Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Director Purchases $72,260.00 in Stock

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP – Get Rating) Director Joseph C. Galante purchased 1,000 shares of the firm’s stock in a transaction dated Friday, January 20th. The shares were purchased at an average cost of $72.26 per share, for a total transaction of $72,260.00. Following the purchase, the director now directly owns 22,508 shares in the company, valued at $1,626,428.08. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Pinnacle Financial Partners Trading Up 2.9 %

Shares of PNFP stock traded up $2.11 on Monday, reaching $74.64. 302,650 shares of the stock were exchanged, compared to its average volume of 626,282. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.17. The stock has a market cap of $5.71 billion, a P/E ratio of 10.10 and a beta of 1.08. The firm has a 50 day moving average of $76.25 and a two-hundred day moving average of $79.46. Pinnacle Financial Partners, Inc. has a 1-year low of $67.86 and a 1-year high of $106.14.

Pinnacle Financial Partners Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 24th. Stockholders of record on Friday, February 3rd will be issued a $0.22 dividend. The ex-dividend date is Thursday, February 2nd. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.18%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 12.26%.

Hedge Funds Weigh In On Pinnacle Financial Partners

Several hedge funds and other institutional investors have recently modified their holdings of PNFP. Stephens Inc. AR acquired a new position in Pinnacle Financial Partners during the third quarter valued at approximately $955,000. Pinebridge Investments L.P. boosted its position in Pinnacle Financial Partners by 470.0% during the 2nd quarter. Pinebridge Investments L.P. now owns 570 shares of the financial services provider’s stock worth $41,000 after purchasing an additional 470 shares during the period. Ronald Blue Trust Inc. acquired a new stake in Pinnacle Financial Partners in the 2nd quarter valued at $177,000. Fort Washington Investment Advisors Inc. OH raised its position in Pinnacle Financial Partners by 8.4% in the third quarter. Fort Washington Investment Advisors Inc. OH now owns 165,872 shares of the financial services provider’s stock valued at $13,452,000 after purchasing an additional 12,800 shares during the period. Finally, Fox Run Management L.L.C. acquired a new position in shares of Pinnacle Financial Partners during the second quarter worth about $467,000. 79.82% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have commented on PNFP. Wells Fargo & Company decreased their target price on Pinnacle Financial Partners from $100.00 to $95.00 and set an “overweight” rating on the stock in a research report on Thursday, December 15th. StockNews.com downgraded Pinnacle Financial Partners from a “hold” rating to a “sell” rating in a research report on Friday. JPMorgan Chase & Co. dropped their price objective on Pinnacle Financial Partners from $95.00 to $85.00 and set an “overweight” rating for the company in a research report on Tuesday, December 13th. Raymond James lowered shares of Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating in a report on Thursday, October 6th. Finally, Truist Financial lowered their price target on shares of Pinnacle Financial Partners from $96.00 to $90.00 in a report on Friday, December 9th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $85.57.

Pinnacle Financial Partners Company Profile

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Pinnacle Financial Partners, Inc is a bank holding company, which engages in the provision of financial solutions. It offers banking, investment, trust, mortgage, and insurance products and services designed for businesses and individuals. The company was founded by Dale W. Polley, M. Terry Turner, Sue G.