Fenimore Asset Management Inc Has $120.67 Million Stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Fenimore Asset Management Inc reduced its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 1.5% in the 4th quarter, Holdings Channel reports. The firm owned 1,054,931 shares of the financial services provider’s stock after selling 15,920 shares during the period. Pinnacle Financial Partners accounts for approximately 2.5% of Fenimore Asset Management Inc’s holdings, making the stock its 15th biggest position. Fenimore Asset Management Inc’s holdings in Pinnacle Financial Partners were worth $120,674,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the stock. Azora Capital LP acquired a new stake in shares of Pinnacle Financial Partners in the third quarter worth $64,326,000. FMR LLC raised its holdings in Pinnacle Financial Partners by 11.6% in the 3rd quarter. FMR LLC now owns 2,716,416 shares of the financial services provider’s stock worth $266,127,000 after acquiring an additional 282,016 shares during the period. Holocene Advisors LP acquired a new position in Pinnacle Financial Partners during the 3rd quarter worth $21,576,000. Principal Financial Group Inc. boosted its holdings in Pinnacle Financial Partners by 27.0% during the third quarter. Principal Financial Group Inc. now owns 983,282 shares of the financial services provider’s stock valued at $96,332,000 after acquiring an additional 208,938 shares during the period. Finally, Jacobs Levy Equity Management Inc. grew its position in shares of Pinnacle Financial Partners by 212.1% in the third quarter. Jacobs Levy Equity Management Inc. now owns 291,723 shares of the financial services provider’s stock valued at $28,580,000 after purchasing an additional 198,246 shares during the last quarter. Institutional investors own 87.40% of the company’s stock.

Insider Buying and Selling

In other Pinnacle Financial Partners news, Director David B. Ingram sold 3,610 shares of the stock in a transaction on Monday, December 9th. The stock was sold at an average price of $126.07, for a total value of $455,112.70. Following the transaction, the director now directly owns 139,489 shares in the company, valued at approximately $17,585,378.23. This trade represents a 2.52 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of the company’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $124.09, for a total value of $6,204,500.00. Following the transaction, the chairman now directly owns 123,000 shares in the company, valued at $15,263,070. This trade represents a 28.90 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 76,661 shares of company stock worth $9,563,127 in the last three months. Insiders own 1.87% of the company’s stock.

Pinnacle Financial Partners Stock Performance

Pinnacle Financial Partners stock opened at $123.28 on Friday. Pinnacle Financial Partners, Inc. has a 52-week low of $73.62 and a 52-week high of $131.91. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.90 and a quick ratio of 0.90. The stock has a fifty day moving average price of $119.31 and a two-hundred day moving average price of $105.34. The firm has a market capitalization of $9.52 billion, a P/E ratio of 20.62 and a beta of 1.09.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its earnings results on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.80 by $0.10. The business had revenue of $475.34 million during the quarter, compared to analysts’ expectations of $470,334.57 billion. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. The firm’s revenue for the quarter was up 19.9% on a year-over-year basis. During the same quarter last year, the company posted $1.68 EPS. As a group, analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.56 EPS for the current fiscal year.

Pinnacle Financial Partners Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 28th. Stockholders of record on Friday, February 7th will be issued a $0.24 dividend. This is an increase from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a dividend yield of 0.78%. The ex-dividend date of this dividend is Friday, February 7th. Pinnacle Financial Partners’s payout ratio is presently 16.05%.

Analyst Ratings Changes

Several brokerages recently weighed in on PNFP. JPMorgan Chase & Co. decreased their target price 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. Keefe, Bruyette & Woods restated a “market perform” rating and set a $135.00 price objective (up previously from $115.00) on shares of Pinnacle Financial Partners in a report on Wednesday, December 4th. Barclays upgraded shares of Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $120.00 to $135.00 in a research note on Thursday, December 19th. Citigroup upped their price target on Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a “buy” rating in a report on Tuesday, December 31st. Finally, Truist Financial lifted their price objective on Pinnacle Financial Partners from $113.00 to $119.00 and gave the stock a “buy” rating in a report on Monday, October 21st. Six investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $125.18.

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.