the financial services provider’s stock worth $343,549,000 after buying an additional 286,894 shares during the period. North Reef Capital Management LP increased its position in 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 acquiring an additional 705,000 shares during the last quarter. Capital Research Global Investors raised its stake in shares of Pinnacle Financial Partners by 57.0% in the fourth quarter. Capital Research Global Investors now owns 1,559,798 shares of the financial services provider’s stock valued at $178,425,000 after acquiring an additional 566,061 shares during the period. Finally, Wellington Management Group LLP lifted its holdings in shares of Pinnacle Financial Partners by 16.5% in the 4th quarter. Wellington Management Group LLP now owns 1,504,254 shares of the financial services provider’s stock worth $172,072,000 after acquiring an additional 213,505 shares during the last quarter. Hedge funds and other institutional investors own 87.40% of the company’s stock.

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.