David B. Ingram Sells 3,610 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Stock

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Director David B. Ingram sold 3,610 shares of the firm’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $126.07, for a total transaction of $455,112.70. Following the sale, the director now owns 139,489 shares of the company’s stock, valued at approximately $17,585,378.23. This represents a 2.52 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

Pinnacle Financial Partners Stock Down 2.0 %

PNFP opened at $118.40 on Friday. The firm’s 50 day simple moving average is $113.82 and its two-hundred day simple moving average is $96.94. The company has a market capitalization of $9.15 billion, a PE ratio of 22.51 and a beta of 1.08. Pinnacle Financial Partners, Inc. has a 1-year low of $73.62 and a 1-year high of $131.91. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.42.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its earnings results on Tuesday, October 15th. The financial services provider reported $1.86 EPS for the quarter, topping analysts’ consensus estimates of $1.79 by $0.07. The company had revenue of $810.11 million for the quarter, compared to analysts’ expectations of $454.18 million. Pinnacle Financial Partners had a return on equity of 8.89% and a net margin of 13.97%. During the same period last year, the firm earned $1.79 EPS. As a group, equities analysts forecast that Pinnacle Financial Partners, Inc. will post 6.8 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 1st were paid a dividend of $0.22 per share. The ex-dividend date of this dividend was Friday, November 1st. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.74%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 16.73%.

Institutional Investors Weigh In On Pinnacle Financial Partners

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PNFP. SG Americas Securities LLC bought a new stake in shares of Pinnacle Financial Partners during the 2nd quarter valued at $366,000. Envestnet Portfolio Solutions Inc. lifted its position in shares of Pinnacle Financial Partners by 11.1% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 9,670 shares of the financial services provider’s stock valued at $774,000 after acquiring an additional 966 shares in the last quarter. Hunter Perkins Capital Management LLC boosted its stake in shares of Pinnacle Financial Partners by 18.2% in the second quarter. Hunter Perkins Capital Management LLC now owns 14,735 shares of the financial services provider’s stock worth $1,179,000 after acquiring an additional 2,265 shares during the period. Foster Victor Wealth Advisors LLC bought a new position in shares of Pinnacle Financial Partners in the second quarter worth about $178,000. Finally, Raymond James & Associates raised its stake in Pinnacle Financial Partners by 0.4% during the 2nd quarter. Raymond James & Associates now owns 203,716 shares of the financial services provider’s stock valued at $16,305,000 after purchasing an additional 904 shares during the period. Institutional investors own 87.40% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on PNFP shares. Truist Financial boosted their price objective on shares of Pinnacle Financial Partners from $113.00 to $119.00 and gave the stock a “buy” rating in a report on Monday, October 21st. Barclays lifted their price objective on Pinnacle Financial Partners from $108.00 to $120.00 and gave the stock an “equal weight” rating in a report on Thursday, December 5th. Citigroup boosted their target price on Pinnacle Financial Partners from $113.00 to $123.00 and gave the stock a “buy” rating in a research report on Thursday, October 17th. Stephens raised their price target on shares of Pinnacle Financial Partners from $108.00 to $120.00 and gave the company an “overweight” rating in a report on Thursday, October 17th. Finally, Hovde Group lowered shares of Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 price target for the company. in a research note on Monday, November 18th. Seven analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $113.64.

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.