Key Points
- CEO insider buying: Pinnacle Financial Partners CEO Kevin Blair purchased 2,565 shares for approximately $250,036 at an average price of $97.48, increasing his stake by 1.71% to 152,397 shares.
- Strong quarterly results and dividend: The company reported quarterly EPS of $2.50, beating estimates by $0.04, on revenue of $1.24 billion. Pinnacle also paid a $0.50 quarterly dividend, equivalent to a 2.0% yield.
- Analyst sentiment remains positive: Analysts give PNFP an average “Moderate Buy” rating with a consensus price target of $118.35, while institutional investors own 87.4% of the outstanding shares.
Pinnacle Financial Partners, Inc. (NYSE:PNFP - Get Free Report) CEO Kevin Blair bought 2,565 shares of the business's stock in a transaction dated Tuesday, September 1st. The shares were acquired at an average cost of $97.48 per share, for a total transaction of $250,036.20. Following the purchase, the chief executive officer owned 152,397 shares of the company's stock, valued at approximately $14,855,659.56. The trade was a 1.71% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.
Pinnacle Financial Partners Stock Performance
Shares of PNFP stock opened at $100.08 on Thursday. The business's 50 day simple moving average is $102.26. Pinnacle Financial Partners, Inc. has a 52-week low of $81.08 and a 52-week high of $110.33. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.94 and a quick ratio of 0.93. The company has a market cap of $7.76 billion, a price-to-earnings ratio of 13.75, a P/E/G ratio of 0.39 and a beta of 1.01.
Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) last announced its quarterly earnings data on Wednesday, July 22nd. The company reported $2.50 EPS for the quarter, beating the consensus estimate of $2.46 by $0.04. Pinnacle Financial Partners had a return on equity of 10.93% and a net margin of 15.40%.The company had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. As a group, sell-side analysts forecast that Pinnacle Financial Partners, Inc. will post 10.19 EPS for the current year.
Pinnacle Financial Partners Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Friday, August 7th were paid a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend was Friday, August 7th. Pinnacle Financial Partners's dividend payout ratio (DPR) is currently 27.47%.
Analyst Ratings Changes
A number of equities analysts have commented on the stock. Wall Street Zen upgraded shares of Pinnacle Financial Partners from a "sell" rating to a "hold" rating in a research note on Tuesday, May 12th. Robert W. Baird initiated 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 for the company. Stephens set a $112.00 price target on Pinnacle Financial Partners in a report on Monday, July 27th. Weiss Ratings raised Pinnacle Financial Partners from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Friday, June 26th. Finally, Citigroup lifted their target price on Pinnacle Financial Partners from $122.00 to $126.00 and gave the company a "buy" rating in a research report on Thursday, June 25th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $118.35.
Check Out Our Latest Research Report on PNFP
Hedge Funds Weigh In On Pinnacle Financial Partners
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Brown Financial Advisors lifted its holdings in Pinnacle Financial Partners by 2.7% during the second quarter. Brown Financial Advisors now owns 4,019 shares of the company's stock worth $405,000 after buying an additional 105 shares during the period. Northwestern Mutual Wealth Management Co. increased its holdings in shares of Pinnacle Financial Partners by 1.6% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 7,377 shares of the company's stock valued at $704,000 after acquiring an additional 116 shares during the period. Villanova Investment Management Co LLC increased its holdings in shares of Pinnacle Financial Partners by 0.4% in the 4th quarter. Villanova Investment Management Co LLC now owns 28,511 shares of the company's stock valued at $2,720,000 after acquiring an additional 118 shares during the period. Simplicity Wealth LLC raised its position in shares of Pinnacle Financial Partners by 1.5% in the 1st quarter. Simplicity Wealth LLC now owns 9,155 shares of the company's stock worth $789,000 after acquiring an additional 131 shares in the last quarter. Finally, Graham Capital Management L.P. lifted its stake in shares of Pinnacle Financial Partners by 0.7% during the 4th quarter. Graham Capital Management L.P. now owns 22,169 shares of the company's stock worth $2,115,000 after purchasing an additional 146 shares during the last quarter. 87.40% of the stock is currently owned by institutional investors.
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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