Pinnacle Financial Partners (NYSE:PNFP) Stock: Insider David Ingram Acquires 10,000 Shares

Pinnacle Financial Partners, Inc. (NYSE:PNFP) Director David Ingram bought 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 28th. The stock was purchased at an average cost of $99.16 per share, with a total value of $991,600.00. Following the completion of the transaction, the director directly owned 75,182 shares in the company, valued at $7,455,047.12. This represents a 15.34% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link.

Pinnacle Financial Partners Stock Down 0.1%

PNFP stock opened at $101.57 on Friday. The stock’s 50 day simple moving average is $97.53 and its 200 day simple moving average is $96.79. Pinnacle Financial Partners, Inc. has a fifty-two week low of $81.08 and a fifty-two week high of $110.33. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.85 and a current ratio of 0.85. The company has a market cap of $7.88 billion, a P/E ratio of 13.56, a price-to-earnings-growth ratio of 0.39 and a beta of 1.03.

Pinnacle Financial Partners (NYSE:PNFP) last announced its quarterly earnings results on Wednesday, October 21st. The company reported $2.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.62 by $0.07. Pinnacle Financial Partners had a return on equity of 11.33% and a net margin of 15.97%. The business had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.28 billion. On average, research analysts expect that Pinnacle Financial Partners, Inc. will post 10.25 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 27th. Stockholders of record on Friday, November 6th will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend is Friday, November 6th. Pinnacle Financial Partners’s dividend payout ratio is presently 26.70%.

Analyst Ratings Changes

PNFP has been the topic of a number of recent research reports. Wells Fargo & Company upgraded Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and set a $118.00 target price on the stock in a report on Wednesday, September 30th. Truist Financial boosted their price target on shares of Pinnacle Financial Partners from $112.00 to $120.00 and gave the company a “buy” rating in a research note on Wednesday. Stephens set a $112.00 price objective on shares of Pinnacle Financial Partners in a report on Monday, July 27th. Piper Sandler upped their price objective on shares of Pinnacle Financial Partners from $125.00 to $127.00 and gave the stock an “overweight” rating in a report on Monday, October 26th. Finally, Evercore reaffirmed an “outperform” rating on shares of Pinnacle Financial Partners in a research note on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $120.15.

Institutional Trading of Pinnacle Financial Partners

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bank of America Corp DE purchased a new position in shares of Pinnacle Financial Partners in the 2nd quarter worth approximately $70,269,000. Public Employees Retirement System of Ohio purchased a new stake in shares of Pinnacle Financial Partners during the second quarter valued at approximately $4,292,000. BlackRock Inc. purchased a new stake in shares of Pinnacle Financial Partners during the second quarter valued at approximately $1,704,708,000. Man Group plc purchased a new stake in shares of Pinnacle Financial Partners during the second quarter valued at approximately $19,969,000. Finally, Corient Private Wealth LP bought a new stake in Pinnacle Financial Partners during the second quarter worth $1,982,000. 87.40% of the stock is owned by institutional investors.

About Pinnacle Financial Partners

Pinnacle Financial Partners, Inc is a bank holding company headquartered in Nashville, Tennessee. Through its primary subsidiary, Pinnacle Bank, the company provides banking and financial services to businesses, professionals, entrepreneurs and individuals.

Its offerings include commercial and consumer loans, deposit accounts, treasury and cash-management services, mortgage lending, investment and wealth-management services, trust services and insurance solutions. Pinnacle emphasizes relationship-based banking and serves clients through offices and financial professionals in Tennessee and selected markets in the Carolinas and Virginia.

Founded in 2000, Pinnacle has expanded from its Nashville base into a broader regional banking franchise through organic growth and acquisitions.