Oppenheimer Asset Management Inc. Buys 6,701 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Oppenheimer Asset Management Inc. lifted its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 5.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 129,424 shares of the financial services provider’s stock after acquiring an additional 6,701 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Pinnacle Financial Partners were worth $14,805,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. OneDigital Investment Advisors LLC raised its holdings in Pinnacle Financial Partners by 1.3% during the third quarter. OneDigital Investment Advisors LLC now owns 6,646 shares of the financial services provider’s stock valued at $651,000 after acquiring an additional 88 shares during the period. Principal Securities Inc. grew its position in shares of Pinnacle Financial Partners by 12.7% during the fourth quarter. Principal Securities Inc. now owns 808 shares of the financial services provider’s stock worth $92,000 after purchasing an additional 91 shares in the last quarter. EverSource Wealth Advisors LLC raised its stake in Pinnacle Financial Partners by 0.6% during the 3rd quarter. EverSource Wealth Advisors LLC now owns 17,976 shares of the financial services provider’s stock valued at $1,761,000 after purchasing an additional 100 shares during the period. First Horizon Advisors Inc. lifted its holdings in Pinnacle Financial Partners by 3.1% in the 4th quarter. First Horizon Advisors Inc. now owns 3,399 shares of the financial services provider’s stock worth $389,000 after purchasing an additional 102 shares in the last quarter. Finally, CIBC Asset Management Inc lifted its holdings in Pinnacle Financial Partners by 5.6% in the 4th quarter. CIBC Asset Management Inc now owns 2,424 shares of the financial services provider’s stock worth $277,000 after purchasing an additional 129 shares in the last quarter. 87.40% of the stock is owned by hedge funds and other institutional investors.

Pinnacle Financial Partners Trading Down 0.3 %

PNFP opened at $113.07 on Friday. The stock has a 50-day moving average of $118.45 and a 200 day moving average of $110.39. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.37. Pinnacle Financial Partners, Inc. has a 12 month low of $73.62 and a 12 month high of $131.91. The firm has a market cap of $8.73 billion, a P/E ratio of 18.91 and a beta of 1.09.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its earnings results on Tuesday, January 21st. The financial services provider reported $1.90 EPS for the quarter, topping analysts’ consensus estimates of $1.80 by $0.10. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. The firm had revenue of $475.34 million during the quarter, compared to analysts’ expectations of $470.33 million. During the same quarter in the previous year, the business earned $1.68 EPS. The company’s quarterly revenue was up 19.9% on a year-over-year basis. As a group, research analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 28th. Shareholders of record on Friday, February 7th will be given a dividend of $0.24 per share. This is a boost from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend is Friday, February 7th. This represents a $0.96 dividend on an annualized basis and a yield of 0.85%. Pinnacle Financial Partners’s payout ratio is 16.05%.

Insider Activity

In related news, CFO Harold R. Carpenter sold 3,051 shares of the stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $125.57, for a total value of $383,114.07. Following the sale, the chief financial officer now directly owns 60,805 shares of the company’s stock, valued at $7,635,283.85. This represents a 4.78 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director David B. Ingram sold 3,610 shares of the firm’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $126.07, for a total transaction of $455,112.70. Following the completion of the sale, the director now directly owns 139,489 shares of the company’s stock, valued at approximately $17,585,378.23. The trade was a 2.52 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 166,970 shares of company stock valued at $20,474,461. 1.87% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $135.00 price objective (up previously from $115.00) on shares of Pinnacle Financial Partners in a research report on Wednesday, December 4th. Wells Fargo & Company lifted their price target on shares of Pinnacle Financial Partners from $120.00 to $125.00 and gave the company an “equal weight” rating in a report on Thursday, January 23rd. Hovde Group cut shares of Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 price target on the stock. in a research note on Monday, November 18th. Stephens restated an “overweight” rating and set a $142.00 price objective on shares of Pinnacle Financial Partners in a research report on Wednesday, January 22nd. Finally, Barclays upgraded Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $120.00 to $135.00 in a research report on Thursday, December 19th. Six investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $125.18.

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.