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 firm’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $125.57, for a total value of $383,114.07. Following the transaction, 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Pinnacle Financial Partners Stock Down 1.1 %

PNFP opened at $120.91 on Wednesday. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.90 and a current ratio of 0.90. The company has a market cap of $9.34 billion, a price-to-earnings ratio of 22.99 and a beta of 1.08. Pinnacle Financial Partners, Inc. has a one year low of $73.62 and a one year high of $131.91. The business’s fifty day moving average is $112.76 and its two-hundred day moving average is $96.63.

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

Pinnacle Financial Partners Announces Dividend

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

Wall Street Analysts Forecast Growth

PNFP has been the subject of several analyst reports. Wells Fargo & Company upped their price target on Pinnacle Financial Partners from $104.00 to $120.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 3rd. Hovde Group cut shares of Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 target price for the company. in a research note on Monday, November 18th. Truist Financial increased their price target on shares of Pinnacle Financial Partners from $113.00 to $119.00 and gave the stock a “buy” rating in a report on Monday, October 21st. Citigroup lifted their price objective on Pinnacle Financial Partners from $113.00 to $123.00 and gave the company a “buy” rating in a report on Thursday, October 17th. Finally, Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $135.00 price target (up from $115.00) on shares of Pinnacle Financial Partners in a report on Wednesday, December 4th. Seven research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $113.64.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Dimensional Fund Advisors LP increased its position in Pinnacle Financial Partners by 10.4% during the second quarter. Dimensional Fund Advisors LP now owns 3,094,498 shares of the financial services provider’s stock worth $247,673,000 after buying an additional 292,401 shares in the last quarter. FMR LLC increased its position in Pinnacle Financial Partners by 11.6% during the 3rd quarter. FMR LLC now owns 2,716,416 shares of the financial services provider’s stock worth $266,127,000 after purchasing an additional 282,016 shares in the last quarter. Geode Capital Management LLC raised its stake in Pinnacle Financial Partners by 0.7% in the 3rd quarter. Geode Capital Management LLC now owns 1,328,564 shares of the financial services provider’s stock valued at $130,192,000 after purchasing an additional 8,604 shares during the last quarter. The Manufacturers Life Insurance Company lifted 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. boosted 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 purchasing an additional 208,938 shares during the last quarter. 87.40% of the stock is currently 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.