Insider Buying: Pinnacle Financial Partners (NYSE:PNFP) CEO Buys $250,036.20 in Stock

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

Pinnacle Financial Partners Stock Performance

Shares of Pinnacle Financial Partners stock opened at $101.09 on Friday. The firm has a market cap of $7.84 billion, a price-to-earnings ratio of 13.89, a P/E/G ratio of 0.40 and a beta of 1.01. The company’s 50-day simple moving average is $102.31. Pinnacle Financial Partners, Inc. has a twelve month low of $81.08 and a twelve month high of $110.33. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.93 and a current ratio of 0.94.

Pinnacle Financial Partners (NYSE:PNFP) last posted its quarterly earnings results on Wednesday, July 22nd. The company reported $2.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.46 by $0.04. The firm 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%. On average, equities analysts forecast that Pinnacle Financial Partners, Inc. will post 10.19 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

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

Institutional Trading of Pinnacle Financial Partners

Hedge funds and other institutional investors have recently made changes to their positions in the business. Resources Management Corp CT ADV acquired a new stake in Pinnacle Financial Partners in the 1st quarter valued at about $26,000. Brown Brothers Harriman & Co. acquired a new position in shares of Pinnacle Financial Partners during the third quarter worth approximately $26,000. BOKF NA grew its stake in shares of Pinnacle Financial Partners by 1,204.5% during the third quarter. BOKF NA now owns 287 shares of the company’s stock valued at $27,000 after purchasing an additional 265 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC increased its holdings in shares of 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 holdings in shares of Pinnacle Financial Partners by 175.6% in the fourth quarter. CIBC Private Wealth Group LLC now owns 339 shares of the company’s stock valued at $32,000 after purchasing an additional 216 shares in the last quarter. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on PNFP shares. Robert W. Baird initiated coverage on Pinnacle Financial Partners in a research report on Tuesday, May 19th. They issued an “outperform” rating and a $115.00 price target on the stock. Stephens set a $112.00 target price on shares of Pinnacle Financial Partners in a research note on Monday, July 27th. Wall Street Zen raised shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a report on Tuesday, May 12th. Weiss Ratings raised shares of Pinnacle Financial Partners from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, June 26th. Finally, Wells Fargo & Company boosted their price target on shares of Pinnacle Financial Partners from $111.00 to $118.00 and gave the company an “equal weight” rating in a research report on Monday, August 10th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, Pinnacle Financial Partners has an average rating of “Moderate Buy” and an average 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.