Insider Selling: Pinnacle Financial Partners (NASDAQ:PNFP) CFO Sells $174,047.40 in Stock

Pinnacle Financial Partners (NASDAQ:PNFP) CFO Harold R. Carpenter sold 3,006 shares of the firm’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $57.90, for a total transaction of $174,047.40. Following the completion of the sale, the chief financial officer now owns 83,112 shares of the company’s stock, valued at $4,812,184.80. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Pinnacle Financial Partners stock opened at $56.52 on Thursday. The stock has a market cap of $4.35 billion, a P/E ratio of 11.92, a P/E/G ratio of 0.78 and a beta of 1.43. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.58. Pinnacle Financial Partners has a twelve month low of $43.23 and a twelve month high of $64.85. The company’s 50-day moving average price is $54.53 and its two-hundred day moving average price is $56.16.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $1.42 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.28 by $0.14. The firm had revenue of $259.60 million for the quarter, compared to analysts’ expectations of $252.44 million. Pinnacle Financial Partners had a net margin of 30.46% and a return on equity of 9.82%. The business’s revenue was up 12.8% on a year-over-year basis. During the same period in the prior year, the firm earned $1.15 EPS. Equities analysts anticipate that Pinnacle Financial Partners will post 5.28 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Friday, August 2nd were issued a $0.16 dividend. The ex-dividend date of this dividend was Thursday, August 1st. This represents a $0.64 annualized dividend and a yield of 1.13%. Pinnacle Financial Partners’s dividend payout ratio is currently 13.50%.

Several brokerages recently issued reports on PNFP. Stephens reiterated a “hold” rating and issued a $63.00 target price on shares of Pinnacle Financial Partners in a research note on Monday. JPMorgan Chase & Co. began coverage on shares of Pinnacle Financial Partners in a research note on Wednesday. They issued a “neutral” rating and a $62.00 target price for the company. BidaskClub upgraded shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research note on Tuesday, September 10th. Finally, Zacks Investment Research downgraded shares of Pinnacle Financial Partners from a “buy” rating to a “hold” rating in a research note on Friday, September 13th. One research analyst has rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $61.43.

Institutional investors have recently added to or reduced their stakes in the business. Laurion Capital Management LP bought a new position in Pinnacle Financial Partners in the 2nd quarter valued at about $991,000. Shell Asset Management Co. bought a new position in Pinnacle Financial Partners in the 1st quarter valued at about $579,000. Salzhauer Michael raised its holdings in Pinnacle Financial Partners by 40.1% in the 1st quarter. Salzhauer Michael now owns 53,548 shares of the financial services provider’s stock valued at $2,929,000 after acquiring an additional 15,321 shares during the period. Aperio Group LLC raised its holdings in Pinnacle Financial Partners by 8.1% in the 2nd quarter. Aperio Group LLC now owns 16,002 shares of the financial services provider’s stock valued at $920,000 after acquiring an additional 1,201 shares during the period. Finally, Sustainable Insight Capital Management LLC bought a new position in Pinnacle Financial Partners in the 1st quarter valued at about $744,000. 79.68% of the stock is currently owned by hedge funds and other institutional investors.

Pinnacle Financial Partners Company Profile

Pinnacle Financial Partners, Inc operates as a bank holding company for Pinnacle Bank that provides various banking products and services in the United States. The company accepts various deposits, including savings, checking, interest-bearing checking, money market, and certificate of deposit accounts.

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Insider Buying and Selling by Quarter for Pinnacle Financial Partners (NASDAQ:PNFP)

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