Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Shares Bought by Oppenheimer Asset Management Inc.

Oppenheimer Asset Management Inc. increased its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 14.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 147,502 shares of the financial services provider’s stock after purchasing an additional 18,078 shares during the period. Oppenheimer Asset Management Inc. owned 0.19% of Pinnacle Financial Partners worth $15,641,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Kapitalo Investimentos Ltda acquired a new position in shares of Pinnacle Financial Partners during the 4th quarter worth approximately $78,000. UMB Bank n.a. raised its position in shares of Pinnacle Financial Partners by 16.6% during the 1st quarter. UMB Bank n.a. now owns 858 shares of the financial services provider’s stock worth $91,000 after purchasing an additional 122 shares during the last quarter. Principal Securities Inc. raised its position in shares of Pinnacle Financial Partners by 12.7% during the 4th quarter. Principal Securities Inc. now owns 808 shares of the financial services provider’s stock worth $92,000 after purchasing an additional 91 shares during the last quarter. GAMMA Investing LLC raised its position in shares of Pinnacle Financial Partners by 51.7% during the 1st quarter. GAMMA Investing LLC now owns 1,616 shares of the financial services provider’s stock worth $171,000 after purchasing an additional 551 shares during the last quarter. Finally, Blair William & Co. IL acquired a new position in shares of Pinnacle Financial Partners during the 4th quarter worth approximately $200,000. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Pinnacle Financial Partners Stock Performance

NASDAQ:PNFP opened at $107.54 on Tuesday. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.37. The firm has a market capitalization of $8.34 billion, a price-to-earnings ratio of 17.40 and a beta of 1.02. The firm’s fifty day simple moving average is $104.48 and its 200 day simple moving average is $109.48. Pinnacle Financial Partners, Inc. has a twelve month low of $75.63 and a twelve month high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its earnings results on Monday, April 14th. The financial services provider reported $1.90 earnings per share for the quarter, beating the consensus estimate of $1.82 by $0.08. The business had revenue of $475.37 million for the quarter, compared to analyst estimates of $478.11 million. Pinnacle Financial Partners had a net margin of 15.98% and a return on equity of 9.29%. During the same quarter in the previous year, the business posted $1.53 EPS. As a group, equities research analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 30th. Investors of record on Friday, May 2nd were issued a dividend of $0.24 per share. The ex-dividend date of this dividend was Friday, May 2nd. This represents a $0.96 annualized dividend and a dividend yield of 0.89%. Pinnacle Financial Partners’s payout ratio is 15.53%.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the company. Jefferies Financial Group assumed coverage on Pinnacle Financial Partners in a research report on Wednesday, May 21st. They set a “buy” rating and a $135.00 price objective for the company. Hovde Group upgraded Pinnacle Financial Partners from a “market perform” rating to an “outperform” rating and set a $111.00 price target for the company in a report on Wednesday, April 16th. Wells Fargo & Company lowered their price objective on shares of Pinnacle Financial Partners from $125.00 to $105.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 9th. Truist Financial began coverage on shares of Pinnacle Financial Partners in a research note on Tuesday, May 13th. They set a “buy” rating and a $123.00 price objective for the company. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Pinnacle Financial Partners from $125.00 to $115.00 and set an “overweight” rating for the company in a research note on Wednesday, April 16th. Four equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Pinnacle Financial Partners has a consensus rating of “Moderate Buy” and an average price target of $121.27.

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.