Oak Ridge Investments LLC Purchases Shares of 46,647 Pinnacle Financial Partners, Inc. (PNFP)

Oak Ridge Investments LLC purchased a new position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 46,647 shares of the financial services provider’s stock, valued at approximately $2,929,000. Oak Ridge Investments LLC owned about 0.09% of Pinnacle Financial Partners at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently bought and sold shares of PNFP. BlackRock Inc. raised its position in shares of Pinnacle Financial Partners by 56,554.1% in the 1st quarter. BlackRock Inc. now owns 5,632,547 shares of the financial services provider’s stock worth $374,283,000 after purchasing an additional 5,622,605 shares during the last quarter. Franklin Resources Inc. raised its position in shares of Pinnacle Financial Partners by 186.2% in the 2nd quarter. Franklin Resources Inc. now owns 1,720,468 shares of the financial services provider’s stock worth $108,045,000 after purchasing an additional 1,119,331 shares during the last quarter. Vaughan Nelson Investment Management L.P. purchased a new position in shares of Pinnacle Financial Partners in the 2nd quarter worth about $63,064,000. Vanguard Group Inc. raised its position in shares of Pinnacle Financial Partners by 11.0% in the 1st quarter. Vanguard Group Inc. now owns 4,094,690 shares of the financial services provider’s stock worth $272,092,000 after purchasing an additional 407,046 shares during the last quarter. Finally, State Street Corp raised its position in shares of Pinnacle Financial Partners by 27.0% in the 1st quarter. State Street Corp now owns 1,913,478 shares of the financial services provider’s stock worth $127,146,000 after purchasing an additional 406,536 shares during the last quarter. 69.28% of the stock is owned by hedge funds and other institutional investors.

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) opened at 61.50 on Tuesday. The firm has a 50-day moving average price of $62.22 and a 200-day moving average price of $63.83. The stock has a market cap of $4.73 billion, a price-to-earnings ratio of 19.76 and a beta of 1.29. Pinnacle Financial Partners, Inc. has a 12 month low of $49.40 and a 12 month high of $71.85.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.84 EPS for the quarter, beating analysts’ consensus estimates of $0.80 by $0.04. Pinnacle Financial Partners had a return on equity of 7.67% and a net margin of 27.36%. The company had revenue of $141.70 million during the quarter, compared to analysts’ expectations of $130.23 million. During the same period last year, the business posted $0.75 earnings per share. The firm’s revenue was up 31.4% compared to the same quarter last year. Equities research analysts expect that Pinnacle Financial Partners, Inc. will post $3.47 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Friday, August 25th. Shareholders of record on Friday, August 4th were paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 0.91%. The ex-dividend date of this dividend was Wednesday, August 2nd. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 18.01%.

In other Pinnacle Financial Partners news, CEO M Terry Turner sold 101,480 shares of the stock in a transaction dated Monday, July 24th. The stock was sold at an average price of $64.82, for a total value of $6,577,933.60. Following the completion of the sale, the chief executive officer now directly owns 538,441 shares in the company, valued at $34,901,745.62. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Vice Chairman Ronald L. Samuel sold 3,000 shares of the stock in a transaction dated Tuesday, June 27th. The shares were sold at an average price of $62.08, for a total value of $186,240.00. Following the completion of the sale, the insider now owns 67,794 shares of the company’s stock, valued at $4,208,651.52. The disclosure for this sale can be found here. Over the last quarter, insiders sold 110,480 shares of company stock valued at $7,143,584. 5.41% of the stock is currently owned by company insiders.

Several research firms have recently issued reports on PNFP. BidaskClub lowered Pinnacle Financial Partners from a “sell” rating to a “strong sell” rating in a research report on Tuesday, August 8th. Stephens reissued a “hold” rating and issued a $71.00 target price on shares of Pinnacle Financial Partners in a research report on Thursday, July 20th. Finally, Hilliard Lyons raised Pinnacle Financial Partners from a “neutral” rating to a “buy” rating and set a $71.00 target price for the company in a research report on Wednesday, August 23rd. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $65.60.

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Pinnacle Financial Partners Profile

Pinnacle Financial Partners, Inc is a bank holding company. The Company operates through its subsidiary, Pinnacle Bank. The Company operates as a community bank primarily in the urban markets of Nashville, Knoxville, Memphis and Chattanooga, Tennessee and other counties. It provides the personalized service associated with small community banks, while seeking to offer the products and services, such as investments and treasury management.

Institutional Ownership by Quarter for Pinnacle Financial Partners (NASDAQ:PNFP)

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