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

Pinnacle Financial Partners, Inc. (NYSE:PNFP) Director Gregory Montana purchased 500 shares of the company’s stock in a transaction that occurred on Thursday, September 10th. The shares were acquired at an average price of $98.61 per share, for a total transaction of $49,305.00. Following the completion of the acquisition, the director directly owned 4,959 shares of the company’s stock, valued at $489,006.99. This trade represents a 11.21% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Pinnacle Financial Partners Trading Up 0.3%

PNFP stock opened at $99.40 on Friday. The stock has a market capitalization of $7.71 billion, a PE ratio of 13.65, a P/E/G ratio of 0.40 and a beta of 1.01. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.93 and a current ratio of 0.94. The stock has a fifty day simple moving average of $102.28. 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 earnings per share (EPS) for the quarter, beating 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 return on equity of 10.93% and a net margin of 15.40%. As a group, analysts forecast that Pinnacle Financial Partners, Inc. will post 10.17 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. California State Teachers Retirement System bought a new stake in Pinnacle Financial Partners during the 2nd quarter valued at $1,785,576,000. BlackRock Inc. bought a new position in shares of Pinnacle Financial Partners in the second quarter worth $1,704,708,000. AQR Capital Management LLC grew its position in shares of Pinnacle Financial Partners by 1,697.4% in the third 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 in the last quarter. Dimensional Fund Advisors LP grew its position in shares of 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. Finally, Wellington Management Group LLP grew 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 valued at $1,123,944,000 after purchasing an additional 2,016,827 shares in the last quarter. 87.40% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on PNFP. Morgan Stanley initiated coverage on shares of Pinnacle Financial Partners in a research note on Tuesday. They issued an “overweight” rating and a $137.00 target price on the stock. Wells Fargo & Company raised their price target on shares of Pinnacle Financial Partners from $111.00 to $118.00 and gave the stock an “equal weight” rating in a research note on Monday, August 10th. TD Cowen lifted their price target on shares of Pinnacle Financial Partners from $116.00 to $119.00 and gave the stock a “buy” rating in a report on Monday, July 27th. JPMorgan Chase & Co. dropped their price objective on Pinnacle Financial Partners from $125.00 to $120.00 and set an “overweight” rating on the stock in a research note on Friday, July 24th. Finally, Weiss Ratings raised Pinnacle Financial Partners from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, June 26th. Two analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $119.39.

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.