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

Oppenheimer Asset Management Inc. boosted its holdings in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 5.5% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 129,424 shares of the financial services provider's stock after buying an additional 6,701 shares during the period. Oppenheimer Asset Management Inc. owned approximately 0.17% of Pinnacle Financial Partners worth $14,805,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently bought and sold shares of the business. International Assets Investment Management LLC increased its holdings in shares of Pinnacle Financial Partners by 9,804.4% in the 3rd quarter. International Assets Investment Management LLC now owns 36,151 shares of the financial services provider's stock valued at $3,542,000 after purchasing an additional 35,786 shares during the period. Wealth Enhancement Advisory Services LLC increased its stake in Pinnacle Financial Partners by 15.1% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 19,477 shares of the financial services provider's stock valued at $1,908,000 after buying an additional 2,552 shares during the period. State of Alaska Department of Revenue lifted its position in Pinnacle Financial Partners by 7.2% in the 3rd quarter. State of Alaska Department of Revenue now owns 8,892 shares of the financial services provider's stock worth $871,000 after buying an additional 600 shares in the last quarter. Strategic Blueprint LLC boosted its stake in shares of Pinnacle Financial Partners by 3.4% during the 3rd quarter. Strategic Blueprint LLC now owns 4,025 shares of the financial services provider's stock valued at $394,000 after buying an additional 133 shares during the period. Finally, Sippican Capital Advisors grew its holdings in shares of Pinnacle Financial Partners by 10.6% during the 3rd quarter. Sippican Capital Advisors now owns 9,215 shares of the financial services provider's stock valued at $903,000 after acquiring an additional 880 shares in the last quarter. 87.40% of the stock is owned by hedge funds and other institutional investors.

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Insider Transactions at Pinnacle Financial Partners

In related news, Director David B. Ingram sold 3,610 shares of the stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $126.07, for a total value of $455,112.70. Following the completion of the sale, the director now owns 139,489 shares in the company, valued at approximately $17,585,378.23. This trade represents a 2.52 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Harold R. Carpenter sold 3,051 shares of Pinnacle Financial Partners stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $125.57, for a total value of $383,114.07. Following the sale, the chief financial officer now directly owns 60,805 shares in the company, valued at approximately $7,635,283.85. This trade represents a 4.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 166,970 shares of company stock worth $20,474,461. Insiders own 1.87% of the company's stock.

Analyst Ratings Changes

PNFP has been the subject of several recent research reports. Hovde Group lowered Pinnacle Financial Partners from an "outperform" rating to a "market perform" rating and set a $135.00 price objective for the company. in a report on Monday, November 18th. Stephens reaffirmed an "overweight" rating and set a $142.00 price target on shares of Pinnacle Financial Partners in a research note on Wednesday, January 22nd. JPMorgan Chase & Co. lowered their price target on Pinnacle Financial Partners from $140.00 to $138.00 and set an "overweight" rating for the company in a research note on Tuesday, January 7th. Barclays raised shares of Pinnacle Financial Partners from an "equal weight" rating to an "overweight" rating and raised their price objective for the company from $120.00 to $135.00 in a research report on Thursday, December 19th. Finally, Wells Fargo & Company lifted their target price on shares of Pinnacle Financial Partners from $120.00 to $125.00 and gave the company an "equal weight" rating in a research note on Thursday, January 23rd. Six research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $125.18.

Pinnacle Financial Partners Stock Performance

PNFP stock traded down $2.58 during midday trading on Monday, hitting $111.68. 355,064 shares of the company traded hands, compared to its average volume of 462,846. The business has a 50 day simple moving average of $118.53 and a 200-day simple moving average of $110.91. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.37. Pinnacle Financial Partners, Inc. has a twelve month low of $73.62 and a twelve month high of $131.91. The stock has a market capitalization of $8.63 billion, a price-to-earnings ratio of 18.68 and a beta of 1.09.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last announced its earnings results 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 firm had revenue of $475.34 million for the quarter, compared to the consensus estimate of $470.33 million. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. The business's quarterly revenue was up 19.9% on a year-over-year basis. During the same quarter last year, the firm posted $1.68 EPS. As a group, equities research analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Friday, February 7th were issued a dividend of $0.24 per share. The ex-dividend date was Friday, February 7th. This is a positive change from Pinnacle Financial Partners's previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.86%. Pinnacle Financial Partners's payout ratio is 16.05%.

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.