Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Chairman Robert A. Mccabe, Jr. Sells 115,249 Shares of Stock

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Chairman Robert A. Mccabe, Jr. sold 115,249 shares of the business’s stock in a transaction on Thursday, April 25th. The shares were sold at an average price of $81.04, for a total transaction of $9,339,778.96. Following the completion of the transaction, the chairman now owns 153,062 shares in the company, valued at approximately $12,404,144.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Pinnacle Financial Partners Stock Down 1.2 %

Shares of NASDAQ:PNFP opened at $79.36 on Tuesday. The business’s 50 day moving average is $82.11 and its 200 day moving average is $79.53. Pinnacle Financial Partners, Inc. has a 12-month low of $43.31 and a 12-month high of $92.33. The stock has a market cap of $6.12 billion, a price-to-earnings ratio of 11.35 and a beta of 1.08. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.43.

Pinnacle Financial Partners Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Investors of record on Friday, May 3rd will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.11%. The ex-dividend date of this dividend is Thursday, May 2nd. Pinnacle Financial Partners’s payout ratio is currently 12.59%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on PNFP. Jefferies Financial Group dropped their price objective on Pinnacle Financial Partners from $88.00 to $85.00 and set a “hold” rating on the stock in a research note on Monday, April 8th. JPMorgan Chase & Co. dropped their price target on Pinnacle Financial Partners from $110.00 to $108.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 24th. Barclays began coverage on shares of Pinnacle Financial Partners in a research report on Friday, March 8th. They set an “equal weight” rating and a $93.00 price objective for the company. Hovde Group dropped their target price on shares of Pinnacle Financial Partners from $104.00 to $99.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 23rd. Finally, Stephens restated an “overweight” rating and issued a $109.00 price target on shares of Pinnacle Financial Partners in a report on Tuesday, April 23rd. One analyst has rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $95.50.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PNFP. Caprock Group LLC grew its holdings in shares of Pinnacle Financial Partners by 2.2% in the fourth quarter. Caprock Group LLC now owns 5,604 shares of the financial services provider’s stock valued at $489,000 after acquiring an additional 122 shares in the last quarter. NBC Securities Inc. raised its stake in shares of Pinnacle Financial Partners by 1.3% during the 4th quarter. NBC Securities Inc. now owns 9,419 shares of the financial services provider’s stock worth $821,000 after purchasing an additional 124 shares during the period. Verdence Capital Advisors LLC raised its stake in shares of Pinnacle Financial Partners by 2.9% during the 1st quarter. Verdence Capital Advisors LLC now owns 4,497 shares of the financial services provider’s stock worth $386,000 after purchasing an additional 126 shares during the period. Covenant Partners LLC grew its position in Pinnacle Financial Partners by 1.4% during the fourth quarter. Covenant Partners LLC now owns 10,699 shares of the financial services provider’s stock valued at $933,000 after buying an additional 149 shares during the period. Finally, Treasurer of the State of North Carolina increased its holdings in Pinnacle Financial Partners by 0.5% during the third quarter. Treasurer of the State of North Carolina now owns 33,040 shares of the financial services provider’s stock worth $2,215,000 after buying an additional 170 shares during the last quarter. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

Pinnacle Financial Partners Company Profile

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.