Pinnacle Financial Partners (NYSE:PNFP) Director Acquires $991,600.00 in Stock

Pinnacle Financial Partners, Inc. (NYSE:PNFP) Director David Ingram purchased 10,000 shares of the company’s stock in a transaction dated Wednesday, October 28th. The stock was bought at an average cost of $99.16 per share, for a total transaction of $991,600.00. Following the completion of the purchase, the director directly owned 75,182 shares of the company’s stock, valued at $7,455,047.12. The trade was a 15.34% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Pinnacle Financial Partners Stock Up 2.2%

Shares of NYSE PNFP traded up $2.22 during trading hours on Thursday, hitting $101.70. The stock had a trading volume of 1,109,150 shares, compared to its average volume of 1,349,250. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.85 and a current ratio of 0.85. Pinnacle Financial Partners, Inc. has a 52 week low of $81.08 and a 52 week high of $110.33. The firm’s 50-day moving average price is $97.54 and its two-hundred day moving average price is $96.73. The company has a market capitalization of $7.89 billion, a P/E ratio of 13.58, a P/E/G ratio of 0.40 and a beta of 1.03.

Pinnacle Financial Partners (NYSE:PNFP) last posted its earnings results on Wednesday, October 21st. The company reported $2.69 EPS for the quarter, topping the consensus estimate of $2.62 by $0.07. Pinnacle Financial Partners had a net margin of 15.97% and a return on equity of 11.33%. The firm had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.28 billion. Analysts anticipate that Pinnacle Financial Partners, Inc. will post 10.22 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 27th. Investors of record on Friday, November 6th will be given a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Friday, November 6th. Pinnacle Financial Partners’s dividend payout ratio is 26.70%.

Wall Street Analyst Weigh In

A number of brokerages recently commented on PNFP. JPMorgan Chase & Co. lifted their price objective on Pinnacle Financial Partners from $115.00 to $125.00 and gave the stock an “overweight” rating in a research note on Friday, October 23rd. Piper Sandler upped their price objective on Pinnacle Financial Partners from $125.00 to $127.00 and gave the company an “overweight” rating in a report on Monday. Benchmark raised their price target on Pinnacle Financial Partners from $125.00 to $130.00 and gave the stock a “buy” rating in a research report on Wednesday, August 5th. Weiss Ratings raised Pinnacle Financial Partners from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, October 8th. Finally, Evercore reiterated an “outperform” rating on shares of Pinnacle Financial Partners in a research note on Tuesday. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $120.15.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Resources Management Corp CT ADV purchased a new position in Pinnacle Financial Partners in the first quarter valued at approximately $26,000. Mirae Asset Global Investments Co. Ltd. bought a new position in Pinnacle Financial Partners in the 3rd quarter worth approximately $32,000. Annis Gardner Whiting Capital Advisors LLC grew its stake in Pinnacle Financial Partners by 97.7% in the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 350 shares of the company’s stock valued at $30,000 after buying an additional 173 shares in the last quarter. Basecamp Wealth Advisors LLC raised its holdings in Pinnacle Financial Partners by 112.2% during the 1st quarter. Basecamp Wealth Advisors LLC now owns 399 shares of the company’s stock valued at $34,000 after acquiring an additional 211 shares during the period. Finally, Leonteq Securities AG bought a new position in shares of Pinnacle Financial Partners in the first quarter worth $38,000. Institutional investors and hedge funds own 87.40% of the company’s stock.

About Pinnacle Financial Partners

Pinnacle Financial Partners, Inc is a bank holding company headquartered in Nashville, Tennessee. Through its primary subsidiary, Pinnacle Bank, the company provides banking and financial services to businesses, professionals, entrepreneurs and individuals.

Its offerings include commercial and consumer loans, deposit accounts, treasury and cash-management services, mortgage lending, investment and wealth-management services, trust services and insurance solutions. Pinnacle emphasizes relationship-based banking and serves clients through offices and financial professionals in Tennessee and selected markets in the Carolinas and Virginia.

Founded in 2000, Pinnacle has expanded from its Nashville base into a broader regional banking franchise through organic growth and acquisitions.