Pinnacle Financial Partners (NYSE:PNFP) Director Gregory Montana Purchases 500 Shares

Pinnacle Financial Partners, Inc. (NYSE:PNFP) Director Gregory Montana purchased 500 shares of the business’s stock in a transaction that occurred on Thursday, September 10th. The shares were purchased at an average price 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 $489,006.99. The trade was a 11.21% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Pinnacle Financial Partners Stock Up 0.3%

PNFP stock traded up $0.26 during trading on Friday, reaching $99.40. The stock had a trading volume of 982,977 shares, compared to its average volume of 1,389,001. 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 stock has a market cap of $7.71 billion, a P/E ratio of 13.65, a price-to-earnings-growth ratio of 0.40 and a beta of 1.01. Pinnacle Financial Partners, Inc. has a one year low of $81.08 and a one year high of $110.33. The stock has a 50 day moving average price of $102.28.

Pinnacle Financial Partners (NYSE:PNFP) last posted its earnings results on Wednesday, July 22nd. The company reported $2.50 EPS for the quarter, topping the consensus estimate 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 firm had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.24 billion. As a group, research analysts predict that Pinnacle Financial Partners, Inc. will post 10.17 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Friday, August 7th were issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date was Friday, August 7th. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 27.47%.

Institutional Investors Weigh In On Pinnacle Financial Partners

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PNFP. National Pension Service purchased a new stake in Pinnacle Financial Partners during the second quarter valued at about $267,000. WINTON GROUP Ltd increased its stake in shares of Pinnacle Financial Partners by 9.3% in the second quarter. WINTON GROUP Ltd now owns 73,864 shares of the company’s stock worth $7,451,000 after purchasing an additional 6,299 shares in the last quarter. Engineers Gate Manager LP purchased a new position in shares of Pinnacle Financial Partners in the second quarter worth about $490,000. NewEdge Advisors LLC increased its stake in shares of Pinnacle Financial Partners by 10.6% in the second quarter. NewEdge Advisors LLC now owns 52,910 shares of the company’s stock worth $5,338,000 after purchasing an additional 5,062 shares in the last quarter. Finally, Squarepoint Ops LLC bought a new stake in shares of Pinnacle Financial Partners in the second quarter valued at approximately $7,244,000. 87.40% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. Citigroup upped their price objective on Pinnacle Financial Partners from $122.00 to $126.00 and gave the company a “buy” rating in a research note on Thursday, June 25th. Truist Financial lifted 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 Tuesday, July 28th. JPMorgan Chase & Co. cut their price target 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. Robert W. Baird initiated coverage on shares of Pinnacle Financial Partners in a report on Tuesday, May 19th. They set an “outperform” rating and a $115.00 price objective for the company. Finally, TD Cowen raised their price objective on shares of Pinnacle Financial Partners from $116.00 to $119.00 and gave the stock a “buy” rating in a report on Monday, July 27th. 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 stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $119.39.

Pinnacle Financial Partners Company Profile

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.