Key Points
- Director David Ingram purchased 10,000 Pinnacle Financial Partners shares at an average price of $99.16, investing approximately $991,600 and increasing his direct ownership by 15.34% to 75,182 shares.
- Pinnacle reported quarterly EPS of $2.69, exceeding analyst expectations of $2.62, while revenue of $1.32 billion also surpassed consensus estimates of $1.28 billion.
- The company declared a quarterly dividend of $0.50 per share, equivalent to $2.00 annually and a 2.0% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $120.15.
Pinnacle Financial Partners, Inc. (NYSE:PNFP - Get Free Report) Director David Ingram acquired 10,000 shares of the company's stock in a transaction dated Wednesday, October 28th. The stock was acquired at an average cost of $99.16 per share, for a total transaction of $991,600.00. Following the completion of the acquisition, the director directly owned 75,182 shares in the company, valued at approximately $7,455,047.12. The trade was a 15.34% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink.
Pinnacle Financial Partners Stock Up 2.2%
NYSE:PNFP opened at $101.70 on Friday. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.85 and a quick ratio of 0.85. The company's fifty day moving average price is $97.54 and its 200-day moving average price is $96.76. Pinnacle Financial Partners, Inc. has a 1-year low of $81.08 and a 1-year high of $110.33. The firm has a market capitalization of $7.89 billion, a P/E ratio of 13.58, a PEG ratio of 0.38 and a beta of 1.03.
Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) last posted its earnings results on Wednesday, October 21st. The company reported $2.69 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.62 by $0.07. The company had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.28 billion. Pinnacle Financial Partners had a net margin of 15.97% and a return on equity of 11.33%. As a group, equities research analysts anticipate that Pinnacle Financial Partners, Inc. will post 10.25 EPS for the current year.
Pinnacle Financial Partners Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, November 27th. Shareholders of record on Friday, November 6th will be given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Friday, November 6th. Pinnacle Financial Partners's dividend payout ratio (DPR) is currently 26.70%.
Institutional Trading of Pinnacle Financial Partners
A number of hedge funds have recently added to or reduced their stakes in PNFP. Bank of America Corp DE purchased a new position in Pinnacle Financial Partners in the second quarter valued at $70,269,000. Public Employees Retirement System of Ohio acquired a new position in shares of Pinnacle Financial Partners in the second quarter worth about $4,292,000. BlackRock Inc. acquired a new position in shares of Pinnacle Financial Partners in the second quarter worth about $1,704,708,000. Man Group plc purchased a new stake in shares of Pinnacle Financial Partners during the 2nd quarter worth about $19,969,000. Finally, Corient Private Wealth LP purchased a new stake in shares of Pinnacle Financial Partners during the 2nd quarter worth about $1,982,000. 87.40% of the stock is owned by hedge funds and other institutional investors.
Analyst Ratings Changes
A number of equities analysts have weighed in on PNFP shares. Truist Financial lifted their price objective on Pinnacle Financial Partners from $112.00 to $120.00 and gave the company a "buy" rating in a research note on Wednesday. Evercore restated an "outperform" rating on shares of Pinnacle Financial Partners in a research note on Tuesday. Weiss Ratings raised Pinnacle Financial Partners from a "buy (b-)" rating to a "buy (b)" rating in a report on Thursday, October 8th. Stephens set a $112.00 target price on Pinnacle Financial Partners in a report on Monday, July 27th. Finally, Morgan Stanley lifted their price target on Pinnacle Financial Partners from $139.00 to $140.00 and gave the company an "overweight" rating in a research report on Friday, October 23rd. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $120.15.
Check Out Our Latest Analysis on PNFP
Pinnacle Financial Partners Company Profile
(
Get Free Report)
Pinnacle Financial Partners, Inc is a bank holding company headquartered in Nashville, Tennessee. Through its primary subsidiary, Pinnacle Bank, the company provides banking and financial services to businesses, professionals, entrepreneurs and individuals.
Its offerings include commercial and consumer loans, deposit accounts, treasury and cash-management services, mortgage lending, investment and wealth-management services, trust services and insurance solutions. Pinnacle emphasizes relationship-based banking and serves clients through offices and financial professionals in Tennessee and selected markets in the Carolinas and Virginia.
Founded in 2000, Pinnacle has expanded from its Nashville base into a broader regional banking franchise through organic growth and acquisitions.
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