Pinnacle Financial Partners (NYSE:PNFP) CEO Acquires $250,036.20 in Stock

Key Points

• CEO Kevin Blair bought 2,565 shares of Pinnacle Financial Partners at an average price of $97.48, investing $250,036.20 and increasing his stake by 1.71% to 152,397 shares.
• Pinnacle’s stock rose 3.7% to $100.64, while its latest quarterly results slightly exceeded expectations with EPS of $2.50 versus the $2.46 consensus estimate.
• The company pays a quarterly dividend of $0.50 per share, equivalent to a 2.0% annual yield, and analysts maintain a “Moderate Buy” consensus with an average price target of $118.35.

Pinnacle Financial Partners, Inc. (NYSE:PNFP - Get Free Report) CEO Kevin Blair acquired 2,565 shares of the firm's stock in a transaction dated Tuesday, September 1st. The stock was bought at an average price of $97.48 per share, for a total transaction of $250,036.20. Following the completion of the acquisition, the chief executive officer owned 152,397 shares in the company, valued at approximately $14,855,659.56. The trade was a 1.71% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Pinnacle Financial Partners Trading Up 3.7%

Pinnacle Financial Partners stock traded up $3.61 during trading on Wednesday, hitting $100.64. The company had a trading volume of 149,019 shares, compared to its average volume of 1,403,394. Pinnacle Financial Partners, Inc. has a 1-year low of $81.08 and a 1-year high of $110.33. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.73. The company has a 50 day simple moving average of $102.20. The stock has a market cap of $7.81 billion, a PE ratio of 13.86, a price-to-earnings-growth ratio of 0.40 and a beta of 1.01.

Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) last announced its earnings results on Wednesday, July 22nd. The company reported $2.50 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.46 by $0.04. Pinnacle Financial Partners had a return on equity of 10.93% and a net margin of 15.40%.The company had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. As a group, analysts forecast that Pinnacle Financial Partners, Inc. will post 10.19 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Friday, August 7th were paid a dividend of $0.50 per share. The ex-dividend date of this dividend was Friday, August 7th. This represents a $2.00 annualized dividend and a yield of 2.0%. Pinnacle Financial Partners's dividend payout ratio is presently 27.47%.

Hedge Funds Weigh In On Pinnacle Financial Partners

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Resources Management Corp CT ADV purchased a new stake in shares of Pinnacle Financial Partners during the first quarter worth approximately $26,000. Brown Brothers Harriman & Co. purchased a new position in Pinnacle Financial Partners in the third quarter worth approximately $26,000. BOKF NA grew its holdings in Pinnacle Financial Partners by 1,204.5% during the 3rd quarter. BOKF NA now owns 287 shares of the company's stock worth $27,000 after acquiring an additional 265 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC grew its holdings in Pinnacle Financial Partners by 97.7% during the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 350 shares of the company's stock worth $30,000 after acquiring an additional 173 shares in the last quarter. Finally, CIBC Private Wealth Group LLC increased its position in shares of Pinnacle Financial Partners by 175.6% in the 4th quarter. CIBC Private Wealth Group LLC now owns 339 shares of the company's stock valued at $32,000 after purchasing an additional 216 shares during the last quarter. Hedge funds and other institutional investors own 87.40% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Stephens set a $112.00 target price on Pinnacle Financial Partners in a research report on Monday, July 27th. Wall Street Zen raised shares of Pinnacle Financial Partners from a "sell" rating to a "hold" rating in a research report on Tuesday, May 12th. TD Cowen raised their price objective on shares of Pinnacle Financial Partners from $116.00 to $119.00 and gave the company a "buy" rating in a research note on Monday, July 27th. Robert W. Baird began coverage on shares of Pinnacle Financial Partners in a report on Tuesday, May 19th. They issued an "outperform" rating and a $115.00 price objective for the company. Finally, Wells Fargo & Company upped their target price on shares of Pinnacle Financial Partners from $111.00 to $118.00 and gave the stock an "equal weight" rating in a research note on Monday, August 10th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $118.35.

Pinnacle Financial Partners Company Profile

Pinnacle Financial Partners NYSE: PNFP is a bank holding company headquartered in Nashville, Tennessee, that provides a broad range of commercial and consumer banking services. Founded in 2000, the company operates through a network of banking offices and digital channels to serve individuals, small and middle-market businesses, and institutional clients. Pinnacle’s business model emphasizes relationship-based banking and tailored financial solutions for commercial borrowers and deposit customers.

The company’s product and service offerings include commercial and residential lending, treasury and payment solutions, deposit accounts, mortgage services, and cash management.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.