Fenimore Asset Management Inc Reduces Stock Position in Pinnacle Financial Partners, Inc. $PNFP

Fenimore Asset Management Inc decreased its position in Pinnacle Financial Partners, Inc. (NYSE:PNFP) by 1.1% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 825,186 shares of the company’s stock after selling 9,196 shares during the period. Pinnacle Financial Partners makes up about 1.7% of Fenimore Asset Management Inc’s investment portfolio, making the stock its 25th largest position. Fenimore Asset Management Inc’s holdings in Pinnacle Financial Partners were worth $77,246,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. BlackRock Inc. acquired a new position in Pinnacle Financial Partners during the second quarter worth about $1,704,708,000. Wellington Management Group LLP boosted its position in shares of Pinnacle Financial Partners by 22.1% during the 2nd quarter. Wellington Management Group LLP now owns 11,141,397 shares of the company’s stock valued at $1,123,944,000 after purchasing an additional 2,016,827 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Pinnacle Financial Partners by 80.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 5,035,295 shares of the company’s stock valued at $433,712,000 after purchasing an additional 2,244,659 shares in the last quarter. Bank of New York Mellon Corp grew its stake in shares of Pinnacle Financial Partners by 85.6% in the 1st quarter. Bank of New York Mellon Corp now owns 1,389,822 shares of the company’s stock worth $119,719,000 after purchasing an additional 640,967 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its holdings in shares of Pinnacle Financial Partners by 134.1% in the 1st quarter. The Manufacturers Life Insurance Company now owns 1,195,103 shares of the company’s stock worth $102,946,000 after purchasing an additional 684,544 shares in the last quarter. Institutional investors own 87.40% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on PNFP. Truist Financial raised their target price on shares of Pinnacle Financial Partners from $115.00 to $118.00 and gave the stock a “buy” rating in a report on Tuesday, July 28th. TD Cowen decreased their target price on Pinnacle Financial Partners from $119.00 to $115.00 and set a “buy” rating on the stock in a report on Monday. Citigroup boosted their target price on Pinnacle Financial Partners from $122.00 to $126.00 and gave the stock a “buy” rating in a research report on Thursday, June 25th. Evercore set a $108.00 target price on Pinnacle Financial Partners in a report on Thursday, October 1st. Finally, Piper Sandler increased their price target on Pinnacle Financial Partners from $123.00 to $125.00 and gave the company an “overweight” rating in a research report on Friday, October 2nd. Two research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, Pinnacle Financial Partners presently has a consensus rating of “Moderate Buy” and a consensus price target of $118.79.

Pinnacle Financial Partners Trading Up 1.5%

Shares of NYSE:PNFP traded up $1.41 during mid-day trading on Thursday, hitting $94.50. The stock had a trading volume of 1,002,840 shares, compared to its average volume of 1,371,041. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.93 and a current ratio of 0.94. The company has a market cap of $7.33 billion, a PE ratio of 12.98, a P/E/G ratio of 0.38 and a beta of 1.03. Pinnacle Financial Partners, Inc. has a 12-month low of $81.08 and a 12-month high of $110.33. The company’s 50 day moving average is $100.41 and its 200-day moving average is $97.48.

Pinnacle Financial Partners (NYSE:PNFP) last posted its quarterly earnings data on Wednesday, July 22nd. The company reported $2.50 earnings per share for the quarter, topping the consensus estimate of $2.46 by $0.04. Pinnacle Financial Partners had a net margin of 15.40% and a return on equity of 10.93%. The firm had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.24 billion. On average, sell-side analysts predict that Pinnacle Financial Partners, Inc. will post 10.19 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Friday, August 7th were given a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend was Friday, August 7th. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 27.47%.

Insiders Place Their Bets

In related news, insider M. Turner sold 66,783 shares of the company’s stock in a transaction on Friday, August 14th. The stock was sold at an average price of $108.01, for a total transaction of $7,213,231.83. Following the transaction, the insider directly owned 302,230 shares of the company’s stock, valued at approximately $32,643,862.30. The trade was a 18.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Robert McCabe, Jr. acquired 10,013 shares of Pinnacle Financial Partners stock in a transaction that occurred on Friday, July 24th. The stock was acquired at an average cost of $99.90 per share, with a total value of $1,000,298.70. Following the completion of the purchase, the insider owned 324,233 shares in the company, valued at approximately $32,390,876.70. This represents a 3.19% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last three months, insiders have acquired 13,078 shares of company stock worth $1,299,640 and have sold 177,228 shares worth $19,153,713. 1.30% of the stock is owned by corporate insiders.

Pinnacle Financial Partners Company Profile

Pinnacle Financial Partners, Inc is a bank holding company headquartered in Nashville, Tennessee. Through its principal subsidiary, Pinnacle Bank, the company provides full-service banking and related financial services to businesses, professionals, entrepreneurs and individuals.

Its offerings include commercial, small-business and consumer loans; checking, savings and money-market accounts; treasury and cash-management services; online and mobile banking; mortgage lending; and wealth-management, trust, investment and insurance services.