Oppenheimer Asset Management Inc. Has $16.17 Million Position in Pinnacle Financial Partners, Inc. $PNFP

Oppenheimer Asset Management Inc. reduced its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 0.7% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 146,456 shares of the financial services provider’s stock after selling 1,046 shares during the period. Oppenheimer Asset Management Inc. owned about 0.19% of Pinnacle Financial Partners worth $16,170,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the stock. KLP Kapitalforvaltning AS boosted its stake in shares of Pinnacle Financial Partners by 0.6% in the 1st quarter. KLP Kapitalforvaltning AS now owns 15,800 shares of the financial services provider’s stock valued at $1,675,000 after purchasing an additional 100 shares in the last quarter. Sheets Smith Wealth Management boosted its stake in shares of Pinnacle Financial Partners by 1.8% in the 2nd quarter. Sheets Smith Wealth Management now owns 5,980 shares of the financial services provider’s stock valued at $660,000 after purchasing an additional 105 shares in the last quarter. Brooklyn Investment Group boosted its stake in shares of Pinnacle Financial Partners by 15.3% in the 1st quarter. Brooklyn Investment Group now owns 827 shares of the financial services provider’s stock valued at $88,000 after purchasing an additional 110 shares in the last quarter. Park Avenue Securities LLC grew its holdings in shares of Pinnacle Financial Partners by 1.5% during the second quarter. Park Avenue Securities LLC now owns 8,177 shares of the financial services provider’s stock worth $903,000 after purchasing an additional 121 shares during the last quarter. Finally, TBH Global Asset Management LLC increased its stake in shares of Pinnacle Financial Partners by 2.6% in the first quarter. TBH Global Asset Management LLC now owns 6,001 shares of the financial services provider’s stock valued at $636,000 after buying an additional 151 shares during the period. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on PNFP shares. Stephens lowered their price objective on Pinnacle Financial Partners from $104.00 to $97.00 and set an “equal weight” rating for the company in a research note on Friday, October 17th. Cowen started coverage on Pinnacle Financial Partners in a research note on Wednesday, September 24th. They issued a “buy” rating for the company. Truist Financial lowered their price objective on Pinnacle Financial Partners from $107.00 to $105.00 and set a “buy” rating for the company in a research note on Friday, October 17th. TD Cowen started coverage on Pinnacle Financial Partners in a research note on Thursday, September 25th. They issued a “buy” rating and a $122.00 price objective for the company. Finally, Hovde Group downgraded Pinnacle Financial Partners from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 25th. Six research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat.com, Pinnacle Financial Partners presently has an average rating of “Hold” and a consensus price target of $110.27.

Insiders Place Their Bets

In other Pinnacle Financial Partners news, CFO Harold R. Carpenter purchased 1,000 shares of the business’s stock in a transaction on Thursday, July 31st. The shares were purchased at an average cost of $89.73 per share, for a total transaction of $89,730.00. Following the acquisition, the chief financial officer owned 105,050 shares of the company’s stock, valued at approximately $9,426,136.50. This represents 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 available at the SEC website. Also, Director G Kennedy Thompson purchased 10,000 shares of the business’s stock in a transaction on Friday, August 1st. The shares were acquired at an average price of $85.65 per share, for a total transaction of $856,500.00. Following the completion of the acquisition, the director directly owned 28,372 shares in the company, valued at approximately $2,430,061.80. This represents a 54.43% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have acquired 17,174 shares of company stock worth $1,485,229. Corporate insiders own 1.46% of the company’s stock.

Pinnacle Financial Partners Stock Performance

Shares of PNFP stock opened at $88.26 on Monday. The business’s 50 day simple moving average is $93.80 and its 200 day simple moving average is $100.40. Pinnacle Financial Partners, Inc. has a one year low of $81.57 and a one year high of $131.91. The stock has a market capitalization of $6.85 billion, a PE ratio of 11.21 and a beta of 1.02. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.89 and a quick ratio of 0.89.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its earnings results on Wednesday, October 15th. The financial services provider reported $2.27 EPS for the quarter, beating the consensus estimate of $2.05 by $0.22. The business had revenue of $544.80 million for the quarter, compared to analysts’ expectations of $526.40 million. Pinnacle Financial Partners had a return on equity of 9.91% and a net margin of 19.17%.During the same period in the prior year, the business posted $1.86 earnings per share. As a group, research analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 28th. Shareholders of record on Friday, November 7th will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date is Friday, November 7th. Pinnacle Financial Partners’s dividend payout ratio is presently 12.20%.

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.