Pinnacle Financial Partners (NYSE:PNFP) Director Purchases $49,305.00 in Stock

Pinnacle Financial Partners, Inc. (NYSE:PNFP) Director Gregory Montana purchased 500 shares of Pinnacle Financial Partners stock in a transaction on Thursday, September 10th. The stock was bought at an average price of $98.61 per share, for a total transaction of $49,305.00. Following the transaction, the director directly owned 4,959 shares in the company, valued at approximately $489,006.99. The trade was a 11.21% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Pinnacle Financial Partners Price Performance

Shares of PNFP opened at $99.40 on Monday. The business’s 50-day moving average is $102.28. 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 $7.71 billion, a P/E ratio of 13.65, a price-to-earnings-growth ratio of 0.40 and a beta of 1.01. Pinnacle Financial Partners, Inc. has a 1 year low of $81.08 and a 1 year high of $110.33.

Pinnacle Financial Partners (NYSE:PNFP) last announced its earnings results on Wednesday, July 22nd. The company reported $2.50 EPS for the quarter, beating the consensus estimate of $2.46 by $0.04. The business had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.24 billion. Pinnacle Financial Partners had a return on equity of 10.93% and a net margin of 15.40%. As a group, sell-side analysts anticipate that Pinnacle Financial Partners, Inc. will post 10.17 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

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

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on PNFP. Stephens set a $112.00 target price on shares of Pinnacle Financial Partners in a report on Monday, July 27th. Benchmark lifted their price objective 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. Wells Fargo & Company boosted their price objective on Pinnacle Financial Partners from $111.00 to $118.00 and gave the company an “equal weight” rating in a research note on Monday, August 10th. Citigroup upped their target price on Pinnacle Financial Partners from $122.00 to $126.00 and gave the company a “buy” rating in a research report on Thursday, June 25th. Finally, TD Cowen raised their target price on Pinnacle Financial Partners from $116.00 to $119.00 and gave the stock a “buy” rating in a research note on Monday, July 27th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $119.39.

Hedge Funds Weigh In On Pinnacle Financial Partners

A number of hedge funds have recently added to or reduced their stakes in PNFP. Goldman Sachs Group Inc. lifted its holdings in shares of Pinnacle Financial Partners by 6.2% in the first quarter. Goldman Sachs Group Inc. now owns 651,268 shares of the company’s stock valued at $69,060,000 after purchasing an additional 37,989 shares in the last quarter. Focus Partners Wealth raised its position in Pinnacle Financial Partners by 13.9% in the 1st quarter. Focus Partners Wealth now owns 4,755 shares of the company’s stock valued at $504,000 after buying an additional 581 shares during the last quarter. Amundi raised its position in Pinnacle Financial Partners by 25,700.0% in the 2nd quarter. Amundi now owns 4,386 shares of the company’s stock valued at $513,000 after buying an additional 4,369 shares during the last quarter. Jump Financial LLC bought a new position in Pinnacle Financial Partners during the 2nd quarter valued at $229,000. Finally, Cerity Partners LLC lifted its stake in Pinnacle Financial Partners by 4.2% during the 2nd quarter. Cerity Partners LLC now owns 26,061 shares of the company’s stock valued at $2,877,000 after acquiring an additional 1,039 shares in the last quarter. Institutional investors and hedge funds own 87.40% of the company’s stock.

Pinnacle Financial Partners Company Profile

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

Its offerings include commercial and consumer banking, loans, deposit accounts, treasury and cash-management services, and mortgage lending. Pinnacle also provides investment advisory, wealth management, trust, insurance and other financial services through its banking platform and affiliated businesses.

Founded in 2000, Pinnacle has built a regional banking franchise focused primarily on the southeastern United States.