Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) CFO Harold R. Carpenter Purchases 1,000 Shares

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 company's stock in a transaction dated Thursday, July 31st. The stock was purchased at an average cost of $89.73 per share, for a total transaction of $89,730.00. Following the completion of the transaction, the chief financial officer owned 105,050 shares of the company's stock, valued at $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 SEC, which can be accessed through this hyperlink.

Pinnacle Financial Partners Stock Down 0.6%

NASDAQ PNFP traded down $0.50 during trading on Monday, reaching $85.63. The company's stock had a trading volume of 447,367 shares, compared to its average volume of 668,896. 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 $6.64 billion, a PE ratio of 11.37 and a beta of 1.03. The business has a 50-day moving average price of $107.86 and a 200-day moving average price of $108.17. 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, beating analysts' consensus estimates of $1.92 by $0.08. The firm 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 company's revenue was up 15.1% compared to the same quarter last year. During the same period in the previous year, the company earned $1.63 earnings per share. On average, research analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share 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. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date is Friday, August 1st. Pinnacle Financial Partners's payout ratio is presently 12.73%.

Institutional Trading of Pinnacle Financial Partners

A number of institutional investors and hedge funds have recently modified their holdings of PNFP. Norges Bank acquired a new stake in shares of Pinnacle Financial Partners in the fourth quarter worth $101,798,000. Millennium Management LLC acquired a new stake in shares of Pinnacle Financial Partners in the first quarter worth $77,207,000. North Reef Capital Management LP lifted its stake 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 worth $221,917,000 after buying an additional 705,000 shares during the last quarter. Van Lanschot Kempen Investment Management N.V. acquired a new stake in shares of Pinnacle Financial Partners in the fourth quarter worth $78,110,000. Finally, Capital Research Global Investors lifted its stake 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 worth $178,425,000 after buying an additional 566,061 shares during the last quarter. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on PNFP shares. Wells Fargo & Company dropped 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. Stephens dropped their target price on shares of Pinnacle Financial Partners from $133.00 to $104.00 and set an "equal weight" rating on the stock in a research report on Tuesday, July 29th. JPMorgan Chase & Co. boosted their price objective on shares of Pinnacle Financial Partners from $115.00 to $125.00 and gave the company an "overweight" rating in a research report on Tuesday, July 1st. Truist Financial reaffirmed a "buy" rating and set a $127.00 price objective (up from $123.00) on shares of Pinnacle Financial Partners in a research report on Friday, July 11th. Finally, Barclays lowered their price objective on shares of Pinnacle Financial Partners from $140.00 to $125.00 and set an "overweight" rating on the stock in a research report on Monday, July 28th. Seven analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target 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.