David B. Ingram Sells 10,309 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Stock

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Director David B. Ingram sold 10,309 shares of the firm’s stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $126.00, for a total value of $1,298,934.00. Following the completion of the sale, the director now owns 82,256 shares in the company, valued at approximately $10,364,256. This represents a 11.14 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Pinnacle Financial Partners Stock Performance

Shares of Pinnacle Financial Partners stock opened at $123.72 on Wednesday. The stock has a market cap of $9.56 billion, a PE ratio of 20.69 and a beta of 1.09. Pinnacle Financial Partners, Inc. has a 12 month low of $73.62 and a 12 month high of $131.91. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.37. The business has a fifty day simple moving average of $119.22 and a 200-day simple moving average of $107.39.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings data on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.80 by $0.10. The firm had revenue of $475.34 million during the quarter, compared to analysts’ expectations of $470.33 million. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. The business’s revenue for the quarter was up 19.9% on a year-over-year basis. During the same quarter last year, the firm earned $1.68 earnings per share. On average, sell-side analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.79 EPS for the current fiscal year.

Pinnacle Financial Partners Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 28th. Investors of record on Friday, February 7th will be given a dividend of $0.24 per share. This is a boost from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend is Friday, February 7th. This represents a $0.96 dividend on an annualized basis and a yield of 0.78%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 14.72%.

Institutional Trading of Pinnacle Financial Partners

Institutional investors have recently bought and sold shares of the company. Ashton Thomas Securities LLC acquired a new stake in Pinnacle Financial Partners during the third quarter valued at $30,000. UMB Bank n.a. raised its holdings in Pinnacle Financial Partners by 83.4% during the third quarter. UMB Bank n.a. now owns 497 shares of the financial services provider’s stock valued at $49,000 after buying an additional 226 shares in the last quarter. Values First Advisors Inc. bought a new position in Pinnacle Financial Partners during the third quarter valued at about $49,000. Brooklyn Investment Group bought a new position in Pinnacle Financial Partners during the third quarter valued at about $70,000. Finally, Principal Securities Inc. raised its holdings in Pinnacle Financial Partners by 12.7% during the fourth quarter. Principal Securities Inc. now owns 808 shares of the financial services provider’s stock valued at $92,000 after buying an additional 91 shares in the last quarter. Institutional investors and hedge funds own 87.40% of the company’s stock.

Analysts Set New Price Targets

PNFP has been the subject of several research reports. Truist Financial raised their price objective on Pinnacle Financial Partners from $113.00 to $119.00 and gave the stock a “buy” rating in a research note on Monday, October 21st. UBS Group initiated coverage on Pinnacle Financial Partners in a research note on Tuesday, December 17th. They set a “neutral” rating and a $133.00 price objective for the company. Hovde Group lowered 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 note on Monday, November 18th. JPMorgan Chase & Co. reduced their price objective on Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating for the company in a research note on Tuesday, January 7th. Finally, Keefe, Bruyette & Woods reissued a “market perform” rating and set a $135.00 price objective (up from $115.00) on shares of Pinnacle Financial Partners in a research note on Wednesday, December 4th. Six equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $125.18.

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.