Oppenheimer Asset Management Inc. Grows Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Oppenheimer Asset Management Inc. grew 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 disclosure with the Securities and Exchange Commission. 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 approximately 0.19% of Pinnacle Financial Partners worth $15,641,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Principal Securities Inc. lifted its holdings in shares of Pinnacle Financial Partners by 12.7% in the 4th quarter. Principal Securities Inc. now owns 808 shares of the financial services provider's stock valued at $92,000 after purchasing an additional 91 shares during the last quarter. Sage Mountain Advisors LLC lifted its stake in Pinnacle Financial Partners by 0.3% in the fourth quarter. Sage Mountain Advisors LLC now owns 36,198 shares of the financial services provider's stock valued at $4,141,000 after buying an additional 99 shares during the last quarter. Utah Retirement Systems lifted its stake in Pinnacle Financial Partners by 2.5% in the fourth quarter. Utah Retirement Systems now owns 4,090 shares of the financial services provider's stock valued at $468,000 after buying an additional 100 shares during the last quarter. First Horizon Advisors Inc. boosted its holdings in shares of Pinnacle Financial Partners by 3.1% in the fourth quarter. First Horizon Advisors Inc. now owns 3,399 shares of the financial services provider's stock valued at $389,000 after acquiring an additional 102 shares during the period. Finally, Cahaba Wealth Management Inc. boosted its holdings in shares of Pinnacle Financial Partners by 1.7% in the fourth quarter. Cahaba Wealth Management Inc. now owns 6,625 shares of the financial services provider's stock valued at $758,000 after acquiring an additional 113 shares during the period. Institutional investors and hedge funds own 87.40% of the company's stock.

Analysts Set New Price Targets

PNFP has been the subject of several research reports. Jefferies Financial Group assumed coverage on shares of Pinnacle Financial Partners in a research report on Wednesday, May 21st. They issued a "buy" rating and a $135.00 price target for the company. Hovde Group upgraded shares of Pinnacle Financial Partners from a "market perform" rating to an "outperform" rating and set a $111.00 price objective on the stock in a research note on Wednesday, April 16th. Keefe, Bruyette & Woods reduced their target price on shares of Pinnacle Financial Partners from $130.00 to $115.00 and set a "market perform" rating for the company in a report on Thursday, April 17th. Truist Financial started coverage on shares of Pinnacle Financial Partners in a research note on Tuesday, May 13th. They set a "buy" rating and a $123.00 target price for the company. Finally, JPMorgan Chase & Co. dropped their price target on Pinnacle Financial Partners from $125.00 to $115.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Four research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $121.27.

Pinnacle Financial Partners Stock Performance

NASDAQ PNFP traded up $0.32 during trading hours on Friday, hitting $109.56. 770,590 shares of the stock were exchanged, compared to its average volume of 508,665. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.37. The stock has a 50-day moving average of $105.28 and a 200 day moving average of $109.36. The company has a market cap of $8.50 billion, a price-to-earnings ratio of 17.73 and a beta of 1.02. Pinnacle Financial Partners, Inc. has a 12-month low of $75.85 and a 12-month high of $131.91.

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

Pinnacle Financial Partners Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, May 30th. Shareholders of record on Friday, May 2nd were given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 0.88%. The ex-dividend date was Friday, May 2nd. Pinnacle Financial Partners's payout ratio is currently 15.53%.

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.