Pinnacle Financial Partners (NYSE:PNFP) Insider M Terry Turner Sells 53,601 Shares of Stock

Pinnacle Financial Partners, Inc. (NYSE:PNFP) insider M Terry Turner sold 53,601 shares of the company’s stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $108.10, for a total value of $5,794,268.10. Following the completion of the transaction, the insider owned 369,013 shares in the company, valued at approximately $39,890,305.30. The trade was a 12.68% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available 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 stock was sold at an average price of $108.13, for a total value of $5,850,589.91.
• 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 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 Down 0.6%

PNFP traded down $0.61 during trading hours on Monday, hitting $107.40. The stock had a trading volume of 773,098 shares, 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 firm’s fifty day simple moving average is $100.77. The stock has a market capitalization of $8.33 billion, a PE 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 quick ratio of 0.93 and a current ratio of 0.94.

Pinnacle Financial Partners (NYSE:PNFP) last released its quarterly earnings data on Wednesday, July 22nd. The company reported $2.50 EPS for the quarter, beating the consensus estimate of $2.46 by $0.04. The business had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. Pinnacle Financial Partners had a net margin of 15.40% and a return on equity of 10.93%. As a group, equities analysts expect that Pinnacle Financial Partners, Inc. will post 10.19 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

The firm also recently declared 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 dividend payout ratio is presently 27.47%.

Hedge Funds Weigh In On Pinnacle Financial Partners

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PNFP. BlackRock Inc. bought a new position in Pinnacle Financial Partners in the 2nd quarter worth about $1,704,708,000. AQR Capital Management LLC increased its position in shares of Pinnacle Financial Partners by 63.1% in the fourth quarter. AQR Capital Management LLC now owns 5,330,170 shares of the company’s stock worth $508,551,000 after purchasing an additional 2,062,504 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Pinnacle Financial Partners by 80.4% in the first quarter. Dimensional Fund Advisors LP now owns 5,035,295 shares of the company’s stock valued at $433,712,000 after purchasing an additional 2,244,659 shares in the last quarter. State Street Corp raised its stake in Pinnacle Financial Partners by 5.5% in the fourth quarter. State Street Corp now owns 3,451,939 shares of the company’s stock valued at $329,350,000 after purchasing an additional 179,819 shares in the last quarter. Finally, Wellington Management Group LLP lifted its position in Pinnacle Financial Partners by 42.2% during the fourth quarter. Wellington Management Group LLP now owns 3,067,116 shares of the company’s stock valued at $292,634,000 after purchasing an additional 910,367 shares during the last quarter. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on PNFP shares. Truist Financial 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 Tuesday, July 28th. UBS Group raised their price target on Pinnacle Financial Partners from $110.00 to $120.00 and gave the stock a “buy” rating in a report on Friday, April 24th. Weiss Ratings upgraded Pinnacle Financial Partners from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, June 26th. Wells Fargo & Company boosted their price objective on Pinnacle Financial Partners from $111.00 to $118.00 and gave the company an “equal weight” rating in a research note on Monday, August 10th. Finally, JPMorgan Chase & Co. dropped their price objective on Pinnacle Financial Partners from $125.00 to $120.00 and set an “overweight” rating on the stock in a report on Friday, July 24th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $118.35.

About Pinnacle Financial Partners

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.