Pinnacle Financial Partners (NASDAQ:PNFP) Director Gregory L. Burns sold 3,008 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $66.60, for a total value of $200,332.80. Following the completion of the transaction, the director now owns 30,090 shares of the company’s stock, valued at $2,003,994. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.
Pinnacle Financial Partners (NASDAQ:PNFP) opened at $65.55 on Friday. Pinnacle Financial Partners has a 12-month low of $58.40 and a 12-month high of $71.55. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.99 and a current ratio of 1.00. The firm has a market capitalization of $5,173.57, a P/E ratio of 18.80, a price-to-earnings-growth ratio of 1.01 and a beta of 1.13.
Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings results on Tuesday, January 16th. The financial services provider reported $0.97 earnings per share for the quarter, topping analysts’ consensus estimates of $0.94 by $0.03. Pinnacle Financial Partners had a return on equity of 7.24% and a net margin of 22.27%. The firm had revenue of $211.20 million during the quarter, compared to the consensus estimate of $224.62 million. During the same quarter in the prior year, the firm posted $0.83 EPS. The business’s revenue was down 2.3% on a year-over-year basis. sell-side analysts expect that Pinnacle Financial Partners will post 4.72 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, February 23rd. Shareholders of record on Friday, February 2nd will be given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 0.85%. The ex-dividend date of this dividend is Thursday, February 1st. Pinnacle Financial Partners’s dividend payout ratio (DPR) is currently 20.00%.
A number of large investors have recently added to or reduced their stakes in PNFP. Jennison Associates LLC raised its stake in shares of Pinnacle Financial Partners by 51.7% during the 4th quarter. Jennison Associates LLC now owns 2,861,331 shares of the financial services provider’s stock worth $189,706,000 after purchasing an additional 974,772 shares in the last quarter. Pinnacle Financial Partners Inc. raised its stake in shares of Pinnacle Financial Partners by 337.7% during the 3rd quarter. Pinnacle Financial Partners Inc. now owns 1,112,747 shares of the financial services provider’s stock worth $74,498,000 after purchasing an additional 858,514 shares in the last quarter. Wells Fargo & Company MN raised its stake in shares of Pinnacle Financial Partners by 164.5% during the 3rd quarter. Wells Fargo & Company MN now owns 813,985 shares of the financial services provider’s stock worth $54,496,000 after purchasing an additional 506,213 shares in the last quarter. Alliancebernstein L.P. raised its stake in shares of Pinnacle Financial Partners by 232.0% during the 4th quarter. Alliancebernstein L.P. now owns 540,977 shares of the financial services provider’s stock worth $35,867,000 after purchasing an additional 378,050 shares in the last quarter. Finally, Oak Ridge Investments LLC raised its stake in shares of Pinnacle Financial Partners by 798.5% during the 3rd quarter. Oak Ridge Investments LLC now owns 419,104 shares of the financial services provider’s stock worth $28,059,000 after purchasing an additional 372,457 shares in the last quarter. 73.64% of the stock is owned by hedge funds and other institutional investors.
Several equities analysts recently issued reports on the company. Keefe, Bruyette & Woods upgraded Pinnacle Financial Partners from a “market perform” rating to an “outperform” rating in a research report on Friday, February 16th. BidaskClub lowered Pinnacle Financial Partners from a “hold” rating to a “sell” rating in a research report on Thursday, December 7th. Hilliard Lyons upgraded Pinnacle Financial Partners from a “neutral” rating to a “buy” rating in a research report on Wednesday, November 8th. Sandler O’Neill set a $76.00 price objective on Pinnacle Financial Partners and gave the company a “buy” rating in a research report on Thursday, January 18th. Finally, SunTrust Banks reduced their price target on Pinnacle Financial Partners to $80.00 and set a “buy” rating for the company in a research report on Thursday, January 18th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have given a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $76.14.
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About Pinnacle Financial Partners
Pinnacle Financial Partners, Inc is a bank holding company. The Company operates through its subsidiary, Pinnacle Bank. The Company operates as a community bank primarily in the urban markets of Nashville, Knoxville, Memphis and Chattanooga, Tennessee and other counties. It provides the personalized service associated with small community banks, while seeking to offer the products and services, such as investments and treasury management.
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