Pinnacle Financial Partners (NASDAQ:PNFP) Director G Kennedy Thompson Acquires 5,000 Shares

Key Points

• Director G Kennedy Thompson of Pinnacle Financial Partners acquired 5,000 shares of the stock at an average price of $87.63 per share, increasing his total ownership to approximately $2.9 million.
• Pinnacle Financial Partners reported $2.27 EPS for the last quarter, surpassing estimates by $0.22, with revenues reaching $544.80 million against expectations of $526.40 million.
• Analysts have set a consensus price target of $110.27 for shares of Pinnacle Financial Partners, with a mix of six buy ratings and seven hold ratings.

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Get Free Report) Director G Kennedy Thompson purchased 5,000 shares of the stock in a transaction on Monday, October 20th. The stock was bought at an average cost of $87.63 per share, for a total transaction of $438,150.00. Following the completion of the acquisition, the director owned 33,372 shares in the company, valued at approximately $2,924,388.36. This trade represents a 17.62% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

G Kennedy Thompson also recently made the following trade(s):

• On Friday, August 1st, G Kennedy Thompson purchased 10,000 shares of Pinnacle Financial Partners stock. The stock was bought at an average cost of $85.65 per share, for a total transaction of $856,500.00.

Pinnacle Financial Partners Stock Performance

Shares of PNFP traded up $0.29 during mid-day trading on Tuesday, hitting $88.43. 1,089,788 shares of the company's stock were exchanged, compared to its average volume of 847,178. Pinnacle Financial Partners, Inc. has a 52 week low of $81.57 and a 52 week high of $131.91. The stock's 50-day simple moving average is $94.20 and its 200-day simple moving average is $100.45. The firm has a market cap of $6.86 billion, a price-to-earnings ratio of 11.24 and a beta of 1.02. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.33.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last announced its earnings results on Wednesday, October 15th. The financial services provider reported $2.27 EPS for the quarter, topping the consensus estimate of $2.05 by $0.22. The company had revenue of $544.80 million for the quarter, compared to analysts' expectations of $526.40 million. Pinnacle Financial Partners had a net margin of 19.17% and a return on equity of 9.91%. During the same period last year, the firm earned $1.86 earnings per share. On average, equities research analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Hedge Funds Weigh In On Pinnacle Financial Partners

Hedge funds have recently modified their holdings of the business. 1248 Management LLC bought a new position in Pinnacle Financial Partners during the first quarter worth $29,000. Elevation Point Wealth Partners LLC bought a new position in Pinnacle Financial Partners during the second quarter worth $38,000. MAI Capital Management raised its stake in Pinnacle Financial Partners by 79.4% during the second quarter. MAI Capital Management now owns 366 shares of the financial services provider's stock worth $40,000 after buying an additional 162 shares during the last quarter. Spurstone Advisory Services LLC bought a new position in Pinnacle Financial Partners during the second quarter worth $41,000. Finally, Ameritas Advisory Services LLC bought a new position in Pinnacle Financial Partners during the second quarter worth $45,000. Institutional investors and hedge funds own 87.40% of the company's stock.

Analysts Set New Price Targets

Several research firms recently issued reports on PNFP. Wall Street Zen upgraded shares of Pinnacle Financial Partners from a "sell" rating to a "hold" rating in a research report on Friday, July 18th. UBS Group reduced their price target on shares of Pinnacle Financial Partners from $121.00 to $108.00 and set a "neutral" rating on the stock in a research report on Tuesday, September 2nd. Keefe, Bruyette & Woods cut their target price on shares of Pinnacle Financial Partners from $125.00 to $95.00 and set a "market perform" rating on the stock in a research report on Wednesday, August 13th. Jefferies Financial Group restated a "hold" rating and issued a $110.00 target price (down previously from $145.00) on shares of Pinnacle Financial Partners in a research report on Friday, July 25th. Finally, Barclays set a $120.00 target price on shares of Pinnacle Financial Partners in a research report on Wednesday, October 8th. Six research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $110.27.

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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