Key Points
- Insider sale: M. Terry Turner sold 2,737 Pinnacle Financial Partners shares at an average price of $108.01, totaling $295,623.37. He continues to own 422,614 shares after the transaction.
- Quarterly performance: Pinnacle reported earnings of $2.50 per share, exceeding analyst expectations of $2.46, while quarterly revenue reached $1.24 billion.
- Investor outlook: The company declared a $0.50 quarterly dividend, and analysts maintain a “Moderate Buy” consensus with an average price target of $118.35.
Pinnacle Financial Partners, Inc. (NYSE:PNFP - Get Free Report) insider M Terry Turner sold 2,737 shares of the business's stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $108.01, for a total value of $295,623.37. Following the completion of the transaction, the insider directly owned 422,614 shares in the company, valued at $45,646,538.14. The trade was a 0.64% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.
Pinnacle Financial Partners Price Performance
NYSE PNFP opened at $104.56 on Tuesday. The company has a market cap of $8.11 billion, a price-to-earnings ratio of 14.36, a PEG ratio of 0.42 and a beta of 1.03. Pinnacle Financial Partners, Inc. has a one year low of $81.08 and a one year high of $110.33. The stock's 50 day simple moving average is $99.87. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.93 and a current ratio of 0.94.
Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) last issued its quarterly earnings data on Wednesday, July 22nd. The company reported $2.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.46 by $0.04. The firm had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. Pinnacle Financial Partners had a return on equity of 10.93% and a net margin of 15.40%. As a group, equities analysts expect that Pinnacle Financial Partners, Inc. will post 10.19 earnings per share for the current year.
Pinnacle Financial Partners Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Friday, August 7th will be issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend is Friday, August 7th. Pinnacle Financial Partners's payout ratio is currently 27.47%.
Analyst Ratings Changes
A number of brokerages have commented on PNFP. JPMorgan Chase & Co. decreased their price objective on shares of Pinnacle Financial Partners from $125.00 to $120.00 and set an "overweight" rating on the stock in a report on Friday, July 24th. Truist Financial boosted their target price on shares of Pinnacle Financial Partners from $115.00 to $118.00 and gave the stock a "buy" rating in a research note on Tuesday, July 28th. Wall Street Zen upgraded shares of Pinnacle Financial Partners from a "sell" rating to a "hold" rating in a research report on Tuesday, May 12th. Robert W. Baird began coverage on shares of Pinnacle Financial Partners in a research note on Tuesday, May 19th. They set an "outperform" rating and a $115.00 price target on the stock. Finally, UBS Group raised their price target on shares of Pinnacle Financial Partners from $110.00 to $120.00 and gave the company a "buy" rating in a report on Friday, April 24th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Pinnacle Financial Partners currently has an average rating of "Moderate Buy" and a consensus target price of $118.35.
Check Out Our Latest Research Report on Pinnacle Financial Partners
Hedge Funds Weigh In On Pinnacle Financial Partners
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Goldman Sachs Group Inc. raised its position in shares of Pinnacle Financial Partners by 6.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 651,268 shares of the company's stock valued at $69,060,000 after acquiring an additional 37,989 shares during the period. Focus Partners Wealth grew its holdings in Pinnacle Financial Partners by 13.9% during the first quarter. Focus Partners Wealth now owns 4,755 shares of the company's stock valued at $504,000 after purchasing an additional 581 shares during the period. Amundi increased its stake in Pinnacle Financial Partners by 25,700.0% in the second quarter. Amundi now owns 4,386 shares of the company's stock valued at $513,000 after purchasing an additional 4,369 shares in the last quarter. Jump Financial LLC acquired a new stake in Pinnacle Financial Partners in the second quarter worth $229,000. Finally, Cerity Partners LLC raised its holdings in Pinnacle Financial Partners by 4.2% in the second quarter. Cerity Partners LLC now owns 26,061 shares of the company's stock worth $2,877,000 after purchasing an additional 1,039 shares during the period. Institutional investors own 87.40% of the company's stock.
About Pinnacle Financial Partners
(
Get Free Report)
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.
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