Pinnacle Financial Partners (NYSE:PNFP) Insider Purchases 10,013 Shares

Pinnacle Financial Partners, Inc. (NYSE:PNFP) insider Robert Mccabe, Jr. acquired 10,013 shares of the business’s stock in a transaction on Friday, July 24th. The stock was acquired at an average cost of $99.90 per share, with a total value of $1,000,298.70. Following the acquisition, the insider directly owned 324,233 shares in the company, valued at approximately $32,390,876.70. This trade represents a 3.19% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link.

Pinnacle Financial Partners Trading Up 2.5%

Shares of NYSE:PNFP traded up $2.55 on Tuesday, reaching $105.61. 611,230 shares of the company’s stock were exchanged, compared to its average volume of 1,481,038. Pinnacle Financial Partners, Inc. has a twelve month low of $81.08 and a twelve month high of $107.00. The company’s fifty day moving average price is $98.07. The firm has a market cap of $8.19 billion, a P/E ratio of 14.50, a price-to-earnings-growth ratio of 0.41 and a beta of 1.04. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.73.

Pinnacle Financial Partners (NYSE:PNFP) last released its quarterly earnings results on Wednesday, July 22nd. The company reported $2.50 earnings per share for the quarter, beating analysts’ consensus estimates of $2.46 by $0.04. The company had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. Pinnacle Financial Partners had a net margin of 15.40% and a return on equity of 10.93%. As a group, equities research analysts forecast that Pinnacle Financial Partners, Inc. will post 10.18 EPS for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Friday, August 7th will be paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date is Friday, August 7th. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 27.47%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on PNFP. Evercore reiterated an “outperform” rating and set a $120.00 target price on shares of Pinnacle Financial Partners in a research report on Monday, July 6th. UBS Group raised their price target on Pinnacle Financial Partners from $110.00 to $120.00 and gave the stock a “buy” rating in a research report on Friday, April 24th. DA Davidson boosted their price target on Pinnacle Financial Partners from $109.00 to $112.00 and gave the company a “neutral” rating in a research note on Friday. Wall Street Zen raised shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research report on Tuesday, May 12th. Finally, Weiss Ratings upgraded shares of Pinnacle Financial Partners from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, June 26th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $117.00.

Hedge Funds Weigh In On Pinnacle Financial Partners

A number of institutional investors have recently modified their holdings of the business. Resources Management Corp CT ADV bought a new stake in shares of Pinnacle Financial Partners during the 1st quarter worth $26,000. Brown Brothers Harriman & Co. bought a new position in Pinnacle Financial Partners in the third quarter valued at about $26,000. High Point Wealth Management LLC acquired a new position in Pinnacle Financial Partners during the fourth quarter worth about $27,000. BOKF NA raised its stake in Pinnacle Financial Partners by 1,204.5% during the third quarter. BOKF NA now owns 287 shares of the company’s stock worth $27,000 after acquiring an additional 265 shares in the last quarter. Finally, Activest Wealth Management bought a new position in shares of Pinnacle Financial Partners in the fourth quarter worth about $28,000. Institutional investors and hedge funds own 87.40% of the company’s stock.

Pinnacle Financial Partners Company Profile

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.