Insider Selling: Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) CEO Sells $5,829,840.00 in Stock

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) CEO M Terry Turner sold 72,000 shares of the business’s stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $80.97, for a total transaction of $5,829,840.00. Following the completion of the sale, the chief executive officer now owns 222,790 shares in the company, valued at $18,039,306.30. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website.

M Terry Turner also recently made the following trade(s):

• On Tuesday, March 12th, M Terry Turner sold 24,057 shares of Pinnacle Financial Partners stock. The shares were sold at an average price of $82.22, for a total transaction of $1,977,966.54.

Pinnacle Financial Partners Stock Performance

Shares of PNFP opened at $78.25 on Thursday. The stock has a 50 day moving average price of $81.84 and a 200 day moving average price of $79.60. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.43. The company has a market capitalization of $6.03 billion, a price-to-earnings ratio of 11.19 and a beta of 1.08. Pinnacle Financial Partners, Inc. has a 52-week low of $43.31 and a 52-week high of $92.33.

Pinnacle Financial Partners Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 31st. Shareholders of record on Friday, May 3rd will be paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 1.12%. The ex-dividend date is Thursday, May 2nd. Pinnacle Financial Partners’s dividend payout ratio is currently 12.59%.

Institutional Investors Weigh In On Pinnacle Financial Partners

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. International Assets Investment Management LLC raised its stake in shares of Pinnacle Financial Partners by 6,999.3% during the fourth quarter. International Assets Investment Management LLC now owns 30,527 shares of the financial services provider’s stock worth $2,663,000 after purchasing an additional 30,097 shares during the last quarter. Wellington Management Group LLP raised its stake in shares of Pinnacle Financial Partners by 102.7% during 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 purchasing an additional 947,704 shares during the last quarter. FMR LLC raised its stake in shares of Pinnacle Financial Partners by 3.4% during the third quarter. FMR LLC now owns 2,084,141 shares of the financial services provider’s stock worth $139,721,000 after purchasing an additional 69,197 shares during the last quarter. Allspring Global Investments Holdings LLC raised its stake in shares of Pinnacle Financial Partners by 31.5% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 238,626 shares of the financial services provider’s stock worth $20,813,000 after purchasing an additional 57,187 shares during the last quarter. Finally, Algert Global LLC raised its stake in shares of Pinnacle Financial Partners by 175.6% during the third quarter. Algert Global LLC now owns 38,862 shares of the financial services provider’s stock worth $2,605,000 after purchasing an additional 24,763 shares during the last quarter. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Truist Financial reduced their price objective 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. Stephens reaffirmed an “overweight” rating and issued a $109.00 target price on shares of Pinnacle Financial Partners in a research report on Tuesday, April 23rd. 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. Hovde Group lowered their price objective on Pinnacle Financial Partners from $104.00 to $99.00 and set an “outperform” rating for the company in a research report on Tuesday, April 23rd. Finally, Jefferies Financial Group lowered their price objective on Pinnacle Financial Partners from $88.00 to $85.00 and set a “hold” rating for the company in a research report 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 given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target 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.