Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) CFO Harold R. Carpenter Sells 3,051 Shares

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

Pinnacle Financial Partners Stock Performance

NASDAQ:PNFP traded down $1.39 during trading hours on Tuesday, reaching $120.91. 522,704 shares of the company’s stock were exchanged, compared to its average volume of 469,627. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.42. The firm has a market capitalization of $9.34 billion, a price-to-earnings ratio of 23.42 and a beta of 1.08. Pinnacle Financial Partners, Inc. has a 1-year low of $73.62 and a 1-year high of $131.91. The company has a 50-day moving average of $112.20 and a 200 day moving average of $96.33.

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

Pinnacle Financial Partners Dividend Announcement

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

Analyst Upgrades and Downgrades

PNFP has been the topic of several recent analyst reports. Barclays increased their target price on Pinnacle Financial Partners from $108.00 to $120.00 and gave the company an “equal weight” rating in a report on Thursday, December 5th. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $135.00 price objective (up previously from $115.00) on shares of Pinnacle Financial Partners in a report on Wednesday, December 4th. Citigroup boosted their target price on Pinnacle Financial Partners from $113.00 to $123.00 and gave the stock a “buy” rating in a research note on Thursday, October 17th. 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 note on Tuesday, December 3rd. Finally, Hovde Group downgraded shares of Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 price objective for the company. in a research report on Monday, November 18th. Seven research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, Pinnacle Financial Partners presently has an average rating of “Hold” and a consensus target price of $113.64.

Institutional Investors Weigh In On Pinnacle Financial Partners

Several hedge funds have recently modified their holdings of PNFP. Dimensional Fund Advisors LP increased its stake in Pinnacle Financial Partners by 10.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,094,498 shares of the financial services provider’s stock valued at $247,673,000 after buying an additional 292,401 shares during the period. FMR LLC boosted its holdings in shares of Pinnacle Financial Partners by 11.6% in the third quarter. FMR LLC now owns 2,716,416 shares of the financial services provider’s stock valued at $266,127,000 after acquiring an additional 282,016 shares in the last quarter. Geode Capital Management LLC raised its holdings in Pinnacle Financial Partners by 0.7% during the third quarter. Geode Capital Management LLC now owns 1,328,564 shares of the financial services provider’s stock worth $130,192,000 after purchasing an additional 8,604 shares in the last quarter. The Manufacturers Life Insurance Company boosted its holdings in Pinnacle Financial Partners by 20.5% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 1,015,033 shares of the financial services provider’s stock valued at $99,443,000 after purchasing an additional 172,750 shares in the last quarter. Finally, Principal Financial Group Inc. raised its stake in shares of Pinnacle Financial Partners by 27.0% during the 3rd quarter. Principal Financial Group Inc. now owns 983,282 shares of the financial services provider’s stock worth $96,332,000 after buying an additional 208,938 shares in the last quarter. 87.40% of the stock is owned by institutional investors and hedge funds.

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.