David B. Ingram Sells 3,610 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Stock

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Director David B. Ingram sold 3,610 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $126.07, for a total transaction of $455,112.70. Following the sale, the director now directly owns 139,489 shares of the company’s stock, valued at approximately $17,585,378.23. This trade represents a 2.52 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Pinnacle Financial Partners Stock Down 1.1 %

Shares of PNFP traded down $1.39 during midday trading on Tuesday, hitting $120.91. The stock had a trading volume of 522,704 shares, compared to its average volume of 469,627. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.90 and a quick ratio of 0.90. The firm has a market cap of $9.34 billion, a price-to-earnings ratio of 23.42 and a beta of 1.08. The company has a 50 day simple moving average of $112.20 and a two-hundred day simple moving average of $96.33. Pinnacle Financial Partners, Inc. has a twelve month low of $73.62 and a twelve month high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $1.86 EPS for the quarter, topping analysts’ consensus estimates of $1.79 by $0.07. The company had revenue of $810.11 million during the quarter, compared to the consensus estimate of $454.18 million. Pinnacle Financial Partners had a net margin of 13.97% and a return on equity of 8.89%. During the same period in the prior year, the business posted $1.79 EPS. On average, analysts anticipate that Pinnacle Financial Partners, Inc. will post 6.8 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 1st were given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 0.73%. The ex-dividend date of this dividend was Friday, November 1st. Pinnacle Financial Partners’s dividend payout ratio (DPR) is currently 16.73%.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Citigroup lifted their target price 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. Stephens upped their price objective on Pinnacle Financial Partners from $108.00 to $120.00 and gave the company an “overweight” rating in a report on Thursday, October 17th. Hovde Group lowered Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 target price on the stock. in a research note on Monday, November 18th. Barclays boosted their target price on Pinnacle Financial Partners from $108.00 to $120.00 and gave the stock an “equal weight” rating in a research report on Thursday, December 5th. Finally, Wells Fargo & Company increased their price target on shares of Pinnacle Financial Partners from $104.00 to $120.00 and gave the company an “equal weight” rating in a research report on Tuesday, December 3rd. Seven analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, Pinnacle Financial Partners has a consensus rating of “Hold” and an average price target of $113.64.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. SG Americas Securities LLC acquired a new position in Pinnacle Financial Partners during the second quarter worth approximately $366,000. Envestnet Portfolio Solutions Inc. grew its stake in Pinnacle Financial Partners by 11.1% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 9,670 shares of the financial services provider’s stock valued at $774,000 after buying an additional 966 shares during the last quarter. Hunter Perkins Capital Management LLC raised its holdings in Pinnacle Financial Partners by 18.2% in the 2nd quarter. Hunter Perkins Capital Management LLC now owns 14,735 shares of the financial services provider’s stock valued at $1,179,000 after acquiring an additional 2,265 shares during the period. Foster Victor Wealth Advisors LLC bought a new stake in shares of Pinnacle Financial Partners during the second quarter worth approximately $178,000. Finally, Raymond James & Associates grew its position in shares of Pinnacle Financial Partners by 0.4% in the second quarter. Raymond James & Associates now owns 203,716 shares of the financial services provider’s stock valued at $16,305,000 after purchasing an additional 904 shares during the last quarter. Institutional investors own 87.40% of the company’s stock.

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.