Pinnacle Financial Partners (NYSE:PNFP) Stock: Insider Allan Kamensky Sells 5,000 Shares

Pinnacle Financial Partners, Inc. (NYSE:PNFP) insider Allan Kamensky sold 5,000 shares of the stock in a transaction dated Monday, November 2nd. The shares were sold at an average price of $104.62, for a total value of $523,100.00. Following the completion of the transaction, the insider owned 43,940 shares of the company’s stock, valued at $4,597,002.80. This represents a 10.22% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

Pinnacle Financial Partners Stock Performance

Shares of PNFP stock opened at $104.30 on Thursday. The firm has a market capitalization of $8.09 billion, a price-to-earnings ratio of 10.48, a PEG ratio of 0.40 and a beta of 1.04. The company has a current ratio of 0.93, a quick ratio of 0.85 and a debt-to-equity ratio of 0.72. The business’s 50-day moving average price is $97.67 and its 200-day moving average price is $96.92. Pinnacle Financial Partners, Inc. has a 12 month low of $81.08 and a 12 month high of $110.33.

Pinnacle Financial Partners (NYSE:PNFP) last released its quarterly earnings data on Wednesday, October 21st. The company reported $2.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.62 by $0.07. Pinnacle Financial Partners had a return on equity of 11.33% and a net margin of 15.97%. The company had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.28 billion. Equities research analysts forecast that Pinnacle Financial Partners, Inc. will post 10.25 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 27th. Investors of record on Friday, November 6th will be given a dividend of $0.50 per share. The ex-dividend date is Friday, November 6th. This represents a $2.00 annualized dividend and a yield of 1.9%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is currently 26.70%.

Hedge Funds Weigh In On Pinnacle Financial Partners

Hedge funds have recently made changes to their positions in the stock. Bank of America Corp DE bought a new stake in Pinnacle Financial Partners during the second quarter valued at $70,269,000. Public Employees Retirement System of Ohio acquired a new stake in Pinnacle Financial Partners during the 2nd quarter worth about $4,292,000. BlackRock Inc. acquired a new stake in Pinnacle Financial Partners during the 2nd quarter worth about $1,704,708,000. Man Group plc bought a new position in shares of Pinnacle Financial Partners in the 2nd quarter worth about $19,969,000. Finally, Tectonic Advisors LLC raised its position in shares of Pinnacle Financial Partners by 44.0% in the 3rd quarter. Tectonic Advisors LLC now owns 115,947 shares of the company’s stock worth $10,854,000 after acquiring an additional 35,453 shares in the last quarter. 87.40% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

PNFP has been the subject of several recent research reports. Royal Bank Of Canada upped their price target on shares of Pinnacle Financial Partners from $117.00 to $120.00 and gave the company an “outperform” rating in a research report on Friday, October 23rd. Stephens set a $112.00 price target on shares of Pinnacle Financial Partners in a report on Monday, July 27th. JPMorgan Chase & Co. boosted their price objective on shares of Pinnacle Financial Partners from $115.00 to $125.00 and gave the stock an “overweight” rating in a research note on Friday, October 23rd. Piper Sandler boosted their price objective on shares of Pinnacle Financial Partners from $125.00 to $127.00 and gave the stock an “overweight” rating in a research note on Monday, October 26th. Finally, Weiss Ratings downgraded Pinnacle Financial Partners from a “buy (b)” rating to a “buy (b-)” rating in a report on Thursday, October 29th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $120.15.

Pinnacle Financial Partners Company Profile

Pinnacle Financial Partners, Inc is a bank holding company headquartered in Nashville, Tennessee. Through its primary subsidiary, Pinnacle Bank, the company provides banking and financial services to businesses, professionals, entrepreneurs and individuals.

Its offerings include commercial and consumer loans, deposit accounts, treasury and cash-management services, mortgage lending, investment and wealth-management services, trust services and insurance solutions. Pinnacle emphasizes relationship-based banking and serves clients through offices and financial professionals in Tennessee and selected markets in the Carolinas and Virginia.

Founded in 2000, Pinnacle has expanded from its Nashville base into a broader regional banking franchise through organic growth and acquisitions.