Oppenheimer Asset Management Inc. Purchases 737 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Oppenheimer Asset Management Inc. grew its holdings in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 0.6% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 122,723 shares of the financial services provider’s stock after buying an additional 737 shares during the quarter. Oppenheimer Asset Management Inc. owned 0.16% of Pinnacle Financial Partners worth $12,023,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in PNFP. Atria Investments Inc boosted its holdings in Pinnacle Financial Partners by 40.9% during the first quarter. Atria Investments Inc now owns 43,241 shares of the financial services provider’s stock worth $3,713,000 after purchasing an additional 12,551 shares during the last quarter. Sei Investments Co. boosted its stake in shares of Pinnacle Financial Partners by 34.6% in the 1st quarter. Sei Investments Co. now owns 231,604 shares of the financial services provider’s stock worth $19,890,000 after buying an additional 59,583 shares during the last quarter. Pier Capital LLC grew its holdings in shares of Pinnacle Financial Partners by 16.5% in the second quarter. Pier Capital LLC now owns 111,797 shares of the financial services provider’s stock valued at $8,948,000 after acquiring an additional 15,797 shares in the last quarter. Edgestream Partners L.P. increased its position in shares of Pinnacle Financial Partners by 1,017.9% during the second quarter. Edgestream Partners L.P. now owns 71,064 shares of the financial services provider’s stock valued at $5,688,000 after acquiring an additional 64,707 shares during the last quarter. Finally, Swedbank AB bought a new stake in Pinnacle Financial Partners during the first quarter worth $21,470,000. Institutional investors and hedge funds own 87.40% of the company’s stock.

Pinnacle Financial Partners Trading Down 1.1 %

NASDAQ:PNFP opened at $124.80 on Thursday. Pinnacle Financial Partners, Inc. has a 52 week low of $68.92 and a 52 week high of $129.38. The stock has a market cap of $9.64 billion, a price-to-earnings ratio of 23.73 and a beta of 1.04. The company’s 50 day moving average price is $101.14 and its 200-day moving average price is $90.58. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.42.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $1.86 EPS for the quarter, beating the consensus estimate of $1.79 by $0.07. Pinnacle Financial Partners had a return on equity of 8.89% and a net margin of 13.97%. The company had revenue of $810.11 million for the quarter, compared to analysts’ expectations of $454.18 million. During the same period last year, the firm posted $1.79 earnings per share. On average, equities research analysts forecast that Pinnacle Financial Partners, Inc. will post 6.8 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 1st will be paid a $0.22 dividend. The ex-dividend date of this dividend is Friday, November 1st. This represents a $0.88 annualized dividend and a dividend yield of 0.71%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 16.73%.

Analysts Set New Price Targets

Several analysts have commented on the stock. Wells Fargo & Company lifted their price objective on shares of Pinnacle Financial Partners from $100.00 to $104.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 17th. Citigroup increased their price objective on Pinnacle Financial Partners from $113.00 to $123.00 and gave the company a “buy” rating in a report on Thursday, October 17th. Truist Financial boosted their target price on Pinnacle Financial Partners from $113.00 to $119.00 and gave the company a “buy” rating in a research note on Monday, October 21st. Stephens upped their price objective on shares of Pinnacle Financial Partners from $108.00 to $120.00 and gave the company an “overweight” rating in a report on Thursday, October 17th. Finally, Hovde Group increased their target price on Pinnacle Financial Partners from $110.00 to $114.00 and gave the stock an “outperform” rating in a research report on Friday, September 27th. Five investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $106.60.

Pinnacle Financial Partners 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.