Robert Mccabe, Jr. Sells 6,775 Shares of Pinnacle Financial Partners (NASDAQ:PNFP) Stock

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Chairman Robert Mccabe, Jr. sold 6,775 shares of the company’s stock in a transaction on Wednesday, November 26th. The shares were sold at an average price of $93.00, for a total transaction of $630,075.00. Following the completion of the sale, the chairman owned 202,505 shares of the company’s stock, valued at approximately $18,832,965. This trade represents a 3.24% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Pinnacle Financial Partners Trading Down 0.1%

NASDAQ PNFP opened at $91.86 on Friday. The firm’s fifty day moving average is $89.43 and its two-hundred day moving average is $98.26. Pinnacle Financial Partners, Inc. has a one year low of $81.57 and a one year high of $128.89. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.89 and a current ratio of 0.89. The firm has a market cap of $7.13 billion, a PE ratio of 11.67 and a beta of 1.12.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its earnings results on Wednesday, October 15th. The financial services provider reported $2.27 earnings per share for the quarter, topping the consensus estimate of $2.05 by $0.22. The business had revenue of $544.80 million during the quarter, compared to the consensus estimate of $526.40 million. Pinnacle Financial Partners had a net margin of 19.17% and a return on equity of 9.91%. During the same quarter in the prior year, the firm earned $1.86 earnings per share. Analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, November 28th. Shareholders of record on Friday, November 7th were paid a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 1.0%. The ex-dividend date was Friday, November 7th. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 12.20%.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on PNFP shares. Truist Financial cut their price target on Pinnacle Financial Partners from $107.00 to $105.00 and set a “buy” rating for the company in a research note on Friday, October 17th. Stephens cut their price objective on shares of Pinnacle Financial Partners from $104.00 to $97.00 and set an “equal weight” rating for the company in a research report on Friday, October 17th. Barclays raised their target price on shares of Pinnacle Financial Partners from $120.00 to $125.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 11th. TD Cowen initiated coverage on shares of Pinnacle Financial Partners in a research note on Thursday, September 25th. They set a “buy” rating and a $122.00 price target on the stock. Finally, Wells Fargo & Company cut their price target on shares of Pinnacle Financial Partners from $110.00 to $100.00 and set an “equal weight” rating for the company in a report on Friday, October 17th. Six equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $109.55.

Hedge Funds Weigh In On Pinnacle Financial Partners

Several hedge funds have recently bought and sold shares of PNFP. Brown Brothers Harriman & Co. purchased a new stake in Pinnacle Financial Partners during the third quarter worth $26,000. BOKF NA increased its position in shares of Pinnacle Financial Partners by 1,204.5% in the third quarter. BOKF NA now owns 287 shares of the financial services provider’s stock valued at $27,000 after buying an additional 265 shares in the last quarter. 1248 Management LLC acquired a new position in shares of Pinnacle Financial Partners during the 1st quarter worth $29,000. Covestor Ltd boosted its position in shares of Pinnacle Financial Partners by 193.9% in the 3rd quarter. Covestor Ltd now owns 338 shares of the financial services provider’s stock worth $32,000 after buying an additional 223 shares in the last quarter. Finally, Quent Capital LLC acquired a new stake in Pinnacle Financial Partners in the 3rd quarter valued at about $34,000. 87.40% of the stock is 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.