Pinnacle Financial Partners (NASDAQ:PNFP) Sees Unusually-High Trading Volume Following Insider Buying Activity

Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) saw strong trading volume on Friday after an insider bought additional shares in the company. 2,157,973 shares traded hands during mid-day trading, an increase of 225% from the previous session’s volume of 663,479 shares.The stock last traded at $85.84 and had previously closed at $87.65.

Specifically, CFO Harold R. Carpenter purchased 1,000 shares of the firm’s stock in a transaction on Thursday, July 31st. The stock was bought at an average cost of $89.73 per share, for a total transaction of $89,730.00. Following the completion of the acquisition, the chief financial officer directly owned 105,050 shares of the company’s stock, valued at approximately $9,426,136.50. The trade was a 0.96% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on PNFP. Hovde Group lowered Pinnacle Financial Partners from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 25th. Wall Street Zen raised Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research report on Friday, July 18th. Barclays cut their price target on Pinnacle Financial Partners from $140.00 to $125.00 and set an “overweight” rating for the company in a report on Monday, July 28th. JPMorgan Chase & Co. raised their price objective on shares of Pinnacle Financial Partners from $115.00 to $125.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 1st. Finally, Truist Financial reaffirmed a “buy” rating and set a $127.00 target price (up previously from $123.00) on shares of Pinnacle Financial Partners in a research report on Friday, July 11th. Seven analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $118.30.

Pinnacle Financial Partners Trading Down 2.0%

The business has a 50-day moving average price of $107.86 and a 200-day moving average price of $108.32. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.34. The firm has a market capitalization of $6.68 billion, a P/E ratio of 11.42 and a beta of 1.04.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $2.00 earnings per share for the quarter, topping analysts’ consensus estimates of $1.92 by $0.08. Pinnacle Financial Partners had a net margin of 18.69% and a return on equity of 9.60%. The firm had revenue of $504.99 million for the quarter, compared to the consensus estimate of $495.27 million. During the same quarter in the previous year, the company earned $1.63 earnings per share. The business’s revenue was up 15.1% compared to the same quarter last year. Analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Friday, August 1st will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend is Friday, August 1st. Pinnacle Financial Partners’s dividend payout ratio is 12.73%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. 1248 Management LLC acquired a new stake in Pinnacle Financial Partners during the first quarter valued at approximately $29,000. Ameritas Advisory Services LLC bought a new position in shares of Pinnacle Financial Partners during the 2nd quarter worth approximately $45,000. Golden State Wealth Management LLC bought a new position in shares of Pinnacle Financial Partners during the 1st quarter worth approximately $48,000. SVB Wealth LLC acquired a new stake in Pinnacle Financial Partners in the 1st quarter valued at $51,000. Finally, BI Asset Management Fondsmaeglerselskab A S bought a new stake in Pinnacle Financial Partners in the first quarter valued at $57,000. Institutional investors and hedge funds own 87.40% of the company’s stock.

About Pinnacle Financial Partners

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.