Gregory L. Burns Acquires 174 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Stock

Key Points

• Gregory L. Burns, a director of Pinnacle Financial Partners, acquired 174 shares at an average price of $91.43, increasing his position in the company.
• Pinnacle Financial Partners reported $2.00 earnings per share for the last quarter, exceeding expectations and reflecting a 15.1% increase in revenue year-over-year.
• The company announced a quarterly dividend of $0.24 per share with a dividend yield of 1.08%, payable on August 29th.

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Get Free Report) Director Gregory L. Burns purchased 174 shares of the stock in a transaction on Wednesday, July 30th. The shares were purchased at an average cost of $91.43 per share, with a total value of $15,908.82. Following the transaction, the director owned 174 shares in the company, valued at $15,908.82. This trade represents a ∞ increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Pinnacle Financial Partners Price Performance

Shares of Pinnacle Financial Partners stock traded down $1.31 on Thursday, hitting $88.70. The company's stock had a trading volume of 1,691,097 shares, compared to its average volume of 644,734. Pinnacle Financial Partners, Inc. has a 1 year low of $81.57 and a 1 year high of $131.91. The firm has a fifty day moving average price of $108.62 and a 200-day moving average price of $108.71. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.88 and a current ratio of 0.89. The company has a market capitalization of $6.88 billion, a price-to-earnings ratio of 11.77 and a beta of 1.01.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last released its earnings results on Tuesday, July 15th. The financial services provider reported $2.00 earnings per share for the quarter, beating the consensus estimate of $1.92 by $0.08. The business had revenue of $504.99 million for 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% compared to the same quarter last year. During the same quarter last year, the business posted $1.63 earnings per share. As a group, sell-side analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Friday, August 1st will be given a $0.24 dividend. The ex-dividend date is Friday, August 1st. This represents a $0.96 annualized dividend and a dividend yield of 1.08%. Pinnacle Financial Partners's dividend payout ratio (DPR) is presently 12.73%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Keefe, Bruyette & Woods lifted their price objective on Pinnacle Financial Partners from $115.00 to $130.00 and gave the company a "market perform" rating in a research note on Thursday, July 17th. UBS Group reiterated a "neutral" rating and set a $121.00 price objective on shares of Pinnacle Financial Partners in a research note on Wednesday, July 9th. JPMorgan Chase & Co. lifted their price objective on Pinnacle Financial Partners from $115.00 to $125.00 and gave the company an "overweight" rating in a research note on Tuesday, July 1st. Hovde Group lowered Pinnacle Financial Partners from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 25th. Finally, Jefferies Financial Group reiterated a "hold" rating and set a $110.00 price objective (down previously from $145.00) on shares of Pinnacle Financial Partners in a research note on Friday, July 25th. Seven equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and an average price target of $118.30.

Hedge Funds Weigh In On Pinnacle Financial Partners

Several hedge funds and other institutional investors have recently made changes to their positions in the company. FMR LLC grew its position in shares of Pinnacle Financial Partners by 10.6% in the fourth quarter. FMR LLC now owns 3,003,310 shares of the financial services provider's stock valued at $343,549,000 after purchasing an additional 286,894 shares in the last quarter. North Reef Capital Management LP grew its position in shares of Pinnacle Financial Partners by 57.1% in the fourth quarter. North Reef Capital Management LP now owns 1,940,000 shares of the financial services provider's stock valued at $221,917,000 after purchasing an additional 705,000 shares in the last quarter. Wellington Management Group LLP grew its position in shares of Pinnacle Financial Partners by 5.9% in the first quarter. Wellington Management Group LLP now owns 1,592,536 shares of the financial services provider's stock valued at $168,873,000 after purchasing an additional 88,282 shares in the last quarter. Capital Research Global Investors grew its position in shares of Pinnacle Financial Partners by 57.0% in the fourth quarter. Capital Research Global Investors now owns 1,559,798 shares of the financial services provider's stock valued at $178,425,000 after purchasing an additional 566,061 shares in the last quarter. Finally, Fenimore Asset Management Inc grew its position in shares of Pinnacle Financial Partners by 2.2% in the second quarter. Fenimore Asset Management Inc now owns 1,076,968 shares of the financial services provider's stock valued at $118,908,000 after purchasing an additional 23,552 shares in the last quarter. Hedge funds and other institutional investors own 87.40% of the company's stock.

About Pinnacle Financial Partners

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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