Harold R. Carpenter Acquires 1,000 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Stock

Key Points

• Harold R. Carpenter, CFO of Pinnacle Financial Partners, acquired 1,000 shares at an average price of $89.73, raising his total ownership to 105,050 shares, valued at approximately $9.43 million.
• Pinnacle Financial Partners disclosed a quarterly dividend of $0.24 to be paid on August 29th, representing an annualized dividend of $0.96 and a yield of 1.08%.
• Despite a recent earnings report that exceeded expectations, the stock has seen a decline, trading down 1.5% to $88.70, with a market capitalization of $6.88 billion.

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Get Free Report) CFO Harold R. Carpenter bought 1,000 shares of the firm's stock in a transaction dated Thursday, July 31st. The stock was purchased at an average price of $89.73 per share, for a total transaction of $89,730.00. Following the transaction, the chief financial officer owned 105,050 shares of the company's stock, valued at approximately $9,426,136.50. This represents a 0.96% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Pinnacle Financial Partners Trading Down 1.5%

PNFP stock traded down $1.31 during midday trading on Thursday, hitting $88.70. 1,691,097 shares of the company's stock were exchanged, compared to its average volume of 644,734. The business has a 50-day simple moving average of $108.62 and a two-hundred day simple moving average of $108.71. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.34. The stock has a market capitalization of $6.88 billion, a PE ratio of 11.77 and a beta of 1.01. Pinnacle Financial Partners, Inc. has a 1-year low of $81.57 and a 1-year high of $131.91.

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

Pinnacle Financial Partners Announces Dividend

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

Institutional Investors Weigh In On Pinnacle Financial Partners

Institutional investors have recently modified their holdings of the company. 1248 Management LLC acquired a new stake in shares of Pinnacle Financial Partners in the first quarter valued at $29,000. Ameritas Advisory Services LLC acquired a new position in Pinnacle Financial Partners during the 2nd quarter worth $45,000. Golden State Wealth Management LLC acquired a new position in Pinnacle Financial Partners during the 1st quarter worth $48,000. SVB Wealth LLC acquired a new position in Pinnacle Financial Partners during the 1st quarter worth $51,000. Finally, BI Asset Management Fondsmaeglerselskab A S acquired a new position in Pinnacle Financial Partners during the 1st quarter worth $57,000. 87.40% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

PNFP has been the topic of several research reports. Wells Fargo & Company decreased their target price on 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. Jefferies Financial Group reaffirmed a "hold" rating and issued a $110.00 target price (down from $145.00) on shares of Pinnacle Financial Partners in a research note on Friday, July 25th. Keefe, Bruyette & Woods raised their target price on Pinnacle Financial Partners from $115.00 to $130.00 and gave the stock a "market perform" rating in a research note on Thursday, July 17th. JPMorgan Chase & Co. raised their target price on Pinnacle Financial Partners from $115.00 to $125.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 1st. Finally, Hovde Group downgraded Pinnacle Financial Partners from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 25th. Seven investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, Pinnacle Financial Partners presently has an average rating of "Hold" and a consensus 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.

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