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

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 bought 174 shares of the business's stock in a transaction on Wednesday, July 30th. The stock was bought 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 legal filing with the SEC, which is available at this link.

Pinnacle Financial Partners Stock Down 0.6%

PNFP traded down $0.50 during trading on Monday, hitting $85.63. The stock had a trading volume of 447,367 shares, compared to its average volume of 668,896. The company has a market capitalization of $6.64 billion, a PE ratio of 11.37 and a beta of 1.03. Pinnacle Financial Partners, Inc. has a twelve month low of $81.57 and a twelve month high of $131.91. 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 stock has a 50 day simple moving average of $107.86 and a two-hundred day simple moving average of $108.17.

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 (EPS) for the quarter, topping analysts' consensus estimates of $1.92 by $0.08. The business had revenue of $504.99 million during the quarter, compared to analysts' expectations of $495.27 million. Pinnacle Financial Partners had a net margin of 18.69% and a return on equity of 9.60%. The business's quarterly revenue was up 15.1% on a year-over-year basis. During the same quarter last year, the company posted $1.63 earnings per share. On average, research analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Friday, August 1st will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend is Friday, August 1st. Pinnacle Financial Partners's dividend payout ratio (DPR) is 12.73%.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the business. 1248 Management LLC purchased a new position in Pinnacle Financial Partners in the first quarter valued at $29,000. Ameritas Advisory Services LLC purchased a new position in Pinnacle Financial Partners in the second quarter valued at $45,000. Golden State Wealth Management LLC purchased a new position in Pinnacle Financial Partners in the first quarter valued at $48,000. SVB Wealth LLC acquired a new stake in shares of Pinnacle Financial Partners in the first quarter valued at about $51,000. Finally, BI Asset Management Fondsmaeglerselskab A S acquired a new stake in shares of Pinnacle Financial Partners in the first quarter valued at about $57,000. Hedge funds and other institutional investors own 87.40% of the company's stock.

Analyst Ratings Changes

PNFP has been the topic of several recent research reports. Citigroup decreased 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 research report on Friday, July 25th. UBS Group restated a "neutral" rating and set a $121.00 target price on shares of Pinnacle Financial Partners in a research report on Wednesday, July 9th. Wells Fargo & Company decreased their target price on shares of Pinnacle Financial Partners from $125.00 to $110.00 and set an "equal weight" rating on the stock in a research report on Friday, July 25th. Keefe, Bruyette & Woods upped their target price on shares of Pinnacle Financial Partners from $115.00 to $130.00 and gave the company a "market perform" rating in a research report on Thursday, July 17th. Finally, Jefferies Financial Group restated a "hold" rating and set a $110.00 target price (down from $145.00) on shares of Pinnacle Financial Partners in a research report on Friday, July 25th. Seven equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $118.30.

Pinnacle Financial Partners Company 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.