Pinnacle Financial Partners, Inc. (NYSE:PNFP – Get Free Report) Director David Ingram purchased 10,000 shares of Pinnacle Financial Partners stock in a transaction dated Wednesday, October 28th. The stock was acquired at an average price of $99.16 per share, with a total value of $991,600.00. Following the acquisition, the director owned 75,182 shares in the company, valued at approximately $7,455,047.12. This represents a 15.34% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.
Pinnacle Financial Partners Price Performance
Shares of PNFP opened at $101.70 on Friday. The company has a 50 day moving average price of $97.54 and a 200-day moving average price of $96.76. Pinnacle Financial Partners, Inc. has a fifty-two week low of $81.08 and a fifty-two week high of $110.33. The stock has a market capitalization of $7.89 billion, a PE ratio of 13.58, a PEG ratio of 0.38 and a beta of 1.03. 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 (NYSE:PNFP – Get Free Report) last released its quarterly earnings data on Wednesday, October 21st. The company reported $2.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.62 by $0.07. The firm had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.28 billion. Pinnacle Financial Partners had a net margin of 15.97% and a return on equity of 11.33%. Equities analysts predict that Pinnacle Financial Partners, Inc. will post 10.25 earnings per share for the current fiscal year.
Pinnacle Financial Partners Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Friday, November 27th. Shareholders of record on Friday, November 6th will be given a dividend of $0.50 per share. 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 (DPR) is 26.70%.
Institutional Investors Weigh In On Pinnacle Financial Partners
Several institutional investors have recently bought and sold shares of PNFP. Brown Financial Advisors increased its holdings in shares of Pinnacle Financial Partners by 2.7% in the second quarter. Brown Financial Advisors now owns 4,019 shares of the company’s stock valued at $405,000 after purchasing an additional 105 shares during the period. Simplicity Wealth LLC raised its stake in shares of Pinnacle Financial Partners by 1.5% in the first quarter. Simplicity Wealth LLC now owns 9,155 shares of the company’s stock worth $789,000 after purchasing an additional 131 shares during the last quarter. Cahaba Wealth Management Inc. raised its stake in shares of Pinnacle Financial Partners by 0.5% in the third quarter. Cahaba Wealth Management Inc. now owns 27,090 shares of the company’s stock worth $2,536,000 after purchasing an additional 133 shares during the last quarter. North Dakota State Investment Board lifted its holdings in shares of Pinnacle Financial Partners by 3.2% during the third quarter. North Dakota State Investment Board now owns 4,571 shares of the company’s stock worth $428,000 after purchasing an additional 140 shares during the period. Finally, Swmg LLC lifted its holdings in shares of Pinnacle Financial Partners by 7.1% during the third quarter. Swmg LLC now owns 2,273 shares of the company’s stock worth $228,000 after purchasing an additional 150 shares during the period. 87.40% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
Several research analysts have recently commented on PNFP shares. Robert W. Baird boosted their price target on Pinnacle Financial Partners from $115.00 to $120.00 and gave the stock an “outperform” rating in a research report on Friday, October 23rd. Wells Fargo & Company upgraded Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and set a $118.00 price objective for the company in a research note on Wednesday, September 30th. TD Cowen raised their price objective on Pinnacle Financial Partners from $115.00 to $118.00 and gave the company a “buy” rating in a research report on Friday, October 23rd. Stephens set a $112.00 price objective on Pinnacle Financial Partners in a research report on Monday, July 27th. Finally, Weiss Ratings upgraded Pinnacle Financial Partners from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $120.15.
View Our Latest Stock Report on Pinnacle Financial Partners
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.
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