Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Director Thomas C. Farnsworth III Purchases 1,000 Shares of Stock

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Director Thomas C. Farnsworth III bought 1,000 shares of the stock in a transaction dated Friday, August 1st. The shares were acquired at an average price of $84.94 per share, for a total transaction of $84,940.00. Following the completion of the transaction, the director owned 28,277 shares of the company’s stock, valued at approximately $2,401,848.38. The trade was a 3.67% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.

Pinnacle Financial Partners Stock Performance

Shares of PNFP stock opened at $87.40 on Tuesday. 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 stock has a 50 day simple moving average of $107.86 and a 200-day simple moving average of $108.17. The company has a market cap of $6.78 billion, a price-to-earnings ratio of 11.59 and a beta of 1.03. 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) last released its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $2.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.92 by $0.08. The firm had revenue of $504.99 million during the quarter, compared to analysts’ expectations of $495.27 million. Pinnacle Financial Partners had a return on equity of 9.60% and a net margin of 18.69%. Pinnacle Financial Partners’s revenue was up 15.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.63 earnings per share. On average, equities analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Friday, August 1st will be given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 1.1%. The ex-dividend date is Friday, August 1st. Pinnacle Financial Partners’s dividend payout ratio is presently 12.73%.

Analysts Set New Price Targets

Several research analysts have issued reports on PNFP shares. Wall Street Zen raised shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research report on Friday, July 18th. Hovde Group downgraded shares of Pinnacle Financial Partners from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 25th. JPMorgan Chase & Co. raised their price target on Pinnacle Financial Partners from $115.00 to $125.00 and gave the stock an “overweight” rating in a report on Tuesday, July 1st. Keefe, Bruyette & Woods upped their price objective on Pinnacle Financial Partners from $115.00 to $130.00 and gave the company a “market perform” rating in a research note on Thursday, July 17th. Finally, Stephens decreased their price objective on Pinnacle Financial Partners from $133.00 to $104.00 and set an “equal weight” rating for the company in a research report on Tuesday, July 29th. Seven research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $118.30.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. American Century Companies Inc. lifted its position in shares of Pinnacle Financial Partners by 1.8% during the 4th quarter. American Century Companies Inc. now owns 33,826 shares of the financial services provider’s stock valued at $3,869,000 after acquiring an additional 614 shares during the period. LPL Financial LLC increased its stake in Pinnacle Financial Partners by 45.4% in the 4th quarter. LPL Financial LLC now owns 28,255 shares of the financial services provider’s stock valued at $3,232,000 after purchasing an additional 8,816 shares in the last quarter. Blair William & Co. IL acquired a new position in Pinnacle Financial Partners during the fourth quarter worth $200,000. Pictet Asset Management Holding SA boosted its position in Pinnacle Financial Partners by 10.0% during the fourth quarter. Pictet Asset Management Holding SA now owns 11,510 shares of the financial services provider’s stock worth $1,317,000 after purchasing an additional 1,043 shares in the last quarter. Finally, O Shaughnessy Asset Management LLC boosted its position in Pinnacle Financial Partners by 13.5% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 5,786 shares of the financial services provider’s stock worth $662,000 after purchasing an additional 688 shares in the last quarter. 87.40% of the stock is currently owned by institutional investors and hedge funds.

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.