David B. Ingram Sells 10,309 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Stock

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Director David B. Ingram sold 10,309 shares of the stock in a transaction on Thursday, January 30th. The shares were sold at an average price of $126.00, for a total value of $1,298,934.00. Following the transaction, the director now directly owns 82,256 shares in the company, valued at $10,364,256. The trade was a 11.14 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Pinnacle Financial Partners Stock Down 2.3 %

PNFP stock traded down $2.93 during trading on Monday, hitting $121.84. 386,885 shares of the company’s stock traded hands, compared to its average volume of 503,826. The business has a fifty day simple moving average of $119.48 and a two-hundred day simple moving average of $106.98. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.37. Pinnacle Financial Partners, Inc. has a 1 year low of $73.62 and a 1 year high of $131.91. The firm has a market capitalization of $9.41 billion, a P/E ratio of 20.37 and a beta of 1.09.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings results on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.80 by $0.10. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. The business had revenue of $475.34 million for the quarter, compared to analyst estimates of $470.33 million. During the same period in the previous year, the company earned $1.68 earnings per share. The business’s revenue for the quarter was up 19.9% on a year-over-year basis. Sell-side analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.79 EPS for the current year.

Pinnacle Financial Partners Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 28th. Investors of record on Friday, February 7th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, February 7th. This is an increase from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a yield of 0.79%. Pinnacle Financial Partners’s payout ratio is currently 14.72%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Bank of Montreal Can boosted its stake in shares of Pinnacle Financial Partners by 2.4% during the 2nd quarter. Bank of Montreal Can now owns 9,158 shares of the financial services provider’s stock worth $734,000 after acquiring an additional 215 shares in the last quarter. Marshall Wace LLP purchased a new position in Pinnacle Financial Partners during the second quarter worth approximately $1,226,000. Algert Global LLC acquired a new stake in Pinnacle Financial Partners in the second quarter valued at approximately $621,000. Creative Planning raised its stake in shares of Pinnacle Financial Partners by 6.9% during the 2nd quarter. Creative Planning now owns 17,096 shares of the financial services provider’s stock worth $1,368,000 after buying an additional 1,097 shares during the period. Finally, Sanctuary Advisors LLC purchased a new position in shares of Pinnacle Financial Partners during the 2nd quarter valued at approximately $322,000. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on PNFP shares. Barclays upgraded Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $120.00 to $135.00 in a research note on Thursday, December 19th. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $135.00 price objective (up previously from $115.00) on shares of Pinnacle Financial Partners in a report on Wednesday, December 4th. Truist Financial increased their price target on shares of Pinnacle Financial Partners from $113.00 to $119.00 and gave the company a “buy” rating in a report on Monday, October 21st. UBS Group assumed coverage on shares of Pinnacle Financial Partners in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $133.00 price objective for the company. Finally, Citigroup raised their price objective on shares of Pinnacle Financial Partners from $123.00 to $132.00 and gave the stock a “buy” rating in a research note on Tuesday, December 31st. Six analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $125.18.

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.