Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Chairman Sells $9,339,778.96 in Stock

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Chairman Robert A. Mccabe, Jr. sold 115,249 shares of the company’s stock in a transaction on Thursday, April 25th. The shares were sold at an average price of $81.04, for a total value of $9,339,778.96. Following the completion of the transaction, the chairman now owns 153,062 shares of the company’s stock, valued at $12,404,144.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Pinnacle Financial Partners Price Performance

NASDAQ PNFP traded down $0.93 during trading on Monday, reaching $79.36. 407,621 shares of the company traded hands, compared to its average volume of 466,787. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.90 and a current ratio of 0.90. The stock’s 50 day moving average price is $82.20 and its two-hundred day moving average price is $79.45. The company has a market cap of $6.12 billion, a price-to-earnings ratio of 11.35 and a beta of 1.08. Pinnacle Financial Partners, Inc. has a 1-year low of $43.31 and a 1-year high of $92.33.

Pinnacle Financial Partners Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 31st. Shareholders of record on Friday, May 3rd will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 1.11%. The ex-dividend date is Thursday, May 2nd. Pinnacle Financial Partners’s payout ratio is 12.59%.

Institutional Trading of Pinnacle Financial Partners

Institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. grew its holdings in shares of Pinnacle Financial Partners by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 7,161,175 shares of the financial services provider’s stock valued at $624,598,000 after buying an additional 63,477 shares during the period. Wasatch Advisors LP grew its holdings in shares of Pinnacle Financial Partners by 41.8% in the 1st quarter. Wasatch Advisors LP now owns 3,341,417 shares of the financial services provider’s stock valued at $286,961,000 after buying an additional 985,694 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of Pinnacle Financial Partners by 14.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,647,881 shares of the financial services provider’s stock valued at $230,951,000 after buying an additional 334,502 shares during the period. FMR LLC grew its holdings in shares of Pinnacle Financial Partners by 3.4% in the 3rd quarter. FMR LLC now owns 2,084,141 shares of the financial services provider’s stock valued at $139,721,000 after buying an additional 69,197 shares during the period. Finally, Wellington Management Group LLP grew its holdings in shares of Pinnacle Financial Partners by 102.7% in the 3rd quarter. Wellington Management Group LLP now owns 1,870,441 shares of the financial services provider’s stock valued at $125,394,000 after buying an additional 947,704 shares during the period. Institutional investors own 87.40% of the company’s stock.

Analysts Set New Price Targets

PNFP has been the subject of several research analyst reports. JPMorgan Chase & Co. dropped their price target on Pinnacle Financial Partners from $110.00 to $108.00 and set an “overweight” rating for the company in a research note on Wednesday, April 24th. Barclays assumed coverage on Pinnacle Financial Partners in a research report on Friday, March 8th. They issued an “equal weight” rating and a $93.00 target price for the company. UBS Group reduced their target price on Pinnacle Financial Partners from $91.00 to $90.00 and set a “neutral” rating on the stock in a report on Thursday, January 18th. Stephens reiterated an “overweight” rating and set a $109.00 price target on shares of Pinnacle Financial Partners in a research report on Tuesday, April 23rd. Finally, Truist Financial dropped their price target on Pinnacle Financial Partners from $99.00 to $94.00 and set a “buy” rating on the stock in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $95.50.

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.