Insider Selling: 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 firm’s stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $81.04, for a total value of $9,339,778.96. Following 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 SEC, which is available through this hyperlink.

Pinnacle Financial Partners Trading Up 2.0 %

PNFP opened at $78.25 on Thursday. The stock has a market cap of $6.03 billion, a PE ratio of 11.19 and a beta of 1.08. 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 business has a 50 day moving average of $81.84 and a 200-day moving average of $79.60. Pinnacle Financial Partners, Inc. has a 52 week low of $43.31 and a 52 week high of $92.33.

Pinnacle Financial Partners Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 31st. Stockholders 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 dividend yield of 1.12%. The ex-dividend date of this dividend is Thursday, May 2nd. Pinnacle Financial Partners’s payout ratio is presently 12.59%.

Wall Street Analyst Weigh In

Several research firms have weighed in on PNFP. JPMorgan Chase & Co. dropped their price objective on Pinnacle Financial Partners from $110.00 to $108.00 and set an “overweight” rating for the company in a report on Wednesday, April 24th. Hovde Group dropped their price objective on Pinnacle Financial Partners from $104.00 to $99.00 and set an “outperform” rating for the company in a report on Tuesday, April 23rd. Jefferies Financial Group dropped their price objective on Pinnacle Financial Partners from $88.00 to $85.00 and set a “hold” rating for the company in a report on Monday, April 8th. Barclays began coverage on Pinnacle Financial Partners in a report on Friday, March 8th. They issued an “equal weight” rating and a $93.00 price objective for the company. Finally, Truist Financial dropped their price objective on Pinnacle Financial Partners from $99.00 to $94.00 and set a “buy” rating for the company in a report on Thursday, April 25th. One investment 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. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $95.50.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Rise Advisors LLC purchased a new position in Pinnacle Financial Partners during the first quarter valued at $26,000. Bruce G. Allen Investments LLC purchased a new position in Pinnacle Financial Partners during the fourth quarter valued at $32,000. Emerald Advisers LLC purchased a new position in Pinnacle Financial Partners during the third quarter valued at $27,000. Fifth Third Bancorp raised its stake in Pinnacle Financial Partners by 101.4% during the third quarter. Fifth Third Bancorp now owns 423 shares of the financial services provider’s stock valued at $28,000 after buying an additional 213 shares during the last quarter. Finally, ICA Group Wealth Management LLC purchased a new position in Pinnacle Financial Partners during the fourth quarter valued at $44,000. Hedge funds and other institutional investors own 87.40% of the company’s stock.

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.