Robert Mccabe, Jr. Purchases 10,013 Shares of Pinnacle Financial Partners (NYSE:PNFP) Stock

Pinnacle Financial Partners, Inc. (NYSE:PNFP) insider Robert Mccabe, Jr. purchased 10,013 shares of the business’s stock in a transaction that occurred on Friday, July 24th. The stock was bought at an average price of $99.90 per share, for a total transaction of $1,000,298.70. Following the acquisition, the insider owned 324,233 shares of the company’s stock, valued at $32,390,876.70. This represents a 3.19% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website.

Pinnacle Financial Partners Trading Down 0.6%

Shares of NYSE PNFP opened at $104.66 on Thursday. The stock has a fifty day moving average of $98.45. Pinnacle Financial Partners, Inc. has a 12 month low of $81.08 and a 12 month high of $107.00. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.73. The company has a market cap of $8.12 billion, a price-to-earnings ratio of 14.38, a PEG ratio of 0.42 and a beta of 1.04.

Pinnacle Financial Partners (NYSE:PNFP) last announced its earnings results on Wednesday, July 22nd. The company reported $2.50 earnings per share 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 for the quarter, compared to analyst estimates of $1.24 billion. On average, sell-side analysts predict that Pinnacle Financial Partners, Inc. will post 10.2 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Friday, August 7th will be given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend is Friday, August 7th. Pinnacle Financial Partners’s payout ratio is presently 27.47%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Yousif Capital Management LLC grew its position in Pinnacle Financial Partners by 92.4% during the 4th quarter. Yousif Capital Management LLC now owns 46,456 shares of the company’s stock valued at $4,519,000 after purchasing an additional 22,306 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its holdings in shares of Pinnacle Financial Partners by 122.9% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 16,188 shares of the company’s stock valued at $1,544,000 after buying an additional 8,927 shares during the last quarter. M&T Bank Corp grew its holdings in shares of Pinnacle Financial Partners by 283.3% during the fourth quarter. M&T Bank Corp now owns 27,583 shares of the company’s stock valued at $2,632,000 after buying an additional 20,386 shares during the last quarter. Impax Asset Management Group plc increased its position in shares of Pinnacle Financial Partners by 21.0% during the fourth quarter. Impax Asset Management Group plc now owns 421,413 shares of the company’s stock valued at $41,298,000 after acquiring an additional 73,176 shares in the last quarter. Finally, Anchor Investment Management LLC bought a new stake in shares of Pinnacle Financial Partners during the first quarter valued at approximately $1,156,000. Institutional investors own 87.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on PNFP shares. Citigroup increased their target price on Pinnacle Financial Partners from $122.00 to $126.00 and gave the stock a “buy” rating in a research report on Thursday, June 25th. JPMorgan Chase & Co. reduced their price target 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. Wall Street Zen upgraded Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a report on Tuesday, May 12th. Robert W. Baird assumed coverage on Pinnacle Financial Partners in a research report on Tuesday, May 19th. They set an “outperform” rating and a $115.00 price objective for the company. Finally, Weiss Ratings upgraded shares of Pinnacle Financial Partners from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, June 26th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price 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.