Key Points
- Director Gregory Montana purchased 500 shares of Pinnacle Financial Partners at an average price of $98.61, investing $49,305 and increasing his holdings by 11.21% to 4,959 shares.
- Pinnacle reported quarterly EPS of $2.50, exceeding analyst estimates of $2.46, on revenue of $1.24 billion. The company also pays a quarterly dividend of $0.50 per share, equating to a 2.0% yield.
- Analysts maintain a “Moderate Buy” consensus rating with an average price target of $119.39, while institutional investors own 87.40% of the company’s stock.
Pinnacle Financial Partners, Inc. (NYSE:PNFP - Get Free Report) Director Gregory Montana purchased 500 shares of the stock in a transaction dated Thursday, September 10th. The stock was purchased at an average cost of $98.61 per share, for a total transaction of $49,305.00. Following the completion of the acquisition, the director owned 4,959 shares of the company's stock, valued at approximately $489,006.99. This represents a 11.21% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
Pinnacle Financial Partners Trading Up 0.3%
PNFP stock opened at $99.40 on Friday. The company has a 50 day moving average price of $102.28. The company has a market capitalization of $7.71 billion, a price-to-earnings ratio of 13.65, a P/E/G ratio of 0.40 and a beta of 1.01. Pinnacle Financial Partners, Inc. has a 12 month low of $81.08 and a 12 month 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.
Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) last posted its earnings results on Wednesday, July 22nd. The company reported $2.50 earnings per share for the quarter, topping analysts' consensus estimates of $2.46 by $0.04. Pinnacle Financial Partners had a net margin of 15.40% and a return on equity of 10.93%. The business had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. Sell-side analysts predict that Pinnacle Financial Partners, Inc. will post 10.17 EPS for the current year.
Pinnacle Financial Partners Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Friday, August 7th were given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date was Friday, August 7th. Pinnacle Financial Partners's payout ratio is 27.47%.
Institutional Trading of Pinnacle Financial Partners
A number of hedge funds have recently made changes to their positions in PNFP. California State Teachers Retirement System purchased a new position in Pinnacle Financial Partners in the second quarter worth $1,785,576,000. BlackRock Inc. purchased a new stake in Pinnacle Financial Partners during the second quarter valued at about $1,704,708,000. AQR Capital Management LLC raised its position in Pinnacle Financial Partners by 1,697.4% during the third quarter. AQR Capital Management LLC now owns 3,267,666 shares of the company's stock valued at $306,474,000 after purchasing an additional 3,085,867 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Pinnacle Financial Partners by 80.4% during the first quarter. Dimensional Fund Advisors LP now owns 5,035,295 shares of the company's stock worth $433,712,000 after purchasing an additional 2,244,659 shares during the last quarter. Finally, Wellington Management Group LLP lifted its stake in Pinnacle Financial Partners by 22.1% during the second quarter. Wellington Management Group LLP now owns 11,141,397 shares of the company's stock worth $1,123,944,000 after purchasing an additional 2,016,827 shares during the last quarter. 87.40% of the stock is owned by institutional investors.
Analyst Upgrades and Downgrades
A number of equities research analysts recently issued reports on the company. Benchmark increased their price objective on Pinnacle Financial Partners from $125.00 to $130.00 and gave the stock a "buy" rating in a research report on Wednesday, August 5th. DA Davidson boosted their target price on Pinnacle Financial Partners from $109.00 to $112.00 and gave the stock a "neutral" rating in a research report on Friday, July 24th. TD Cowen upped their target price on Pinnacle Financial Partners from $116.00 to $119.00 and gave the stock a "buy" rating in a research note on Monday, July 27th. Truist Financial raised their price target on Pinnacle Financial Partners from $115.00 to $118.00 and gave the company a "buy" rating in a report on Tuesday, July 28th. Finally, Robert W. Baird initiated coverage on Pinnacle Financial Partners in a research report on Tuesday, May 19th. They set an "outperform" rating and a $115.00 price target for the company. Two analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $119.39.
Read Our Latest Report on PNFP
About Pinnacle Financial Partners
(
Get Free Report)
Pinnacle Financial Partners, Inc is a bank holding company headquartered in Nashville, Tennessee. Through its principal subsidiary, Pinnacle Bank, the company provides financial services to businesses, professionals, entrepreneurs and individuals.
Its offerings include commercial and consumer banking, loans, deposit accounts, treasury and cash-management services, and mortgage lending. Pinnacle also provides investment advisory, wealth management, trust, insurance and other financial services through its banking platform and affiliated businesses.
Founded in 2000, Pinnacle has built a regional banking franchise focused primarily on the southeastern United States.
Further Reading
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