Oppenheimer Asset Management Inc. Buys 19,963 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Oppenheimer Asset Management Inc. raised its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 19.6% during the second quarter, Holdings Channel reports. The firm owned 121,986 shares of the financial services provider’s stock after purchasing an additional 19,963 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Pinnacle Financial Partners were worth $9,764,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of PNFP. Verdence Capital Advisors LLC lifted its stake in shares of Pinnacle Financial Partners by 2.9% in the 1st quarter. Verdence Capital Advisors LLC now owns 4,497 shares of the financial services provider’s stock valued at $386,000 after purchasing an additional 126 shares during the period. Versant Capital Management Inc raised its holdings in shares of Pinnacle Financial Partners by 44.5% during the second quarter. Versant Capital Management Inc now owns 432 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 133 shares during the period. Covenant Partners LLC boosted its position in shares of Pinnacle Financial Partners by 1.4% during the 4th quarter. Covenant Partners LLC now owns 10,699 shares of the financial services provider’s stock worth $933,000 after purchasing an additional 149 shares in the last quarter. CANADA LIFE ASSURANCE Co grew its stake in shares of Pinnacle Financial Partners by 0.3% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 57,459 shares of the financial services provider’s stock valued at $4,930,000 after buying an additional 152 shares during the period. Finally, GAMMA Investing LLC increased its position in Pinnacle Financial Partners by 26.7% in the 2nd quarter. GAMMA Investing LLC now owns 853 shares of the financial services provider’s stock valued at $68,000 after buying an additional 180 shares in the last quarter. 87.40% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Piper Sandler cut Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and raised their price objective for the company from $95.00 to $98.00 in a research note on Thursday, July 18th. Wells Fargo & Company lifted their price target on shares of Pinnacle Financial Partners from $90.00 to $100.00 and gave the company an “overweight” rating in a research report on Thursday, July 18th. Stephens decreased their price target on shares of Pinnacle Financial Partners from $109.00 to $102.00 and set an “overweight” rating for the company in a research note on Thursday, May 23rd. JPMorgan Chase & Co. dropped their price objective on shares of Pinnacle Financial Partners from $108.00 to $105.00 and set an “overweight” rating on the stock in a research note on Thursday, June 27th. Finally, Citigroup boosted their target price on shares of Pinnacle Financial Partners from $93.00 to $113.00 and gave the stock a “buy” rating in a research report on Thursday, July 18th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $99.00.

Pinnacle Financial Partners Price Performance

Pinnacle Financial Partners stock opened at $94.91 on Friday. The business’s 50 day simple moving average is $92.00 and its 200 day simple moving average is $84.47. Pinnacle Financial Partners, Inc. has a 12 month low of $59.66 and a 12 month high of $99.90. The company has a market cap of $7.33 billion, a price-to-earnings ratio of 13.58 and a beta of 1.05. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.43.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $1.63 EPS for the quarter, beating analysts’ consensus estimates of $1.60 by $0.03. Pinnacle Financial Partners had a return on equity of 8.97% and a net margin of 13.93%. The firm had revenue of $366.55 million for the quarter, compared to analysts’ expectations of $426.40 million. Sell-side analysts forecast that Pinnacle Financial Partners, Inc. will post 6.83 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Friday, August 2nd were paid a $0.22 dividend. The ex-dividend date of this dividend was Friday, August 2nd. This represents a $0.88 annualized dividend and a dividend yield of 0.93%. Pinnacle Financial Partners’s payout ratio is 12.59%.

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.