Insider Selling: Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Chairman Sells 115,249 Shares of Stock

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Chairman Robert A. Mccabe, Jr. sold 115,249 shares of Pinnacle Financial Partners stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $81.04, for a total transaction of $9,339,778.96. Following the transaction, the chairman now directly owns 153,062 shares of the company’s stock, valued at approximately $12,404,144.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Pinnacle Financial Partners Stock Down 3.4 %

PNFP opened at $76.70 on Wednesday. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.90 and a quick ratio of 0.90. The company’s 50-day moving average is $81.96 and its 200 day moving average is $79.61. Pinnacle Financial Partners, Inc. has a fifty-two week low of $43.31 and a fifty-two week high of $92.33. The firm has a market capitalization of $5.91 billion, a P/E ratio of 10.97 and a beta of 1.08.

Pinnacle Financial Partners Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Investors of record on Friday, May 3rd will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.15%. The ex-dividend date of this dividend is Thursday, May 2nd. Pinnacle Financial Partners’s payout ratio is currently 12.59%.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on PNFP shares. Hovde Group reduced their price target on shares of Pinnacle Financial Partners from $104.00 to $99.00 and set an “outperform” rating for the company in a report on Tuesday, April 23rd. JPMorgan Chase & Co. reduced their price objective on shares of Pinnacle Financial Partners from $110.00 to $108.00 and set an “overweight” rating for the company in a report on Wednesday, April 24th. Barclays assumed coverage on shares of Pinnacle Financial Partners in a report on Friday, March 8th. They set an “equal weight” rating and a $93.00 price objective for the company. Jefferies Financial Group reduced their price objective on shares of Pinnacle Financial Partners from $88.00 to $85.00 and set a “hold” rating for the company in a report on Monday, April 8th. Finally, UBS Group reduced their price objective on shares of Pinnacle Financial Partners from $91.00 to $90.00 and set a “neutral” rating for the company in a report on Thursday, January 18th. One research analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $95.50.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the company. Caprock Group LLC lifted its position in shares of Pinnacle Financial Partners by 2.2% during the fourth quarter. Caprock Group LLC now owns 5,604 shares of the financial services provider’s stock valued at $489,000 after purchasing an additional 122 shares in the last quarter. NBC Securities Inc. raised its position in Pinnacle Financial Partners by 1.3% in the fourth quarter. NBC Securities Inc. now owns 9,419 shares of the financial services provider’s stock worth $821,000 after acquiring an additional 124 shares during the period. Verdence Capital Advisors LLC raised its position in Pinnacle Financial Partners by 2.9% in the first quarter. Verdence Capital Advisors LLC now owns 4,497 shares of the financial services provider’s stock worth $386,000 after acquiring an additional 126 shares during the period. Covenant Partners LLC raised its position in Pinnacle Financial Partners by 1.4% in the fourth quarter. Covenant Partners LLC now owns 10,699 shares of the financial services provider’s stock worth $933,000 after acquiring an additional 149 shares during the period. Finally, Treasurer of the State of North Carolina raised its position in Pinnacle Financial Partners by 0.5% in the third quarter. Treasurer of the State of North Carolina now owns 33,040 shares of the financial services provider’s stock worth $2,215,000 after acquiring an additional 170 shares during the period. 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.