Pinnacle Financial Partners (NYSE:PNFP) Director Acquires $991,600.00 in Stock

Key Points

• Director David Ingram purchased 10,000 PNFP shares at an average price of $99.16, investing $991,600 and increasing his direct ownership by 15.34% to 75,182 shares.
• Pinnacle Financial Partners reported quarterly EPS of $2.69, beating estimates by $0.07, while revenue of $1.32 billion also exceeded analyst expectations.
• The company declared a quarterly dividend of $0.50 per share, equivalent to a 2.0% annualized yield; analysts maintain a “Moderate Buy” consensus with an average price target of $120.15.

Pinnacle Financial Partners, Inc. (NYSE:PNFP - Get Free Report) Director David Ingram bought 10,000 shares of the firm's stock in a transaction that occurred on Wednesday, October 28th. The shares were purchased at an average cost of $99.16 per share, with a total value of $991,600.00. Following the acquisition, the director directly owned 75,182 shares of the company's stock, valued at approximately $7,455,047.12. This trade represents a 15.34% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Pinnacle Financial Partners Stock Performance

PNFP stock traded up $2.22 during trading on Thursday, hitting $101.70. 1,109,150 shares of the company traded hands, compared to its average volume of 1,349,250. The company has a market cap of $7.89 billion, a PE ratio of 13.58, a P/E/G ratio of 0.40 and a beta of 1.03. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.85 and a quick ratio of 0.85. The stock's 50-day simple moving average is $97.54 and its 200 day simple moving average is $96.73. Pinnacle Financial Partners, Inc. has a 1 year low of $81.08 and a 1 year high of $110.33.

Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) last released its quarterly earnings data on Wednesday, October 21st. The company reported $2.69 earnings per share for the quarter, beating analysts' consensus estimates of $2.62 by $0.07. The company had revenue of $1.32 billion during the quarter, compared to analysts' expectations of $1.28 billion. Pinnacle Financial Partners had a net margin of 15.97% and a return on equity of 11.33%. On average, equities analysts expect that Pinnacle Financial Partners, Inc. will post 10.22 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 27th. Stockholders of record on Friday, November 6th will be given a $0.50 dividend. The ex-dividend date is Friday, November 6th. This represents a $2.00 annualized dividend and a dividend yield of 2.0%. Pinnacle Financial Partners's dividend payout ratio (DPR) is 26.70%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on PNFP. Hovde Group initiated coverage on shares of Pinnacle Financial Partners in a research note on Wednesday, September 16th. They issued an "outperform" rating and a $125.00 target price on the stock. Weiss Ratings raised Pinnacle Financial Partners from a "buy (b-)" rating to a "buy (b)" rating in a research note on Thursday, October 8th. TD Cowen lifted their target price on Pinnacle Financial Partners from $115.00 to $118.00 and gave the company a "buy" rating in a report on Friday, October 23rd. Evercore reiterated an "outperform" rating on shares of Pinnacle Financial Partners in a research note on Tuesday. Finally, Piper Sandler boosted their price target on shares of Pinnacle Financial Partners from $125.00 to $127.00 and gave the company an "overweight" rating in a research report on Monday. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $120.15.

Institutional Investors Weigh In On Pinnacle Financial Partners

Several institutional investors have recently modified their holdings of the company. Bank of America Corp DE acquired a new stake in Pinnacle Financial Partners in the second quarter valued at $70,269,000. Public Employees Retirement System of Ohio bought a new stake in shares of Pinnacle Financial Partners during the 2nd quarter worth about $4,292,000. BlackRock Inc. acquired a new stake in shares of Pinnacle Financial Partners in the second quarter valued at $1,704,708,000. Man Group plc acquired a new position in shares of Pinnacle Financial Partners in the 2nd quarter worth approximately $19,969,000. Finally, Corient Private Wealth LP acquired a new position in shares of Pinnacle Financial Partners in the 2nd quarter worth $1,982,000. Hedge funds and other institutional investors own 87.40% of the company's stock.

Pinnacle Financial Partners Company Profile

Pinnacle Financial Partners, Inc is a bank holding company headquartered in Nashville, Tennessee. Through its primary subsidiary, Pinnacle Bank, the company provides banking and financial services to businesses, professionals, entrepreneurs and individuals.

Its offerings include commercial and consumer loans, deposit accounts, treasury and cash-management services, mortgage lending, investment and wealth-management services, trust services and insurance solutions. Pinnacle emphasizes relationship-based banking and serves clients through offices and financial professionals in Tennessee and selected markets in the Carolinas and Virginia.

Founded in 2000, Pinnacle has expanded from its Nashville base into a broader regional banking franchise through organic growth and acquisitions.

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