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 purchased 1,000 shares of the stock in a transaction dated Friday, August 1st. The shares were acquired at an average cost of $84.94 per share, with a total value of $84,940.00. Following the acquisition, the director directly owned 28,277 shares in the company, valued at $2,401,848.38. This represents a 3.67% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Pinnacle Financial Partners Stock Up 1.3%

PNFP stock traded up $1.16 during midday trading on Monday, hitting $87.29. The company's stock had a trading volume of 3,047,991 shares, compared to its average volume of 687,057. The company has a market cap of $6.77 billion, a PE ratio of 11.58 and a beta of 1.03. 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 firm's 50-day moving average is $107.86 and its 200-day moving average is $108.17. Pinnacle Financial Partners, Inc. has a 12 month low of $81.57 and a 12 month high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last issued its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $2.00 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to analyst estimates of $495.27 million. During the same quarter in the prior year, the business posted $1.63 EPS. Pinnacle Financial Partners's revenue for the quarter was up 15.1% compared to the same quarter last year. On average, equities research analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Investors 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 dividend yield of 1.1%. Pinnacle Financial Partners's dividend payout ratio (DPR) is presently 12.73%.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. Jefferies Financial Group restated a "hold" rating and set a $110.00 price objective (down previously from $145.00) on shares of Pinnacle Financial Partners in a research report on Friday, July 25th. Wells Fargo & Company lowered their price objective on Pinnacle Financial Partners from $125.00 to $110.00 and set an "equal weight" rating for the company in a research note on Friday, July 25th. Truist Financial reissued a "buy" rating and set a $127.00 price objective (up from $123.00) on shares of Pinnacle Financial Partners in a report on Friday, July 11th. Hovde Group lowered Pinnacle Financial Partners from a "strong-buy" rating to a "hold" rating in a report on Friday, July 25th. Finally, UBS Group reiterated a "neutral" rating and issued a $121.00 price objective on shares of Pinnacle Financial Partners in a research report on Wednesday, July 9th. Seven equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $118.30.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. 1248 Management LLC bought a new stake in shares of Pinnacle Financial Partners during the first quarter valued at approximately $29,000. Ameritas Advisory Services LLC acquired a new position in Pinnacle Financial Partners during the second quarter valued at $45,000. Golden State Wealth Management LLC acquired a new position in Pinnacle Financial Partners during the first quarter valued at $48,000. SVB Wealth LLC acquired a new position in shares of Pinnacle Financial Partners in the first quarter worth about $51,000. Finally, BI Asset Management Fondsmaeglerselskab A S purchased a new stake in shares of Pinnacle Financial Partners during the first quarter worth about $57,000. Institutional investors own 87.40% of the company's stock.

Pinnacle Financial Partners Company Profile

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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