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 stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $81.04, for a total transaction of $9,339,778.96. Following the completion of the transaction, the chairman now owns 153,062 shares in the company, valued at $12,404,144.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Pinnacle Financial Partners Stock Performance

PNFP opened at $79.36 on Tuesday. The stock has a market capitalization of $6.12 billion, a price-to-earnings ratio of 11.35 and a beta of 1.08. Pinnacle Financial Partners, Inc. has a fifty-two week low of $43.31 and a fifty-two week high of $92.33. 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 company has a fifty day moving average of $82.11 and a 200 day moving average of $79.53.

Pinnacle Financial Partners Dividend Announcement

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

Institutional Trading of Pinnacle Financial Partners

A number of large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in shares of Pinnacle Financial Partners by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 7,161,175 shares of the financial services provider’s stock valued at $624,598,000 after purchasing an additional 63,477 shares in the last quarter. Wasatch Advisors LP grew its stake 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 worth $286,961,000 after buying an additional 985,694 shares in the last quarter. Dimensional Fund Advisors LP increased 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 worth $230,951,000 after buying an additional 334,502 shares during the last quarter. FMR LLC lifted 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 acquiring an additional 69,197 shares during the last quarter. Finally, Wellington Management Group LLP grew its position in Pinnacle Financial Partners by 102.7% in the third quarter. Wellington Management Group LLP now owns 1,870,441 shares of the financial services provider’s stock worth $125,394,000 after acquiring an additional 947,704 shares in the last quarter. Institutional investors own 87.40% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Hovde Group decreased their target price on Pinnacle Financial Partners from $104.00 to $99.00 and set an “outperform” rating on the stock in a report on Tuesday, April 23rd. Stephens reaffirmed an “overweight” rating and set a $109.00 price objective on shares of Pinnacle Financial Partners in a research report on Tuesday, April 23rd. JPMorgan Chase & Co. reduced their target price on shares of Pinnacle Financial Partners from $110.00 to $108.00 and set an “overweight” rating for the company in a report on Wednesday, April 24th. Truist Financial lowered their price target on shares of Pinnacle Financial Partners from $99.00 to $94.00 and set a “buy” rating on the stock in a report on Thursday, April 25th. Finally, Jefferies Financial Group reduced their price objective on shares of Pinnacle Financial Partners from $88.00 to $85.00 and set a “hold” rating for the company in a research note on Monday, April 8th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $95.50.

About Pinnacle Financial Partners

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.