Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Director Purchases $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 Pinnacle Financial Partners stock in a transaction on Friday, August 1st. The stock was purchased at an average price of $85.65 per share, with a total value of $856,500.00. Following the purchase, the director owned 28,372 shares of the company's stock, valued at $2,430,061.80. The trade was a 54.43% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

Pinnacle Financial Partners Price Performance

PNFP traded up $1.15 during trading on Monday, reaching $87.28. 3,047,991 shares of the stock were exchanged, compared to its average volume of 687,057. The business's 50 day moving average price is $107.86 and its two-hundred day moving average price is $108.17. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.89 and a quick ratio of 0.88. The company has a market capitalization of $6.77 billion, a price-to-earnings ratio of 11.58 and a beta of 1.03. 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 issued its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $2.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.92 by $0.08. Pinnacle Financial Partners had a return on equity of 9.60% and a net margin of 18.69%. The business had revenue of $504.99 million for the quarter, compared to the consensus estimate of $495.27 million. During the same period in the prior year, the business earned $1.63 earnings per share. The business's revenue was up 15.1% on a year-over-year basis. As a group, equities research analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Friday, August 1st will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 1.1%. The ex-dividend date is Friday, August 1st. Pinnacle Financial Partners's dividend payout ratio is currently 12.73%.

Institutional Trading of Pinnacle Financial Partners

Several institutional investors and hedge funds have recently made changes to their positions in PNFP. American Century Companies Inc. lifted its position in Pinnacle Financial Partners by 1.8% during the fourth quarter. American Century Companies Inc. now owns 33,826 shares of the financial services provider's stock worth $3,869,000 after buying an additional 614 shares during the period. LPL Financial LLC lifted its position in Pinnacle Financial Partners by 45.4% during the fourth quarter. LPL Financial LLC now owns 28,255 shares of the financial services provider's stock worth $3,232,000 after buying an additional 8,816 shares during the period. Blair William & Co. IL purchased a new position in Pinnacle Financial Partners during the fourth quarter worth about $200,000. Pictet Asset Management Holding SA lifted its position in Pinnacle Financial Partners by 10.0% during the fourth quarter. Pictet Asset Management Holding SA now owns 11,510 shares of the financial services provider's stock worth $1,317,000 after buying an additional 1,043 shares during the period. Finally, O Shaughnessy Asset Management LLC lifted its position in Pinnacle Financial Partners by 13.5% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 5,786 shares of the financial services provider's stock worth $662,000 after buying an additional 688 shares during the period. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on PNFP shares. Stephens dropped their target price on Pinnacle Financial Partners from $133.00 to $104.00 and set an "equal weight" rating on the stock in a report on Tuesday, July 29th. Barclays dropped their target price on Pinnacle Financial Partners from $140.00 to $125.00 and set an "overweight" rating on the stock in a report on Monday, July 28th. Hovde Group lowered Pinnacle Financial Partners from a "strong-buy" rating to a "hold" rating in a report on Friday, July 25th. UBS Group reissued a "neutral" rating and issued a $121.00 target price on shares of Pinnacle Financial Partners in a report on Wednesday, July 9th. Finally, Citigroup dropped their target price on Pinnacle Financial Partners from $140.00 to $120.00 and set a "buy" rating on the stock in a report on Friday, July 25th. Seven investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat, Pinnacle Financial Partners currently has an average rating of "Hold" and an average price target of $118.30.

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.

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