Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Director Acquires $856,500.00 in Stock

Key Points

• Director G Kennedy Thompson purchased $856,500 worth of Pinnacle Financial Partners stock, increasing his position by 54.43% to a total of 28,372 shares.
• Pinnacle Financial Partners reported a quarterly earnings per share (EPS) of $2.00, beating expectations and showing a 15.1% year-over-year revenue increase.
• The company announced a quarterly dividend of $0.24 per share, representing a 1.1% dividend yield for stockholders of record as of August 1st.

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Get Free Report) Director G Kennedy Thompson acquired 10,000 shares of the stock in a transaction dated Friday, August 1st. The shares were bought at an average cost of $85.65 per share, for a total transaction of $856,500.00. Following the completion of the transaction, the director owned 28,372 shares in the company, valued at approximately $2,430,061.80. This represents a 54.43% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website.

Pinnacle Financial Partners Stock Performance

Shares of PNFP stock traded up $1.66 during trading hours on Friday, hitting $89.42. The company's stock had a trading volume of 268,790 shares, compared to its average volume of 718,832. 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 company has a 50 day moving average of $106.40 and a 200 day moving average of $107.47. Pinnacle Financial Partners, Inc. has a 12-month low of $81.57 and a 12-month high of $131.91. The stock has a market cap of $6.94 billion, a PE ratio of 11.83 and a beta of 1.03.

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

Pinnacle Financial Partners Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Friday, August 1st will be given a dividend of $0.24 per share. The ex-dividend date is Friday, August 1st. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.1%. Pinnacle Financial Partners's dividend payout ratio (DPR) is 12.73%.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. Citigroup lowered their target price on shares of Pinnacle Financial Partners from $140.00 to $120.00 and set a "buy" rating on the stock in a report on Friday, July 25th. Keefe, Bruyette & Woods increased their price objective on shares of Pinnacle Financial Partners from $115.00 to $130.00 and gave the company a "market perform" rating in a report on Thursday, July 17th. Wall Street Zen raised Pinnacle Financial Partners from a "sell" rating to a "hold" rating in a report on Friday, July 18th. Stephens dropped their price target on Pinnacle Financial Partners from $133.00 to $104.00 and set an "equal weight" rating for the company in a research note on Tuesday, July 29th. Finally, UBS Group reaffirmed a "neutral" rating and set a $121.00 price target on shares of Pinnacle Financial Partners in a research note on Wednesday, July 9th. Seven analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $118.30.

Hedge Funds Weigh In On Pinnacle Financial Partners

Institutional investors and hedge funds have recently modified their holdings of the business. FMR LLC lifted its position in shares of Pinnacle Financial Partners by 10.6% during the 4th quarter. FMR LLC now owns 3,003,310 shares of the financial services provider's stock valued at $343,549,000 after buying an additional 286,894 shares in the last quarter. North Reef Capital Management LP lifted its position 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 valued at $221,917,000 after acquiring an additional 705,000 shares in the last quarter. Wellington Management Group LLP increased its position in shares of Pinnacle Financial Partners by 5.9% during the first quarter. Wellington Management Group LLP now owns 1,592,536 shares of the financial services provider's stock worth $168,873,000 after purchasing an additional 88,282 shares in the last quarter. Capital Research Global Investors raised its stake in Pinnacle Financial Partners by 57.0% in the 4th quarter. Capital Research Global Investors now owns 1,559,798 shares of the financial services provider's stock valued at $178,425,000 after purchasing an additional 566,061 shares during the last quarter. Finally, Fenimore Asset Management Inc boosted its stake in Pinnacle Financial Partners by 2.2% during the 2nd quarter. Fenimore Asset Management Inc now owns 1,076,968 shares of the financial services provider's stock worth $118,908,000 after purchasing an additional 23,552 shares during the last quarter. Hedge funds and other institutional investors own 87.40% of the company's stock.

About Pinnacle Financial Partners

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.