Pinnacle Financial Partners (NYSE:PNFP) Insider Sells $7,213,231.83 in Stock

Key Points

• Insider selling: M. Terry Turner sold 66,783 Pinnacle Financial Partners shares for approximately $7.21 million, reducing his direct stake by 18.1% to 302,230 shares. He also reported several additional sales in August.
• Financial performance: Pinnacle reported quarterly EPS of $2.50, beating estimates by $0.04, on revenue of $1.24 billion. Analysts expect full-year EPS of approximately $10.19.
• Market outlook: Shares recently traded at $107.40, while analysts maintain a “Moderate Buy” consensus with an average price target of $118.35. The company also declared a quarterly dividend of $0.50 per share, yielding about 1.9% annually.

Pinnacle Financial Partners, Inc. (NYSE:PNFP - Get Free Report) insider M Terry Turner sold 66,783 shares of the business's stock in a transaction on Friday, August 14th. The stock was sold at an average price of $108.01, for a total transaction of $7,213,231.83. Following the completion of the sale, the insider directly owned 302,230 shares in the company, valued at approximately $32,643,862.30. This represents a 18.10% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

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

• On Monday, August 17th, M Terry Turner sold 54,107 shares of Pinnacle Financial Partners stock. The shares were sold at an average price of $108.13, for a total transaction of $5,850,589.91.
• 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 transaction 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 transaction of $295,623.37.

Pinnacle Financial Partners Trading Down 0.6%

Shares of Pinnacle Financial Partners stock traded down $0.61 during trading hours on Monday, reaching $107.40. 773,098 shares of the company's stock were exchanged, compared to its average volume of 1,444,139. The firm has a market cap of $8.33 billion, a PE ratio of 14.75, a P/E/G ratio of 0.43 and a beta of 1.03. The business's 50 day moving average is $100.77. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.73. Pinnacle Financial Partners, Inc. has a fifty-two week low of $81.08 and a fifty-two week high of $110.33.

Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) last released its earnings results on Wednesday, July 22nd. The company reported $2.50 earnings per share (EPS) 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 business had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. As a group, analysts expect that Pinnacle Financial Partners, Inc. will post 10.19 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Piper Sandler boosted their target price on shares of Pinnacle Financial Partners from $122.00 to $123.00 and gave the stock an "overweight" rating in a report on Friday, July 24th. Benchmark increased their price target on shares of Pinnacle Financial Partners from $125.00 to $130.00 and gave the company a "buy" rating in a research note on Wednesday, August 5th. Wall Street Zen raised shares of Pinnacle Financial Partners from a "sell" rating to a "hold" rating in a research report on Tuesday, May 12th. 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, Evercore reaffirmed an "outperform" rating and issued a $120.00 target price on shares of Pinnacle Financial Partners in a report on Monday, July 6th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, Pinnacle Financial Partners currently has a consensus rating of "Moderate Buy" and an average price target of $118.35.

Institutional Investors Weigh In On Pinnacle Financial Partners

A number of institutional investors have recently modified their holdings of PNFP. Northwestern Mutual Wealth Management Co. lifted its stake in shares of Pinnacle Financial Partners by 122.9% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 16,188 shares of the company's stock valued at $1,544,000 after buying an additional 8,927 shares in the last quarter. M&T Bank Corp raised its holdings in shares of Pinnacle Financial Partners by 283.3% in the 4th quarter. M&T Bank Corp now owns 27,583 shares of the company's stock worth $2,632,000 after acquiring an additional 20,386 shares during the last quarter. Harbor Advisors LLC acquired a new stake in shares of Pinnacle Financial Partners in the 1st quarter worth about $1,034,000. Impax Asset Management Group plc raised its holdings in shares of Pinnacle Financial Partners by 21.0% in the 4th quarter. Impax Asset Management Group plc now owns 421,413 shares of the company's stock worth $41,298,000 after acquiring an additional 73,176 shares during the last quarter. Finally, Anchor Investment Management LLC bought a new position in Pinnacle Financial Partners in the 1st quarter valued at about $1,156,000. Institutional investors own 87.40% of the company's stock.

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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