Insider Selling: Pinnacle Financial Partners (NASDAQ:PNFP) CAO Sells 7,295 Shares of Stock

Pinnacle Financial Partners (NASDAQ:PNFP) CAO Hugh M. Queener sold 7,295 shares of the company’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $57.06, for a total transaction of $416,252.70. Following the transaction, the chief accounting officer now directly owns 225,207 shares in the company, valued at $12,850,311.42. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.

NASDAQ PNFP traded up $0.94 during trading hours on Friday, reaching $57.95. The company’s stock had a trading volume of 386,078 shares, compared to its average volume of 420,945. The stock has a market cap of $4.28 billion, a PE ratio of 12.23, a PEG ratio of 0.75 and a beta of 1.43. Pinnacle Financial Partners has a fifty-two week low of $43.23 and a fifty-two week high of $64.85. The company’s 50-day moving average is $54.96 and its two-hundred day moving average is $56.21. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.99 and a current ratio of 0.99.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $1.42 EPS for the quarter, beating the Zacks’ consensus estimate of $1.28 by $0.14. The firm had revenue of $259.60 million for the quarter, compared to analysts’ expectations of $252.44 million. Pinnacle Financial Partners had a net margin of 30.46% and a return on equity of 9.82%. The firm’s revenue was up 12.8% on a year-over-year basis. During the same period in the prior year, the company earned $1.15 EPS. Equities analysts expect that Pinnacle Financial Partners will post 5.3 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 2nd were paid a $0.16 dividend. The ex-dividend date was Thursday, August 1st. This represents a $0.64 dividend on an annualized basis and a yield of 1.10%. Pinnacle Financial Partners’s payout ratio is 13.50%.

A number of equities research analysts recently commented on PNFP shares. Stephens reissued a “hold” rating and issued a $63.00 price objective on shares of Pinnacle Financial Partners in a research note on Thursday, July 18th. Zacks Investment Research cut shares of Pinnacle Financial Partners from a “buy” rating to a “hold” rating in a research note on Friday. Finally, BidaskClub raised shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $61.33.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Arizona State Retirement System lifted its holdings in Pinnacle Financial Partners by 0.3% in the 2nd quarter. Arizona State Retirement System now owns 52,504 shares of the financial services provider’s stock valued at $3,018,000 after purchasing an additional 172 shares in the last quarter. Woodmont Investment Counsel LLC lifted its holdings in Pinnacle Financial Partners by 0.7% in the 2nd quarter. Woodmont Investment Counsel LLC now owns 34,169 shares of the financial services provider’s stock valued at $1,964,000 after purchasing an additional 250 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Pinnacle Financial Partners by 6.5% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,479 shares of the financial services provider’s stock valued at $257,000 after purchasing an additional 275 shares in the last quarter. First Republic Investment Management Inc. lifted its holdings in Pinnacle Financial Partners by 4.2% in the 1st quarter. First Republic Investment Management Inc. now owns 6,917 shares of the financial services provider’s stock valued at $378,000 after purchasing an additional 277 shares in the last quarter. Finally, HighTower Advisors LLC lifted its holdings in Pinnacle Financial Partners by 7.6% in the 2nd quarter. HighTower Advisors LLC now owns 4,600 shares of the financial services provider’s stock valued at $263,000 after purchasing an additional 325 shares in the last quarter. 79.76% of the stock is currently owned by hedge funds and other institutional investors.

About Pinnacle Financial Partners

Pinnacle Financial Partners, Inc operates as a bank holding company for Pinnacle Bank that provides various banking products and services in the United States. The company accepts various deposits, including savings, checking, interest-bearing checking, money market, and certificate of deposit accounts.

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Insider Buying and Selling by Quarter for Pinnacle Financial Partners (NASDAQ:PNFP)

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