Key Points
- Chairman Robert McCabe, Jr. sold 6,775 shares of Pinnacle Financial Partners on Nov. 26 at an average price of $93, totaling $630,075 and reducing his stake by 3.24% to 202,505 shares (valued ~ $18.83M); the trade was disclosed in an SEC filing.
- Strong quarterly results: Pinnacle reported Q3 EPS of $2.27 (vs. $2.05 est.) and revenue of $544.8M (vs. $526.4M), with a ROE of 9.91% and net margin of 19.17%; analysts forecast ~7.85 EPS for the fiscal year.
- Dividend and mixed analyst sentiment: The company pays a $0.24 quarterly dividend ($0.96 annual, ~1.0% yield, DPR 12.2%), while analyst coverage is split (six Buy, seven Hold) with an average price target of $109.55 and several recent target reductions.
Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Get Free Report) Chairman Robert Mccabe, Jr. sold 6,775 shares of the stock in a transaction dated Wednesday, November 26th. The stock was sold at an average price of $93.00, for a total transaction of $630,075.00. Following the completion of the transaction, the chairman directly owned 202,505 shares of the company's stock, valued at $18,832,965. This trade represents a 3.24% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.
Pinnacle Financial Partners Stock Down 0.1%
NASDAQ PNFP opened at $91.86 on Friday. Pinnacle Financial Partners, Inc. has a 1-year low of $81.57 and a 1-year high of $128.89. The company has a market capitalization of $7.13 billion, a price-to-earnings ratio of 11.67 and a beta of 1.12. The stock's 50 day moving average is $89.43 and its two-hundred day moving average is $98.35. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.33.
Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last issued its earnings results on Wednesday, October 15th. The financial services provider reported $2.27 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.05 by $0.22. The business had revenue of $544.80 million during the quarter, compared to analysts' expectations of $526.40 million. Pinnacle Financial Partners had a return on equity of 9.91% and a net margin of 19.17%.During the same period in the prior year, the firm posted $1.86 EPS. Equities analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current fiscal year.
Pinnacle Financial Partners Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Friday, November 28th. Shareholders of record on Friday, November 7th were issued a dividend of $0.24 per share. The ex-dividend date of this dividend was Friday, November 7th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.0%. Pinnacle Financial Partners's dividend payout ratio (DPR) is presently 12.20%.
Analysts Set New Price Targets
Several equities research analysts have recently commented on PNFP shares. Truist Financial reduced their target price on shares of Pinnacle Financial Partners from $107.00 to $105.00 and set a "buy" rating on the stock in a research note on Friday, October 17th. Stephens reduced their price target on shares of Pinnacle Financial Partners from $104.00 to $97.00 and set an "equal weight" rating on the stock in a research report on Friday, October 17th. TD Cowen started coverage on shares of Pinnacle Financial Partners in a report on Thursday, September 25th. They set a "buy" rating and a $122.00 price objective for the company. Weiss Ratings reissued a "hold (c)" rating on shares of Pinnacle Financial Partners in a report on Friday, October 31st. Finally, Wells Fargo & Company decreased their price target on Pinnacle Financial Partners from $110.00 to $100.00 and set an "equal weight" rating on the stock in a research report on Friday, October 17th. Six equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat, Pinnacle Financial Partners presently has an average rating of "Hold" and an average price target of $109.55.
Check Out Our Latest Stock Report on PNFP
Hedge Funds Weigh In On Pinnacle Financial Partners
Institutional investors have recently modified their holdings of the stock. 1248 Management LLC bought a new stake in shares of Pinnacle Financial Partners during the first quarter valued at approximately $29,000. Brown Brothers Harriman & Co. acquired a new position in Pinnacle Financial Partners during the 3rd quarter worth $26,000. BOKF NA lifted its holdings in Pinnacle Financial Partners by 1,204.5% during the 3rd quarter. BOKF NA now owns 287 shares of the financial services provider's stock worth $27,000 after buying an additional 265 shares in the last quarter. Covestor Ltd boosted its position in Pinnacle Financial Partners by 193.9% in the 3rd quarter. Covestor Ltd now owns 338 shares of the financial services provider's stock valued at $32,000 after buying an additional 223 shares during the last quarter. Finally, Elevation Point Wealth Partners LLC acquired a new stake in shares of Pinnacle Financial Partners in the 2nd quarter valued at $38,000. 87.40% of the stock is owned by institutional investors.
About Pinnacle Financial Partners
(
Get Free Report)
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.
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