M Terry Turner Sells 2,737 Shares of Pinnacle Financial Partners (NYSE:PNFP) Stock

Key Points

• Insider sale: M. Terry Turner sold 2,737 Pinnacle Financial Partners shares for approximately $295,623, reducing his position by 0.64% to 422,614 shares.
• Financial performance and dividend: Pinnacle reported quarterly EPS of $2.50, exceeding analyst expectations of $2.46, and declared a quarterly dividend of $0.50 per share, yielding about 1.9% annually.
• Analyst outlook: Wall Street maintains a “Moderate Buy” consensus rating, with an average price target of $118.35 versus the stock’s recent price of $104.56; institutional investors own 87.4% of the company.

Pinnacle Financial Partners, Inc. (NYSE:PNFP - Get Free Report) insider M Terry Turner sold 2,737 shares of the stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $108.01, for a total transaction of $295,623.37. Following the completion of the sale, the insider directly owned 422,614 shares in the company, valued at approximately $45,646,538.14. This trade represents a 0.64% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Pinnacle Financial Partners Stock Down 0.1%

NYSE PNFP traded down $0.12 on Monday, hitting $104.56. The stock had a trading volume of 805,477 shares, compared to its average volume of 1,466,685. The firm's 50-day simple moving average is $99.69. Pinnacle Financial Partners, Inc. has a one year low of $81.08 and a one year high of $110.33. The stock has a market cap of $8.11 billion, a PE ratio of 14.36, a price-to-earnings-growth ratio of 0.42 and a beta of 1.03. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.93 and a current ratio of 0.94.

Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) last released its quarterly earnings results on Wednesday, July 22nd. The company reported $2.50 earnings per share for the quarter, beating analysts' consensus estimates of $2.46 by $0.04. Pinnacle Financial Partners had a return on equity of 10.93% and a net margin of 15.40%.The company had revenue of $1.24 billion for the quarter, compared to analysts' expectations of $1.24 billion. On average, sell-side analysts anticipate that Pinnacle Financial Partners, Inc. will post 10.19 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Friday, August 7th will be paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date is Friday, August 7th. Pinnacle Financial Partners's payout ratio is currently 27.47%.

Wall Street Analyst Weigh In

PNFP has been the subject of a number of recent analyst reports. Citigroup increased their target price on shares of Pinnacle Financial Partners from $122.00 to $126.00 and gave the company a "buy" rating in a research report on Thursday, June 25th. UBS Group increased their price target on Pinnacle Financial Partners from $110.00 to $120.00 and gave the company a "buy" rating in a research note on Friday, April 24th. Stephens set a $112.00 price objective on Pinnacle Financial Partners in a research note on Monday, July 27th. Weiss Ratings upgraded Pinnacle Financial Partners from a "hold (c+)" rating to a "buy (b-)" rating in a report on Friday, June 26th. Finally, Evercore reaffirmed an "outperform" rating and set a $120.00 target price on shares of Pinnacle Financial Partners in a research note on Monday, July 6th. Two analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $118.35.

Institutional Investors Weigh In On Pinnacle Financial Partners

Several large investors have recently modified their holdings of the stock. Goldman Sachs Group Inc. increased its stake in Pinnacle Financial Partners by 6.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 651,268 shares of the company's stock worth $69,060,000 after purchasing an additional 37,989 shares in the last quarter. Focus Partners Wealth increased its position in shares of Pinnacle Financial Partners by 13.9% in the first quarter. Focus Partners Wealth now owns 4,755 shares of the company's stock worth $504,000 after acquiring an additional 581 shares in the last quarter. Amundi raised its holdings in shares of Pinnacle Financial Partners by 25,700.0% during the second quarter. Amundi now owns 4,386 shares of the company's stock valued at $513,000 after acquiring an additional 4,369 shares during the period. Jump Financial LLC acquired a new stake in shares of Pinnacle Financial Partners during the second quarter valued at approximately $229,000. Finally, Cerity Partners LLC lifted its position in shares of Pinnacle Financial Partners by 4.2% in the 2nd quarter. Cerity Partners LLC now owns 26,061 shares of the company's stock valued at $2,877,000 after acquiring an additional 1,039 shares in the last quarter. 87.40% of the stock is owned by institutional investors.

Pinnacle Financial Partners Company Profile

Pinnacle Financial Partners NYSE: PNFP is a bank holding company headquartered in Nashville, Tennessee, that provides a broad range of commercial and consumer banking services. Founded in 2000, the company operates through a network of banking offices and digital channels to serve individuals, small and middle-market businesses, and institutional clients. Pinnacle’s business model emphasizes relationship-based banking and tailored financial solutions for commercial borrowers and deposit customers.

The company’s product and service offerings include commercial and residential lending, treasury and payment solutions, deposit accounts, mortgage services, and cash management.

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