Robert A. Mccabe, Jr. Sells 40,000 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Stock

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Chairman Robert A. Mccabe, Jr. sold 40,000 shares of the business’s stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $113.81, for a total transaction of $4,552,400.00. Following the transaction, the chairman now directly owns 83,000 shares of the company’s stock, valued at approximately $9,446,230. This represents a 32.52 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

Pinnacle Financial Partners Stock Performance

Shares of NASDAQ PNFP opened at $113.07 on Friday. The stock’s 50-day moving average is $118.45 and its 200 day moving average is $110.39. The stock has a market cap of $8.73 billion, a price-to-earnings ratio of 18.91 and a beta of 1.09. Pinnacle Financial Partners, Inc. has a 1-year low of $73.62 and a 1-year high of $131.91. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.37.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings results on Tuesday, January 21st. The financial services provider reported $1.90 EPS for the quarter, beating analysts’ consensus estimates of $1.80 by $0.10. The business had revenue of $475.34 million for the quarter, compared to analysts’ expectations of $470.33 million. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. The business’s quarterly revenue was up 19.9% on a year-over-year basis. During the same period last year, the business earned $1.68 earnings per share. On average, sell-side analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 28th. Investors of record on Friday, February 7th will be given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 0.85%. The ex-dividend date is Friday, February 7th. This is a boost from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 16.05%.

Analyst Ratings Changes

Several research analysts have commented on the stock. Hovde Group downgraded shares of Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 price target for the company. in a report on Monday, November 18th. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $135.00 price objective (up previously from $115.00) on shares of Pinnacle Financial Partners in a research note on Wednesday, December 4th. Stephens restated an “overweight” rating and set a $142.00 target price on shares of Pinnacle Financial Partners in a research report on Wednesday, January 22nd. Citigroup raised their price target on Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a “buy” rating in a report on Tuesday, December 31st. Finally, Barclays raised Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $120.00 to $135.00 in a report on Thursday, December 19th. Six research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $125.18.

Institutional Trading of Pinnacle Financial Partners

Several institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its holdings in shares of Pinnacle Financial Partners by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 7,200,386 shares of the financial services provider’s stock worth $823,652,000 after buying an additional 87,058 shares during the period. FMR LLC grew its position in Pinnacle Financial Partners by 10.6% during the 4th quarter. FMR LLC now owns 3,003,310 shares of the financial services provider’s stock worth $343,549,000 after acquiring an additional 286,894 shares during the last quarter. North Reef Capital Management LP increased its stake in Pinnacle Financial Partners by 57.1% in the 4th quarter. North Reef Capital Management LP now owns 1,940,000 shares of the financial services provider’s stock worth $221,917,000 after purchasing an additional 705,000 shares during the period. Capital Research Global Investors lifted its position in 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 purchasing an additional 566,061 shares during the last quarter. Finally, Wellington Management Group LLP lifted its position in Pinnacle Financial Partners by 16.5% in the fourth quarter. Wellington Management Group LLP now owns 1,504,254 shares of the financial services provider’s stock valued at $172,072,000 after purchasing an additional 213,505 shares during the last quarter. 87.40% of the stock is currently owned by hedge funds and other 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.