Pinnacle Financial Partners Inc. (NASDAQ:PNFP) CEO M. Terry Turner has sold a significant portion of his stock in the company, according to a recent SEC filing. The transactions, which took place on April 25th, resulted in the sale of 67,467 shares at an average price of $80.9298 and an additional 4,533 shares at an average price of $81.6374. The total value of the shares sold by Turner amounts to over $5.8 million.
The sales were executed in multiple transactions with prices for the larger batch ranging from $80.48 to $81.46, and for the smaller batch from $81.48 to $82.475. This indicates a slight variation in the selling price of the shares during the course of trading.
Following the sales, the SEC filing revealed that Turner still holds a substantial number of shares in the company. Post-transaction, his direct holdings amount to 227,323 shares of Pinnacle Financial Partners Inc.
As a routine part of executive compensation, company insiders often buy and sell shares. However, large transactions such as these are closely watched by investors for insights into executive sentiment regarding the company's future performance.
Pinnacle Financial Partners, based in Nashville, Tennessee, operates as a commercial bank and has been a significant player in the regional banking sector. The company's stock performance and management decisions are of keen interest to shareholders and potential investors alike.
Investors and market analysts typically monitor insider trading activity as part of their due diligence. The recent transactions by CEO M. Terry Turner will likely be considered as investors evaluate their positions in Pinnacle Financial Partners Inc.
InvestingPro Insights
In light of the recent insider trading activity by Pinnacle Financial Partners Inc. (NASDAQ:PNFP) CEO M. Terry Turner, current and potential investors may find additional context in the company's financial metrics and analyst sentiment. According to InvestingPro data, Pinnacle Financial Partners maintains a market capitalization of approximately $6.07 billion, with a P/E ratio that stands at 11.38, reflecting its earnings over the last twelve months as of Q1 2024. The company's revenue growth during this period was 6.06%, indicating a steady upward trajectory in its financial performance.
InvestingPro Tips further enrich the analysis, revealing that seven analysts have revised their earnings upwards for the upcoming period, which may signal confidence in the company's future profitability. Moreover, Pinnacle Financial Partners has a track record of maintaining dividend payments for 12 consecutive years, offering a dividend yield of 1.1%, with the last dividend having an ex-date of February 1, 2024. This consistency in rewarding shareholders could be a reassuring factor for those concerned about the CEO's stock sale.
For investors looking to delve deeper into the company's performance and future prospects, InvestingPro offers additional tips. There are currently six more tips available on InvestingPro, which can be accessed at https://www.investing.com/pro/PNFP. Readers interested in gaining further insights can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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