Fenimore Asset Management Inc Has $111.70 Million Stock Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Fenimore Asset Management Inc cut its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 0.1% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,053,416 shares of the financial services provider’s stock after selling 1,515 shares during the quarter. Pinnacle Financial Partners accounts for 2.4% of Fenimore Asset Management Inc’s portfolio, making the stock its 16th biggest holding. Fenimore Asset Management Inc’s holdings in Pinnacle Financial Partners were worth $111,704,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the company. Kapitalo Investimentos Ltda acquired a new position in shares of Pinnacle Financial Partners in the 4th quarter worth approximately $78,000. Principal Securities Inc. raised its position in shares of Pinnacle Financial Partners by 12.7% during the 4th quarter. Principal Securities Inc. now owns 808 shares of the financial services provider’s stock valued at $92,000 after acquiring an additional 91 shares during the last quarter. UMB Bank n.a. raised its position in shares of Pinnacle Financial Partners by 16.6% during the 1st quarter. UMB Bank n.a. now owns 858 shares of the financial services provider’s stock valued at $91,000 after acquiring an additional 122 shares during the last quarter. Values First Advisors Inc. increased its position in shares of Pinnacle Financial Partners by 189.9% in the 4th quarter. Values First Advisors Inc. now owns 1,458 shares of the financial services provider’s stock valued at $167,000 after buying an additional 955 shares in the last quarter. Finally, Blair William & Co. IL bought a new stake in shares of Pinnacle Financial Partners in the 4th quarter valued at $200,000. 87.40% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Pinnacle Financial Partners news, Director Glenda Baskin Glover sold 3,000 shares of the company’s stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $101.55, for a total value of $304,650.00. Following the completion of the sale, the director now directly owns 9,943 shares of the company’s stock, valued at approximately $1,009,711.65. This represents a 23.18% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO M Terry Turner sold 2,000 shares of the company’s stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $100.63, for a total transaction of $201,260.00. Following the completion of the sale, the chief executive officer now directly owns 254,552 shares of the company’s stock, valued at $25,615,567.76. The trade was a 0.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,041 shares of company stock valued at $509,986 over the last quarter. Insiders own 1.46% of the company’s stock.

Pinnacle Financial Partners Stock Performance

Shares of NASDAQ:PNFP opened at $108.05 on Monday. Pinnacle Financial Partners, Inc. has a 1 year low of $73.62 and a 1 year 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 market capitalization of $8.38 billion, a price-to-earnings ratio of 18.07 and a beta of 1.02. The company’s 50 day simple moving average is $101.61 and its 200 day simple moving average is $111.12.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its earnings results on Monday, April 14th. The financial services provider reported $1.90 earnings per share for the quarter, beating analysts’ consensus estimates of $1.82 by $0.08. The firm had revenue of $475.37 million for the quarter, compared to analyst estimates of $478.11 million. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. During the same quarter last year, the business posted $1.53 earnings per share. As a group, research analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 30th. Investors of record on Friday, May 2nd were paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 0.89%. The ex-dividend date of this dividend was Friday, May 2nd. Pinnacle Financial Partners’s dividend payout ratio is presently 15.53%.

Analyst Ratings Changes

A number of brokerages recently weighed in on PNFP. Wells Fargo & Company reduced their target price on shares of Pinnacle Financial Partners from $125.00 to $105.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 9th. JPMorgan Chase & Co. reduced their price objective on shares of Pinnacle Financial Partners from $125.00 to $115.00 and set an “overweight” rating for the company in a research note on Wednesday, April 16th. Barclays cut their target price on shares of Pinnacle Financial Partners from $135.00 to $125.00 and set an “overweight” rating for the company in a research note on Tuesday, April 8th. Truist Financial began coverage on shares of Pinnacle Financial Partners in a report on Tuesday, May 13th. They issued a “buy” rating and a $123.00 price target on the stock. Finally, Jefferies Financial Group initiated coverage on shares of Pinnacle Financial Partners in a report on Wednesday, May 21st. They issued a “buy” rating and a $135.00 price target on the stock. Four analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $121.27.

Pinnacle Financial Partners Company 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.