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

Oppenheimer Asset Management Inc. grew its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 5.5% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 129,424 shares of the financial services provider’s stock after purchasing an additional 6,701 shares during the quarter. Oppenheimer Asset Management Inc. owned about 0.17% of Pinnacle Financial Partners worth $14,805,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Azora Capital LP purchased a new position in shares of Pinnacle Financial Partners in the 3rd quarter valued at approximately $64,326,000. FMR LLC raised its holdings in Pinnacle Financial Partners by 11.6% in the third quarter. FMR LLC now owns 2,716,416 shares of the financial services provider’s stock worth $266,127,000 after purchasing an additional 282,016 shares in the last quarter. Holocene Advisors LP purchased a new position in Pinnacle Financial Partners during the third quarter valued at $21,576,000. Principal Financial Group Inc. boosted its holdings in shares of Pinnacle Financial Partners by 27.0% during the 3rd quarter. Principal Financial Group Inc. now owns 983,282 shares of the financial services provider’s stock valued at $96,332,000 after buying an additional 208,938 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. grew its position in shares of Pinnacle Financial Partners by 212.1% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 291,723 shares of the financial services provider’s stock worth $28,580,000 after buying an additional 198,246 shares during the period. 87.40% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Pinnacle Financial Partners news, CFO Harold R. Carpenter sold 3,051 shares of the business’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $125.57, for a total transaction of $383,114.07. Following the completion of the sale, the chief financial officer now directly owns 60,805 shares in the company, valued at $7,635,283.85. The trade was 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 20,000 shares of the company’s stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $126.02, for a total transaction of $2,520,400.00. Following the sale, the director now directly owns 92,565 shares of the company’s stock, valued at $11,665,041.30. The trade was a 17.77 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 166,970 shares of company stock valued at $20,474,461 over the last 90 days. Company insiders own 1.87% of the company’s stock.

Pinnacle Financial Partners Stock Down 0.3 %

PNFP stock opened at $113.07 on Friday. The stock has a market capitalization of $8.73 billion, a P/E ratio of 18.91 and a beta of 1.09. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.90 and a quick ratio of 0.90. Pinnacle Financial Partners, Inc. has a 1-year low of $73.62 and a 1-year high of $131.91. The business has a fifty day moving average price of $118.45 and a 200-day moving average price of $110.39.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings data on Tuesday, January 21st. The financial services provider reported $1.90 EPS for the quarter, topping the consensus estimate of $1.80 by $0.10. The company had revenue of $475.34 million during the quarter, compared to the consensus estimate of $470.33 million. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. Pinnacle Financial Partners’s revenue for the quarter was up 19.9% on a year-over-year basis. During the same period last year, the company earned $1.68 EPS. Equities analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current fiscal year.

Pinnacle Financial Partners Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 28th. Investors of record on Friday, February 7th will be issued a $0.24 dividend. The ex-dividend date is Friday, February 7th. This represents a $0.96 annualized dividend and a dividend yield of 0.85%. This is a positive change from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. Pinnacle Financial Partners’s payout ratio is presently 16.05%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Citigroup lifted their price target on shares of Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a “buy” rating in a research report on Tuesday, December 31st. UBS Group began coverage on shares of Pinnacle Financial Partners in a report on Tuesday, December 17th. They set a “neutral” rating and a $133.00 target price for the company. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $135.00 price target (up previously from $115.00) on shares of Pinnacle Financial Partners in a research note on Wednesday, December 4th. Stephens reiterated an “overweight” rating and set a $142.00 price objective on shares of Pinnacle Financial Partners in a research note on Wednesday, January 22nd. Finally, Wells Fargo & Company increased their target price on Pinnacle Financial Partners from $120.00 to $125.00 and gave the stock an “equal weight” rating in a research note on Thursday, January 23rd. Six equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average 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.