G Kennedy Thompson Acquires 5,000 Shares of Pinnacle Financial Partners (NASDAQ:PNFP) Stock

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Director G Kennedy Thompson acquired 5,000 shares of the company’s stock in a transaction that occurred on Monday, October 20th. The stock was bought at an average price of $87.63 per share, with a total value of $438,150.00. Following the transaction, the director directly owned 33,372 shares in the company, valued at $2,924,388.36. The trade was a 17.62% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

G Kennedy Thompson also recently made the following trade(s):

• On Friday, August 1st, G Kennedy Thompson bought 10,000 shares of Pinnacle Financial Partners stock. The stock was purchased at an average cost of $85.65 per share, with a total value of $856,500.00.

Pinnacle Financial Partners Trading Down 1.1%

Shares of PNFP opened at $87.43 on Thursday. The stock’s fifty day simple moving average is $94.01 and its 200-day simple moving average is $100.27. The firm has a market capitalization of $6.78 billion, a PE ratio of 11.11 and a beta of 1.02. Pinnacle Financial Partners, Inc. has a 12-month low of $81.57 and a 12-month high of $131.91. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.33.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $2.27 earnings per share for the quarter, topping the consensus estimate of $2.05 by $0.22. Pinnacle Financial Partners had a return on equity of 9.91% and a net margin of 19.17%.The firm had revenue of $544.80 million during the quarter, compared to analysts’ expectations of $526.40 million. During the same period in the previous year, the business posted $1.86 EPS. As a group, research analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 28th. Shareholders of record on Friday, November 7th will be paid a $0.24 dividend. The ex-dividend date of this dividend is Friday, November 7th. This represents a $0.96 dividend on an annualized basis and a yield of 1.1%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 12.20%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. KLP Kapitalforvaltning AS lifted its position in Pinnacle Financial Partners by 0.6% in the 1st quarter. KLP Kapitalforvaltning AS now owns 15,800 shares of the financial services provider’s stock valued at $1,675,000 after acquiring an additional 100 shares in the last quarter. Sheets Smith Wealth Management boosted its position in shares of Pinnacle Financial Partners by 1.8% during the second quarter. Sheets Smith Wealth Management now owns 5,980 shares of the financial services provider’s stock worth $660,000 after buying an additional 105 shares during the period. Brooklyn Investment Group grew its holdings in shares of Pinnacle Financial Partners by 15.3% during the first quarter. Brooklyn Investment Group now owns 827 shares of the financial services provider’s stock worth $88,000 after buying an additional 110 shares in the last quarter. Park Avenue Securities LLC raised its position in Pinnacle Financial Partners by 1.5% in the 2nd quarter. Park Avenue Securities LLC now owns 8,177 shares of the financial services provider’s stock valued at $903,000 after buying an additional 121 shares during the last quarter. Finally, EJF Capital LLC lifted its stake in Pinnacle Financial Partners by 2.5% in the 2nd quarter. EJF Capital LLC now owns 5,138 shares of the financial services provider’s stock valued at $567,000 after acquiring an additional 127 shares in the last quarter. Institutional investors and hedge funds own 87.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Weiss Ratings reiterated a “hold (c+)” rating on shares of Pinnacle Financial Partners in a research report on Wednesday, October 8th. JPMorgan Chase & Co. upped their price objective on Pinnacle Financial Partners from $115.00 to $125.00 and gave the company an “overweight” rating in a report on Tuesday, July 1st. TD Cowen initiated coverage on Pinnacle Financial Partners in a report on Thursday, September 25th. They set a “buy” rating and a $122.00 target price on the stock. Wells Fargo & Company decreased their target price on Pinnacle Financial Partners from $110.00 to $100.00 and set an “equal weight” rating for the company in a research report on Friday, October 17th. Finally, Keefe, Bruyette & Woods cut their price target on shares of Pinnacle Financial Partners from $125.00 to $95.00 and set a “market perform” rating on the stock in a research report on Wednesday, August 13th. Six analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $110.27.

Pinnacle Financial Partners Company Profile

Pinnacle Financial Partners, Inc, together with its subsidiaries, operates as the bank holding company for Pinnacle Bank that provides various banking products and services to individuals, businesses, and professional entities in the United States. The company accepts various deposits, including savings, noninterest-bearing and interest-bearing checking, money market, and certificate of deposit accounts; and provides treasury management services, which includes online wire origination, enhanced ACH origination services, positive pay, zero balance and sweep accounts, automated bill pay services, electronic receivables processing, lockbox processing, and merchant card acceptance services.