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

Pinnacle Financial Partners, Inc. (NYSE:PNFP) CEO Kevin Blair bought 2,565 shares of the company’s stock in a transaction that occurred on Tuesday, September 1st. The stock was acquired at an average cost of $97.48 per share, for a total transaction of $250,036.20. Following the acquisition, the chief executive officer directly owned 152,397 shares of the company’s stock, valued at $14,855,659.56. The trade was a 1.71% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Pinnacle Financial Partners Stock Performance

Shares of NYSE:PNFP traded up $3.61 on Wednesday, hitting $100.64. 149,019 shares of the company’s stock were exchanged, compared to its average volume of 1,403,394. Pinnacle Financial Partners, Inc. has a 1-year low of $81.08 and a 1-year high of $110.33. The stock has a market capitalization of $7.81 billion, a P/E ratio of 13.86, a PEG 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’s 50-day moving average is $102.20.

Pinnacle Financial Partners (NYSE:PNFP) last posted its earnings results on Wednesday, July 22nd. The company reported $2.50 earnings per share 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 analysts’ expectations of $1.24 billion. Pinnacle Financial Partners had a return on equity of 10.93% and a net margin of 15.40%. On average, analysts anticipate that Pinnacle Financial Partners, Inc. will post 10.19 EPS for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

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

Institutional Trading of Pinnacle Financial Partners

Institutional investors and hedge funds have recently bought and sold shares of the business. Resources Management Corp CT ADV acquired a new stake in Pinnacle Financial Partners during the 1st quarter worth $26,000. Brown Brothers Harriman & Co. acquired a new position in Pinnacle Financial Partners in the third quarter valued at $26,000. BOKF NA increased its stake in Pinnacle Financial Partners by 1,204.5% in 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 period. Annis Gardner Whiting Capital Advisors LLC raised 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 buying an additional 173 shares during the last quarter. Finally, CIBC Private Wealth Group LLC raised 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 buying an additional 216 shares during the last quarter. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on PNFP shares. Stephens set a $112.00 price target on shares of Pinnacle Financial Partners in a research note on Monday, July 27th. Piper Sandler raised their price objective on Pinnacle Financial Partners from $122.00 to $123.00 and gave the stock an “overweight” rating in a report on Friday, July 24th. Wall Street Zen upgraded Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research report on Tuesday, May 12th. JPMorgan Chase & Co. reduced their target price on Pinnacle Financial Partners from $125.00 to $120.00 and set an “overweight” rating for the company in a report on Friday, July 24th. Finally, Evercore reissued an “outperform” rating and issued a $120.00 target price on shares of Pinnacle Financial Partners in a research report on Monday, July 6th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, Pinnacle Financial Partners presently has a consensus 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.