Insider Selling: Pinnacle Financial Partners (NYSE:PNFP) Insider Sells 5,000 Shares of Stock

Key Points

• Insider Allan Kamensky sold 5,000 shares for $523,100, reducing his stake by 10.22% to 43,940 shares.
• Pinnacle reported quarterly EPS of $2.69, beating the $2.62 consensus, and revenue of $1.32 billion versus estimates of $1.28 billion.
• Analysts maintain a “Moderate Buy” consensus with a $120.15 average price target; the company also declared a $0.50 quarterly dividend.

Pinnacle Financial Partners, Inc. (NYSE:PNFP - Get Free Report) insider Allan Kamensky sold 5,000 shares of the firm's stock in a transaction dated Monday, November 2nd. The stock was sold at an average price of $104.62, for a total value of $523,100.00. Following the transaction, the insider owned 43,940 shares of the company's stock, valued at $4,597,002.80. This trade represents a 10.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Pinnacle Financial Partners Trading Down 1.3%

Shares of PNFP traded down $1.34 during trading hours on Tuesday, hitting $102.98. 1,471,648 shares of the stock were exchanged, compared to its average volume of 1,349,323. Pinnacle Financial Partners, Inc. has a fifty-two week low of $81.08 and a fifty-two week high of $110.33. The business has a 50-day moving average of $97.57 and a 200-day moving average of $96.84. The firm has a market capitalization of $7.99 billion, a P/E ratio of 13.75, a price-to-earnings-growth ratio of 0.38 and a beta of 1.03. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.85 and a quick ratio of 0.85.

Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) last posted its quarterly earnings data on Wednesday, October 21st. The company reported $2.69 earnings per share for the quarter, topping the consensus estimate of $2.62 by $0.07. Pinnacle Financial Partners had a return on equity of 11.33% and a net margin of 15.97%. The firm had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.28 billion. On average, research analysts expect that Pinnacle Financial Partners, Inc. will post 10.25 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 27th. Shareholders of record on Friday, November 6th will be paid a $0.50 dividend. The ex-dividend date of this dividend is Friday, November 6th. This represents a $2.00 annualized dividend and a yield of 1.9%. Pinnacle Financial Partners's payout ratio is 26.70%.

Institutional Trading of Pinnacle Financial Partners

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Resources Management Corp CT ADV purchased a new stake in Pinnacle Financial Partners during the first quarter worth about $26,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Pinnacle Financial Partners during the 3rd quarter worth approximately $32,000. Annis Gardner Whiting Capital Advisors LLC increased its stake in shares of Pinnacle Financial Partners by 97.7% during the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 350 shares of the company's stock worth $30,000 after purchasing an additional 173 shares during the last quarter. Basecamp Wealth Advisors LLC raised its holdings in shares of Pinnacle Financial Partners by 112.2% in the 1st quarter. Basecamp Wealth Advisors LLC now owns 399 shares of the company's stock worth $34,000 after purchasing an additional 211 shares during the period. Finally, Leonteq Securities AG purchased a new position in Pinnacle Financial Partners in the first quarter valued at approximately $38,000. Institutional investors own 87.40% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. TD Cowen lifted their price objective on shares of Pinnacle Financial Partners from $115.00 to $118.00 and gave the company a "buy" rating in a research note on Friday, October 23rd. Hovde Group began coverage on shares of Pinnacle Financial Partners in a research note on Wednesday, September 16th. They set an "outperform" rating and a $125.00 target price on the stock. Evercore restated an "outperform" rating on shares of Pinnacle Financial Partners in a report on Tuesday, October 27th. JPMorgan Chase & Co. lifted their price target on shares of Pinnacle Financial Partners from $115.00 to $125.00 and gave the company an "overweight" rating in a research note on Friday, October 23rd. Finally, Truist Financial upped their price objective on shares of Pinnacle Financial Partners from $112.00 to $120.00 and gave the company a "buy" rating in a report on Wednesday, October 28th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $120.15.

Pinnacle Financial Partners Company Profile

Pinnacle Financial Partners, Inc is a bank holding company headquartered in Nashville, Tennessee. Through its primary subsidiary, Pinnacle Bank, the company provides banking and financial services to businesses, professionals, entrepreneurs and individuals.

Its offerings include commercial and consumer loans, deposit accounts, treasury and cash-management services, mortgage lending, investment and wealth-management services, trust services and insurance solutions. Pinnacle emphasizes relationship-based banking and serves clients through offices and financial professionals in Tennessee and selected markets in the Carolinas and Virginia.

Founded in 2000, Pinnacle has expanded from its Nashville base into a broader regional banking franchise through organic growth and acquisitions.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.