Kevin Blair Buys 2,565 Shares of Pinnacle Financial Partners (NYSE:PNFP) Stock

Pinnacle Financial Partners, Inc. (NYSE:PNFP) CEO Kevin Blair acquired 2,565 shares of the company’s stock in a transaction dated Tuesday, September 1st. The shares were purchased at an average cost of $97.48 per share, with a total value of $250,036.20. Following the acquisition, the chief executive officer owned 152,397 shares of the company’s stock, valued at approximately $14,855,659.56. This represents a 1.71% increase in their position. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Pinnacle Financial Partners Stock Performance

Shares of PNFP stock opened at $101.37 on Friday. The business’s fifty day simple moving average is $102.31. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.73. The company has a market capitalization of $7.86 billion, a PE ratio of 13.92, a PEG ratio of 0.40 and a beta of 1.01. Pinnacle Financial Partners, Inc. has a 52 week low of $81.08 and a 52 week high of $110.33.

Pinnacle Financial Partners (NYSE:PNFP) last issued its quarterly earnings results on Wednesday, July 22nd. The company reported $2.50 earnings per share for the quarter, beating analysts’ consensus estimates of $2.46 by $0.04. The business had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.24 billion. Pinnacle Financial Partners had a net margin of 15.40% and a return on equity of 10.93%. As a group, analysts forecast that Pinnacle Financial Partners, Inc. will post 10.19 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Friday, August 7th were paid a dividend of $0.50 per share. The ex-dividend date of this dividend was Friday, August 7th. This represents a $2.00 annualized dividend and a yield of 2.0%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 27.47%.

Hedge Funds Weigh In On Pinnacle Financial Partners

Large investors have recently bought and sold shares of the company. Resources Management Corp CT ADV bought a new stake in shares of Pinnacle Financial Partners in the first quarter worth $26,000. Brown Brothers Harriman & Co. acquired a new position in Pinnacle Financial Partners during the third quarter worth $26,000. BOKF NA grew its position in Pinnacle Financial Partners by 1,204.5% in the third quarter. BOKF NA now owns 287 shares of the company’s stock valued at $27,000 after purchasing an additional 265 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC grew its position in Pinnacle Financial Partners by 97.7% in the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 350 shares of the company’s stock valued at $30,000 after purchasing an additional 173 shares in the last quarter. Finally, CIBC Private Wealth Group LLC increased its stake in Pinnacle Financial Partners by 175.6% in the 4th quarter. CIBC Private Wealth Group LLC now owns 339 shares of the company’s stock valued at $32,000 after buying an additional 216 shares during the last quarter. Institutional investors and hedge funds own 87.40% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently weighed in on PNFP. Wells Fargo & Company lifted their price target on shares of Pinnacle Financial Partners from $111.00 to $118.00 and gave the stock an “equal weight” rating in a research report on Monday, August 10th. JPMorgan Chase & Co. decreased their price objective on Pinnacle Financial Partners from $125.00 to $120.00 and set an “overweight” rating for the company in a research report on Friday, July 24th. Truist Financial increased their target price on Pinnacle Financial Partners from $115.00 to $118.00 and gave the stock a “buy” rating in a research note on Tuesday, July 28th. Weiss Ratings upgraded shares of Pinnacle Financial Partners from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, June 26th. Finally, Benchmark upped their price target on shares of Pinnacle Financial Partners from $125.00 to $130.00 and gave the company a “buy” rating in a report on Wednesday, August 5th. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, Pinnacle Financial Partners has a consensus rating of “Moderate Buy” and a consensus price target of $118.35.

About Pinnacle Financial Partners

Pinnacle Financial Partners (NYSE: PNFP) is a bank holding company headquartered in Nashville, Tennessee, that provides a broad range of commercial and consumer banking services. Founded in 2000, the company operates through a network of banking offices and digital channels to serve individuals, small and middle-market businesses, and institutional clients. Pinnacle’s business model emphasizes relationship-based banking and tailored financial solutions for commercial borrowers and deposit customers.

The company’s product and service offerings include commercial and residential lending, treasury and payment solutions, deposit accounts, mortgage services, and cash management.