Oppenheimer Asset Management Inc. Has $9.76 Million Stock Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Oppenheimer Asset Management Inc. increased its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 19.6% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 121,986 shares of the financial services provider’s stock after buying an additional 19,963 shares during the period. Oppenheimer Asset Management Inc. owned 0.16% of Pinnacle Financial Partners worth $9,764,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Thoroughbred Financial Services LLC grew its position in shares of Pinnacle Financial Partners by 357.5% in the second quarter. Thoroughbred Financial Services LLC now owns 11,839 shares of the financial services provider’s stock valued at $947,000 after purchasing an additional 9,251 shares during the last quarter. Cornercap Investment Counsel Inc. grew its holdings in Pinnacle Financial Partners by 2.2% in the 2nd quarter. Cornercap Investment Counsel Inc. now owns 14,522 shares of the financial services provider’s stock valued at $1,162,000 after buying an additional 313 shares in the last quarter. Pier Capital LLC increased its position in Pinnacle Financial Partners by 16.5% during the 2nd quarter. Pier Capital LLC now owns 111,797 shares of the financial services provider’s stock worth $8,948,000 after buying an additional 15,797 shares during the period. Ellerson Group Inc. ADV lifted its holdings in shares of Pinnacle Financial Partners by 1.2% during the second quarter. Ellerson Group Inc. ADV now owns 23,395 shares of the financial services provider’s stock worth $1,873,000 after buying an additional 285 shares in the last quarter. Finally, Choreo LLC boosted its position in shares of Pinnacle Financial Partners by 154.6% in the second quarter. Choreo LLC now owns 16,356 shares of the financial services provider’s stock valued at $1,296,000 after acquiring an additional 9,932 shares during the period. Institutional investors and hedge funds own 87.40% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently commented on PNFP. JPMorgan Chase & Co. lowered their price target on shares of Pinnacle Financial Partners from $108.00 to $105.00 and set an “overweight” rating on the stock in a research report on Thursday, June 27th. Barclays raised their target price on shares of Pinnacle Financial Partners from $93.00 to $97.00 and gave the stock an “equal weight” rating in a report on Thursday, July 18th. Citigroup boosted their price target on Pinnacle Financial Partners from $93.00 to $113.00 and gave the company a “buy” rating in a research note on Thursday, July 18th. Stephens lowered their price objective on Pinnacle Financial Partners from $109.00 to $102.00 and set an “overweight” rating on the stock in a research note on Thursday, May 23rd. Finally, Wells Fargo & Company lifted their price objective on Pinnacle Financial Partners from $90.00 to $100.00 and gave the company an “overweight” rating in a report on Thursday, July 18th. One analyst has rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $99.00.

Pinnacle Financial Partners Price Performance

Shares of NASDAQ:PNFP opened at $94.91 on Friday. Pinnacle Financial Partners, Inc. has a one year low of $59.66 and a one year high of $99.90. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.90 and a quick ratio of 0.90. 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 firm has a 50 day simple moving average of $92.00 and a 200 day simple moving average of $84.47.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced 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. The company had revenue of $366.55 million during the quarter, compared to analysts’ expectations of $426.40 million. Pinnacle Financial Partners had a return on equity of 8.97% and a net margin of 13.93%. Research analysts predict that Pinnacle Financial Partners, Inc. will post 6.83 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Friday, August 2nd were issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 0.93%. The ex-dividend date was Friday, August 2nd. Pinnacle Financial Partners’s dividend payout ratio (DPR) is currently 12.59%.

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.