Gregory Montana Purchases 500 Shares of Pinnacle Financial Partners (NYSE:PNFP) Stock

Pinnacle Financial Partners, Inc. (NYSE:PNFP) Director Gregory Montana bought 500 shares of the business’s stock in a transaction on Thursday, September 10th. The shares were acquired at an average price of $98.61 per share, with a total value of $49,305.00. Following the transaction, the director directly owned 4,959 shares of the company’s stock, valued at approximately $489,006.99. This trade represents a 11.21% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Pinnacle Financial Partners Stock Up 0.3%

PNFP opened at $99.40 on Friday. The stock 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. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.94 and a quick ratio of 0.93. The stock has a 50-day simple moving average of $102.28. Pinnacle Financial Partners, Inc. has a twelve month low of $81.08 and a twelve month high of $110.33.

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, beating the consensus estimate of $2.46 by $0.04. The company had revenue of $1.24 billion for 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, sell-side analysts expect that Pinnacle Financial Partners, Inc. will post 10.17 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

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

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. Morgan Stanley started coverage on Pinnacle Financial Partners in a report on Tuesday. They issued an “overweight” rating and a $137.00 price target for the company. TD Cowen boosted their price objective on Pinnacle Financial Partners from $116.00 to $119.00 and gave the company a “buy” rating in a research note on Monday, July 27th. Piper Sandler raised their target price on Pinnacle Financial Partners from $122.00 to $123.00 and gave the stock an “overweight” rating in a research note on Friday, July 24th. Truist Financial lifted their target price on Pinnacle Financial Partners from $115.00 to $118.00 and gave the company a “buy” rating in a report on Tuesday, July 28th. Finally, Benchmark upped their price target on Pinnacle Financial Partners from $125.00 to $130.00 and gave the company a “buy” rating in a research report on Wednesday, August 5th. Two analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, Pinnacle Financial Partners presently has an average rating of “Moderate Buy” and a consensus price target of $119.39.

Hedge Funds Weigh In On Pinnacle Financial Partners

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PNFP. California State Teachers Retirement System bought a new stake in shares of Pinnacle Financial Partners during the 2nd quarter valued at about $1,785,576,000. BlackRock Inc. purchased a new position in shares of Pinnacle Financial Partners during the second quarter worth about $1,704,708,000. Wellington Management Group LLP increased its position in shares of Pinnacle Financial Partners by 22.1% in the second quarter. Wellington Management Group LLP now owns 11,141,397 shares of the company’s stock worth $1,123,944,000 after purchasing an additional 2,016,827 shares during the last quarter. AQR Capital Management LLC increased its position in shares of Pinnacle Financial Partners by 63.1% in the fourth quarter. AQR Capital Management LLC now owns 5,330,170 shares of the company’s stock worth $508,551,000 after purchasing an additional 2,062,504 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in Pinnacle Financial Partners by 80.4% in the first quarter. Dimensional Fund Advisors LP now owns 5,035,295 shares of the company’s stock valued at $433,712,000 after purchasing an additional 2,244,659 shares in the last quarter. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

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.