Key Points
- Insider Allan Kamensky sold 5,000 shares at an average price of $104.62, totaling $523,100; he retained 43,940 shares after the sale.
- Pinnacle beat quarterly expectations, reporting earnings of $2.69 per share versus the $2.62 consensus and revenue of $1.32 billion versus estimates of $1.28 billion.
- The company announced a quarterly dividend of $0.50 per share, equivalent to $2.00 annually and a 1.9% yield. Analysts’ consensus rating was “Moderate Buy,” with a $120.15 average price target.
Pinnacle Financial Partners, Inc. (NYSE:PNFP - Get Free Report) insider Allan Kamensky sold 5,000 shares of the firm's stock in a transaction that occurred on Monday, November 2nd. The stock was sold at an average price of $104.62, for a total transaction of $523,100.00. Following the transaction, the insider directly owned 43,940 shares of the company's stock, valued at $4,597,002.80. This represents a 10.22% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.
Pinnacle Financial Partners Stock Performance
Shares of NYSE PNFP opened at $102.98 on Wednesday. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.73. Pinnacle Financial Partners, Inc. has a 12 month low of $81.08 and a 12 month high of $110.33. The company has a 50 day simple moving average of $97.60 and a two-hundred day simple moving average of $96.88. The stock has a market cap of $7.99 billion, a price-to-earnings ratio of 10.62, a PEG ratio of 0.40 and a beta of 1.04.
Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) last released its quarterly earnings data on Wednesday, October 21st. The company reported $2.69 earnings per share for the quarter, topping analysts' consensus estimates of $2.62 by $0.07. The firm had revenue of $1.32 billion for the quarter, compared to analyst estimates 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, analysts predict that Pinnacle Financial Partners, Inc. will post 10.25 earnings per share for the current year.
Pinnacle Financial Partners Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Friday, November 27th. Investors of record on Friday, November 6th will be given a dividend of $0.50 per share. The ex-dividend date is Friday, November 6th. This represents a $2.00 dividend on an annualized basis and a yield of 1.9%. Pinnacle Financial Partners's payout ratio is currently 26.70%.
Institutional Investors Weigh In On Pinnacle Financial Partners
Several hedge funds have recently modified their holdings of the company. BlackRock Inc. purchased a new position in shares of Pinnacle Financial Partners in the 2nd quarter valued at about $1,704,708,000. Wellington Management Group LLP raised its holdings in Pinnacle Financial Partners by 22.1% in the 2nd 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 period. Dimensional Fund Advisors LP boosted its position 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 in the last quarter. Bank of New York Mellon Corp purchased a new position in Pinnacle Financial Partners during the second quarter worth approximately $133,031,000. Finally, The Manufacturers Life Insurance Company acquired a new stake in Pinnacle Financial Partners in the second quarter valued at approximately $117,624,000. 87.40% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Several equities research analysts have weighed in on the company. Hovde Group began coverage on Pinnacle Financial Partners in a research report on Wednesday, September 16th. They set an "outperform" rating and a $125.00 price target on the stock. JPMorgan Chase & Co. boosted their price objective on Pinnacle Financial Partners from $115.00 to $125.00 and gave the company an "overweight" rating in a report on Friday, October 23rd. Morgan Stanley upped their target price on Pinnacle Financial Partners from $139.00 to $140.00 and gave the stock an "overweight" rating in a research note on Friday, October 23rd. TD Cowen upped their target price on Pinnacle Financial Partners from $115.00 to $118.00 and gave the stock a "buy" rating in a research note on Friday, October 23rd. Finally, UBS Group raised their target price on Pinnacle Financial Partners from $115.00 to $120.00 and gave the stock a "buy" rating in a report on Tuesday, October 27th. One research 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, the company presently has an average rating of "Moderate Buy" and a consensus price target of $120.15.
Get 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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