Pinnacle Financial Partners (NYSE:PNFP) Insider M Terry Turner Sells 54,107 Shares

Key Points

• Insider selling: M. Terry Turner sold 54,107 Pinnacle Financial Partners shares at an average price of $108.13, generating approximately $5.85 million. The sale reduced his position by 17.9% to 248,123 shares, following several other sales in August.
• Financial performance and dividend: Pinnacle reported quarterly EPS of $2.50, beating estimates by $0.04, on revenue of $1.24 billion. The company declared a quarterly dividend of $0.50 per share, equivalent to a 1.9% annualized yield.
• Market outlook: Shares closed at $107.40, near their 52-week high of $110.33. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $118.35, while institutional investors own 87.4% of the stock.

Pinnacle Financial Partners, Inc. (NYSE:PNFP - Get Free Report) insider M Terry Turner sold 54,107 shares of the business's stock in a transaction on Monday, August 17th. The stock was sold at an average price of $108.13, for a total transaction of $5,850,589.91. Following the transaction, the insider owned 248,123 shares of the company's stock, valued at approximately $26,829,539.99. The trade was a 17.90% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink.

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

• On Friday, August 14th, M Terry Turner sold 66,783 shares of Pinnacle Financial Partners stock. The shares were sold at an average price of $108.01, for a total value of $7,213,231.83.
• On Thursday, August 13th, M Terry Turner sold 53,601 shares of Pinnacle Financial Partners stock. The shares were sold at an average price of $108.10, for a total value of $5,794,268.10.
• On Thursday, August 6th, M Terry Turner sold 2,737 shares of Pinnacle Financial Partners stock. The stock was sold at an average price of $108.01, for a total value of $295,623.37.

Pinnacle Financial Partners Stock Performance

Shares of NYSE:PNFP traded down $0.61 on Monday, hitting $107.40. 773,098 shares of the company's stock were exchanged, compared to its average volume of 1,444,139. Pinnacle Financial Partners, Inc. has a 1-year low of $81.08 and a 1-year high of $110.33. The stock has a market capitalization of $8.33 billion, a P/E ratio of 14.75, a PEG ratio of 0.43 and a beta of 1.03. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.94 and a quick ratio of 0.93. The stock's 50-day moving average is $100.77.

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

Pinnacle Financial Partners Announces Dividend

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

Institutional Investors Weigh In On Pinnacle Financial Partners

Institutional investors and hedge funds have recently made changes to their positions in the business. Goldman Sachs Group Inc. increased its position 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 valued at $69,060,000 after acquiring an additional 37,989 shares during the period. Focus Partners Wealth raised its stake in Pinnacle Financial Partners by 13.9% during the 1st quarter. Focus Partners Wealth now owns 4,755 shares of the company's stock valued at $504,000 after acquiring an additional 581 shares during the last quarter. Amundi lifted its position in Pinnacle Financial Partners by 25,700.0% during the 2nd quarter. Amundi now owns 4,386 shares of the company's stock worth $513,000 after acquiring an additional 4,369 shares during the period. Jump Financial LLC acquired a new stake in Pinnacle Financial Partners during the 2nd quarter worth approximately $229,000. Finally, Cerity Partners LLC grew its stake 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 purchasing an additional 1,039 shares during the last quarter. 87.40% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on PNFP shares. Wall Street Zen upgraded shares of Pinnacle Financial Partners from a "sell" rating to a "hold" rating in a report on Tuesday, May 12th. DA Davidson lifted their price target on shares of Pinnacle Financial Partners from $109.00 to $112.00 and gave the stock a "neutral" rating in a research note on Friday, July 24th. Robert W. Baird started coverage on shares of Pinnacle Financial Partners in a research report on Tuesday, May 19th. They issued an "outperform" rating and a $115.00 price target for the company. Weiss Ratings upgraded shares of Pinnacle Financial Partners from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Friday, June 26th. Finally, Benchmark raised their price objective on Pinnacle Financial Partners from $125.00 to $130.00 and gave the stock a "buy" rating in a report on Wednesday, August 5th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $118.35.

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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