Thomas C. Farnsworth III Buys 1,000 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Stock

Key Points

• Thomas C. Farnsworth III, a director at Pinnacle Financial Partners, has acquired 1,000 shares of the company at an average price of $84.94, raising his total holdings to 28,277 shares.
• Pinnacle Financial Partners reported earnings of $2.00 per share, exceeding analysts' expectations, and revenue of $504.99 million for the last quarter, a 15.1% increase year-over-year.
• The company declared a $0.24 quarterly dividend, with a dividend yield of 1.1%, and a payout ratio of 12.73%.

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Get Free Report) Director Thomas C. Farnsworth III acquired 1,000 shares of the stock in a transaction dated Friday, August 1st. The shares were bought at an average cost of $84.94 per share, with a total value of $84,940.00. Following the completion of the transaction, the director owned 28,277 shares of the company's stock, valued at approximately $2,401,848.38. This represents a 3.67% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Pinnacle Financial Partners Stock Performance

NASDAQ:PNFP traded up $1.66 during trading hours on Friday, reaching $89.42. 268,790 shares of the company's stock were exchanged, compared to its average volume of 718,832. 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 1-year low of $81.57 and a 1-year high of $131.91. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.34. The firm has a market capitalization of $6.94 billion, a price-to-earnings ratio of 11.83 and a beta of 1.03.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last released its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $2.00 EPS for the quarter, topping the consensus estimate of $1.92 by $0.08. The business had revenue of $504.99 million during the quarter, compared to analysts' expectations 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 quarterly 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. Research analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

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

Analyst Ratings Changes

A number of research firms have weighed in on PNFP. Wall Street Zen upgraded Pinnacle Financial Partners from a "sell" rating to a "hold" rating in a research note on Friday, July 18th. Hovde Group lowered Pinnacle Financial Partners from a "strong-buy" rating to a "hold" rating in a research report on Friday, July 25th. Truist Financial restated a "buy" rating and set a $127.00 target price (up previously from $123.00) on shares of Pinnacle Financial Partners in a research note on Friday, July 11th. Wells Fargo & Company dropped their price target on shares of Pinnacle Financial Partners from $125.00 to $110.00 and set an "equal weight" rating on the stock in a research note on Friday, July 25th. Finally, Keefe, Bruyette & Woods raised their price objective on shares of Pinnacle Financial Partners from $115.00 to $130.00 and gave the stock a "market perform" rating in a report on Thursday, July 17th. Seven investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $118.30.

Institutional Investors Weigh In On Pinnacle Financial Partners

Several institutional investors have recently modified their holdings of the company. GAMMA Investing LLC lifted its holdings in shares of Pinnacle Financial Partners by 51.7% in the first quarter. GAMMA Investing LLC now owns 1,616 shares of the financial services provider's stock valued at $171,000 after purchasing an additional 551 shares in the last quarter. Golden State Wealth Management LLC acquired a new position in shares of Pinnacle Financial Partners during the 1st quarter worth approximately $48,000. M&T Bank Corp lifted its stake in Pinnacle Financial Partners by 9.0% in the 1st quarter. M&T Bank Corp now owns 8,187 shares of the financial services provider's stock valued at $868,000 after buying an additional 674 shares in the last quarter. Allspring Global Investments Holdings LLC grew its holdings in Pinnacle Financial Partners by 3.2% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 142,165 shares of the financial services provider's stock valued at $14,892,000 after buying an additional 4,356 shares during the last quarter. Finally, Impax Asset Management Group plc acquired a new stake in Pinnacle Financial Partners during the 1st quarter valued at $7,423,000. 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.