Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Shares Bought by Oppenheimer Asset Management Inc.

Oppenheimer Asset Management Inc. boosted its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 14.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 147,502 shares of the financial services provider's stock after purchasing an additional 18,078 shares during the quarter. Oppenheimer Asset Management Inc. owned about 0.19% of Pinnacle Financial Partners worth $15,641,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in Pinnacle Financial Partners by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 7,200,386 shares of the financial services provider's stock valued at $823,652,000 after purchasing an additional 87,058 shares in the last quarter. FMR LLC raised its stake in Pinnacle Financial Partners by 10.6% in the fourth quarter. FMR LLC now owns 3,003,310 shares of the financial services provider's stock valued at $343,549,000 after buying an additional 286,894 shares during the last quarter. North Reef Capital Management LP raised its stake in Pinnacle Financial Partners by 57.1% in the fourth quarter. North Reef Capital Management LP now owns 1,940,000 shares of the financial services provider's stock valued at $221,917,000 after buying an additional 705,000 shares during the last quarter. Capital Research Global Investors raised its stake in Pinnacle Financial Partners by 57.0% in the fourth quarter. Capital Research Global Investors now owns 1,559,798 shares of the financial services provider's stock valued at $178,425,000 after buying an additional 566,061 shares during the last quarter. Finally, Wellington Management Group LLP raised its stake in Pinnacle Financial Partners by 16.5% in the fourth quarter. Wellington Management Group LLP now owns 1,504,254 shares of the financial services provider's stock valued at $172,072,000 after buying an additional 213,505 shares during the last quarter. Institutional investors own 87.40% of the company's stock.

Pinnacle Financial Partners Stock Performance

Pinnacle Financial Partners stock traded down $1.64 during midday trading on Wednesday, hitting $106.87. 486,828 shares of the company were exchanged, compared to its average volume of 506,550. The firm has a market capitalization of $8.29 billion, a PE ratio of 17.29 and a beta of 1.02. Pinnacle Financial Partners, Inc. has a fifty-two week low of $75.63 and a fifty-two week high of $131.91. The business has a fifty day simple moving average of $105.00 and a two-hundred day simple moving average of $109.45. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.89 and a current ratio of 0.89.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last posted its earnings results on Monday, April 14th. The financial services provider reported $1.90 EPS for the quarter, topping the consensus estimate of $1.82 by $0.08. The firm had revenue of $475.37 million for the quarter, compared to analyst estimates of $478.11 million. Pinnacle Financial Partners had a return on equity of 9.29% and a net margin of 15.98%. During the same period last year, the company earned $1.53 earnings per share. On average, sell-side analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 30th. Investors of record on Friday, May 2nd were issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 0.90%. The ex-dividend date of this dividend was Friday, May 2nd. Pinnacle Financial Partners's dividend payout ratio (DPR) is 15.53%.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Truist Financial assumed coverage on Pinnacle Financial Partners in a research note on Tuesday, May 13th. They issued a "buy" rating and a $123.00 price target for the company. JPMorgan Chase & Co. decreased their price target on Pinnacle Financial Partners from $125.00 to $115.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Keefe, Bruyette & Woods decreased their price target on Pinnacle Financial Partners from $130.00 to $115.00 and set a "market perform" rating for the company in a research note on Thursday, April 17th. Barclays decreased their price target on Pinnacle Financial Partners from $135.00 to $125.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. Finally, Jefferies Financial Group assumed coverage on Pinnacle Financial Partners in a research note on Wednesday, May 21st. They issued a "buy" rating and a $135.00 price target for the company. Four research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $121.27.

About Pinnacle Financial Partners

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.