Pinnacle Financial Partners (NYSE:PNFP) Insider Acquires $1,000,298.70 in Stock

Pinnacle Financial Partners, Inc. (NYSE:PNFP) insider Robert Mccabe, Jr. acquired 10,013 shares of the business’s stock in a transaction dated Friday, July 24th. The stock was bought at an average cost of $99.90 per share, with a total value of $1,000,298.70. Following the acquisition, the insider owned 324,233 shares in the company, valued at $32,390,876.70. The trade was a 3.19% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Pinnacle Financial Partners Stock Up 2.5%

Shares of NYSE:PNFP traded up $2.55 during midday trading on Tuesday, hitting $105.61. The stock had a trading volume of 611,230 shares, compared to its average volume of 1,481,038. The firm has a market capitalization of $8.19 billion, a P/E ratio of 14.50, a P/E/G ratio of 0.41 and a beta of 1.04. Pinnacle Financial Partners, Inc. has a 12 month low of $81.08 and a 12 month high of $107.00. The business has a 50-day moving average of $98.07. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.73.

Pinnacle Financial Partners (NYSE:PNFP) last announced its quarterly earnings results on Wednesday, July 22nd. The company reported $2.50 EPS for the quarter, beating analysts’ consensus estimates of $2.46 by $0.04. Pinnacle Financial Partners had a net margin of 15.40% and a return on equity of 10.93%. The firm had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.24 billion. As a group, equities analysts predict that Pinnacle Financial Partners, Inc. will post 10.18 earnings per share for the current year.

Pinnacle Financial Partners Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Friday, August 7th will be issued a dividend of $0.50 per share. The ex-dividend date is Friday, August 7th. This represents a $2.00 dividend on an annualized basis and a yield of 1.9%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 27.47%.

Hedge Funds Weigh In On Pinnacle Financial Partners

Several institutional investors and hedge funds have recently made changes to their positions in the company. AQR Capital Management LLC boosted its stake in Pinnacle Financial Partners by 1,697.4% in the 3rd quarter. AQR Capital Management LLC now owns 3,267,666 shares of the company’s stock valued at $306,474,000 after purchasing an additional 3,085,867 shares during the period. Dimensional Fund Advisors LP increased its position in Pinnacle Financial Partners by 80.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 5,035,295 shares of the company’s stock worth $433,712,000 after buying an additional 2,244,659 shares during the period. Nomura Holdings Inc. acquired a new stake in shares of Pinnacle Financial Partners during the third quarter worth $187,822,000. Alyeska Investment Group L.P. bought a new stake in shares of Pinnacle Financial Partners in the fourth quarter valued at about $159,545,000. Finally, Norges Bank bought a new stake in shares of Pinnacle Financial Partners in the fourth quarter valued at about $116,349,000. Institutional investors and hedge funds own 87.40% of the company’s stock.

Analyst Ratings Changes

Several analysts have issued reports on PNFP shares. Piper Sandler upped their price objective on Pinnacle Financial Partners from $122.00 to $123.00 and gave the company an “overweight” rating in a research note on Friday. Evercore reiterated an “outperform” rating and set a $120.00 target price on shares of Pinnacle Financial Partners in a research note on Monday, July 6th. UBS Group increased their price target on Pinnacle Financial Partners from $110.00 to $120.00 and gave the company a “buy” rating in a research note on Friday, April 24th. Wall Street Zen raised Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a report on Tuesday, May 12th. Finally, TD Cowen lifted their price objective on shares of Pinnacle Financial Partners from $116.00 to $119.00 and gave the stock a “buy” rating in a research report on Monday. Two equities research 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 data from MarketBeat, Pinnacle Financial Partners currently has a consensus rating of “Moderate Buy” and a consensus price target of $117.00.

Pinnacle Financial Partners Company Profile

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.