Pinnacle Financial Partners, Inc. $PNFP Shares Sold by Town & Country Bank & Trust CO dba First Bankers Trust CO

Key Points

• Town & Country Bank & Trust CO significantly reduced its stake in Pinnacle Financial Partners by 86.0%, selling over 12,000 shares, leaving it with only 2,062 shares worth approximately $228,000.
• Pinnacle Financial Partners reported $2.00 EPS for the last quarter, exceeding analysts' estimates of $1.92, with revenue also surpassing expectations at $504.99 million.
• The company recently announced a quarterly dividend of $0.24 per share, with an annualized yield of 1.0% and a payout ratio of 12.73%.

Town & Country Bank & Trust CO dba First Bankers Trust CO lessened its holdings in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 86.0% in the second quarter, according to its most recent filing with the SEC. The firm owned 2,062 shares of the financial services provider's stock after selling 12,679 shares during the quarter. Town & Country Bank & Trust CO dba First Bankers Trust CO's holdings in Pinnacle Financial Partners were worth $228,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of PNFP. Millennium Management LLC bought a new stake in shares of Pinnacle Financial Partners during the first quarter valued at about $77,207,000. Nuveen LLC acquired a new position in Pinnacle Financial Partners during the 1st quarter valued at about $26,879,000. GAMMA Investing LLC raised its position in shares of Pinnacle Financial Partners by 15,990.2% during the 1st quarter. GAMMA Investing LLC now owns 171,361 shares of the financial services provider's stock worth $18,171,000 after buying an additional 170,296 shares in the last quarter. Junto Capital Management LP lifted its stake in shares of Pinnacle Financial Partners by 28.7% in the 1st quarter. Junto Capital Management LP now owns 446,076 shares of the financial services provider's stock worth $47,302,000 after acquiring an additional 99,495 shares during the period. Finally, AQR Capital Management LLC lifted its stake in shares of Pinnacle Financial Partners by 309.4% in the 1st quarter. AQR Capital Management LLC now owns 129,514 shares of the financial services provider's stock worth $13,473,000 after acquiring an additional 97,876 shares during the period. Institutional investors own 87.40% of the company's stock.

Pinnacle Financial Partners Price Performance

PNFP opened at $95.18 on Tuesday. The stock has a fifty day moving average price of $97.14 and a 200 day moving average price of $102.08. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.34. Pinnacle Financial Partners, Inc. has a 1 year low of $81.57 and a 1 year high of $131.91. The stock has a market cap of $7.38 billion, a price-to-earnings ratio of 12.62 and a beta of 1.07.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last posted its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $2.00 earnings per share for the quarter, topping analysts' consensus estimates of $1.92 by $0.08. The company had revenue of $504.99 million during the quarter, compared to the consensus estimate of $495.27 million. Pinnacle Financial Partners had a return on equity of 9.60% and a net margin of 18.69%.The business's quarterly revenue was up 15.1% on a year-over-year basis. During the same period last year, the business earned $1.63 EPS. Analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 29th. Shareholders of record on Friday, August 1st were paid a $0.24 dividend. The ex-dividend date was Friday, August 1st. This represents a $0.96 dividend on an annualized basis and a yield of 1.0%. Pinnacle Financial Partners's payout ratio is 12.73%.

Analysts Set New Price Targets

PNFP has been the subject of a number of research analyst reports. JPMorgan Chase & Co. upped their target price on Pinnacle Financial Partners from $115.00 to $125.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 1st. Wall Street Zen raised Pinnacle Financial Partners from a "sell" rating to a "hold" rating in a research note on Friday, July 18th. Truist Financial reissued a "buy" rating and issued a $127.00 price target (up from $123.00) on shares of Pinnacle Financial Partners in a report on Friday, July 11th. Stephens reduced their price objective on shares of Pinnacle Financial Partners from $133.00 to $104.00 and set an "equal weight" rating for the company in a research report on Tuesday, July 29th. Finally, Citigroup dropped their target price on shares of Pinnacle Financial Partners from $140.00 to $120.00 and set a "buy" rating on the stock in a report on Friday, July 25th. Four equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $113.50.

Insider Buying and Selling at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, Director G Kennedy Thompson bought 10,000 shares of the firm's stock in a transaction on Friday, August 1st. The stock was bought at an average cost of $85.65 per share, with a total value of $856,500.00. Following the completion of the transaction, the director directly owned 28,372 shares of the company's stock, valued at approximately $2,430,061.80. The trade was a 54.43% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Harold R. Carpenter purchased 1,000 shares of the business's stock in a transaction dated Thursday, July 31st. The shares were acquired at an average price of $89.73 per share, for a total transaction of $89,730.00. Following the acquisition, the chief financial officer directly owned 105,050 shares in the company, valued at $9,426,136.50. This represents a 0.96% increase in their position. The disclosure for this purchase can be found here. Insiders acquired 12,174 shares of company stock worth $1,047,079 over the last ninety days. 1.46% of the stock is currently owned by insiders.

Pinnacle Financial Partners Profile

Pinnacle Financial Partners, Inc, together with its subsidiaries, operates as the bank holding company for Pinnacle Bank that provides various banking products and services to individuals, businesses, and professional entities in the United States. The company accepts various deposits, including savings, noninterest-bearing and interest-bearing checking, money market, and certificate of deposit accounts; and provides treasury management services, which includes online wire origination, enhanced ACH origination services, positive pay, zero balance and sweep accounts, automated bill pay services, electronic receivables processing, lockbox processing, and merchant card acceptance services.

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