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

Pinnacle Financial Partners, Inc. (NYSE:PNFP) insider M Terry Turner sold 54,107 shares of Pinnacle Financial Partners 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 sale, the insider directly owned 248,123 shares of the company’s stock, valued at $26,829,539.99. This represents a 17.90% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through 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 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 value of $295,623.37.

Pinnacle Financial Partners Trading Down 2.5%

PNFP stock opened at $104.63 on Wednesday. Pinnacle Financial Partners, Inc. has a 12-month low of $81.08 and a 12-month high of $110.33. 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 company has a 50-day moving average price of $101.17. The stock has a market capitalization of $8.12 billion, a PE ratio of 14.37, a price-to-earnings-growth ratio of 0.43 and a beta of 1.03.

Pinnacle Financial Partners (NYSE:PNFP) last announced its earnings results on Wednesday, July 22nd. The company reported $2.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.46 by $0.04. The firm had revenue of $1.24 billion during 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%. Equities analysts predict that Pinnacle Financial Partners, Inc. will post 10.19 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Friday, August 7th will be given a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend is Friday, August 7th. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 27.47%.

Analyst Upgrades and Downgrades

PNFP has been the topic of a number of recent research reports. Wall Street Zen raised shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research note on Tuesday, May 12th. UBS Group lifted their target price on Pinnacle Financial Partners from $110.00 to $120.00 and gave the company a “buy” rating in a research note on Friday, April 24th. Wells Fargo & Company raised their price target on shares of Pinnacle Financial Partners from $111.00 to $118.00 and gave the stock an “equal weight” rating in a report on Monday, August 10th. Weiss Ratings raised shares of Pinnacle Financial Partners from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, June 26th. Finally, DA Davidson lifted their price objective on shares of Pinnacle Financial Partners from $109.00 to $112.00 and gave the company a “neutral” rating 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 issued a Hold rating to the stock. According to data from MarketBeat, Pinnacle Financial Partners presently has an average rating of “Moderate Buy” and an average price target of $118.35.

Institutional Trading of Pinnacle Financial Partners

Several hedge funds have recently made changes to their positions in the business. BlackRock Inc. purchased a new position in Pinnacle Financial Partners in the 2nd quarter valued at approximately $1,704,708,000. AQR Capital Management LLC boosted its stake in shares of Pinnacle Financial Partners by 63.1% in the 4th quarter. AQR Capital Management LLC now owns 5,330,170 shares of the company’s stock valued at $508,551,000 after buying an additional 2,062,504 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Pinnacle Financial Partners by 80.4% during the first quarter. Dimensional Fund Advisors LP now owns 5,035,295 shares of the company’s stock worth $433,712,000 after buying an additional 2,244,659 shares during the period. State Street Corp raised its holdings 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 acquiring an additional 179,819 shares in the last quarter. Finally, Wellington Management Group LLP increased its position in shares of Pinnacle Financial Partners by 42.2% in the 4th 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. Institutional investors and hedge funds own 87.40% of the company’s stock.

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.