Pinnacle Financial Partners (NYSE:PNFP) Director Buys $49,305.00 in Stock

Key Points

• Director Gregory Montana purchased 500 Pinnacle Financial Partners shares at an average price of $98.61, investing $49,305 and increasing his direct ownership by 11.21% to 4,959 shares.
• PNFP shares rose 0.3% to $99.40, while the company’s latest quarterly results 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% yield, and analysts maintain a “Moderate Buy” consensus with an average price target of $119.39.

Pinnacle Financial Partners, Inc. (NYSE:PNFP - Get Free Report) Director Gregory Montana bought 500 shares of the firm's stock in a transaction that occurred on Thursday, September 10th. The shares were acquired at an average cost of $98.61 per share, with a total value of $49,305.00. Following the purchase, the director directly owned 4,959 shares of the company's stock, valued at $489,006.99. This trade represents a 11.21% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link.

Pinnacle Financial Partners Trading Up 0.3%

PNFP stock traded up $0.26 during mid-day trading on Friday, reaching $99.40. The company's stock had a trading volume of 982,977 shares, compared to its average volume of 1,389,001. Pinnacle Financial Partners, Inc. has a 12 month low of $81.08 and a 12 month high of $110.33. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.93 and a current ratio of 0.94. The business's 50 day moving average price is $102.28. The company has a market capitalization of $7.71 billion, a P/E ratio of 13.65, a price-to-earnings-growth ratio of 0.40 and a beta of 1.01.

Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) last posted its quarterly earnings results on Wednesday, July 22nd. The company reported $2.50 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.46 by $0.04. The firm had revenue of $1.24 billion for the quarter, compared to analysts' expectations of $1.24 billion. Pinnacle Financial Partners had a return on equity of 10.93% and a net margin of 15.40%. As a group, equities analysts expect that Pinnacle Financial Partners, Inc. will post 10.17 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

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

Wall Street Analysts Forecast Growth

PNFP has been the subject of a number of research analyst reports. Evercore reaffirmed an "outperform" rating and issued a $120.00 target price on shares of Pinnacle Financial Partners in a research report on Monday, July 6th. Weiss Ratings raised Pinnacle Financial Partners from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Friday, June 26th. DA Davidson boosted their price objective on Pinnacle Financial Partners from $109.00 to $112.00 and gave the company a "neutral" rating in a report on Friday, July 24th. Morgan Stanley started coverage on Pinnacle Financial Partners in a research report on Tuesday. They set an "overweight" rating and a $137.00 target price on the stock. Finally, JPMorgan Chase & Co. cut their target price on Pinnacle Financial Partners from $125.00 to $120.00 and set an "overweight" rating on the stock in a report on Friday, July 24th. Two analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $119.39.

Institutional Trading of Pinnacle Financial Partners

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PNFP. California State Teachers Retirement System purchased a new position in shares of Pinnacle Financial Partners during the second quarter valued at approximately $1,785,576,000. BlackRock Inc. purchased a new stake in Pinnacle Financial Partners in the 2nd quarter valued at $1,704,708,000. AQR Capital Management LLC raised its position in Pinnacle Financial Partners by 1,697.4% in the 3rd quarter. AQR Capital Management LLC now owns 3,267,666 shares of the company's stock valued at $306,474,000 after buying an additional 3,085,867 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Pinnacle Financial Partners by 80.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 5,035,295 shares of the company's stock valued at $433,712,000 after acquiring an additional 2,244,659 shares in the last quarter. Finally, Wellington Management Group LLP lifted its stake in Pinnacle Financial Partners by 22.1% during the 2nd quarter. Wellington Management Group LLP now owns 11,141,397 shares of the company's stock valued at $1,123,944,000 after acquiring an additional 2,016,827 shares in the last quarter. 87.40% of the stock is owned by institutional investors.

Pinnacle Financial Partners Company Profile

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

Its offerings include commercial and consumer banking, loans, deposit accounts, treasury and cash-management services, and mortgage lending. Pinnacle also provides investment advisory, wealth management, trust, insurance and other financial services through its banking platform and affiliated businesses.

Founded in 2000, Pinnacle has built a regional banking franchise focused primarily on the southeastern United States.

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