Pinnacle Financial Partners, Inc. $PNFP Shares Sold by Fenimore Asset Management Inc

Fenimore Asset Management Inc lessened its stake in Pinnacle Financial Partners, Inc. (NYSE:PNFP) by 1.1% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 825,186 shares of the company’s stock after selling 9,196 shares during the period. Pinnacle Financial Partners comprises about 1.7% of Fenimore Asset Management Inc’s investment portfolio, making the stock its 25th largest position. Fenimore Asset Management Inc owned approximately 1.06% of Pinnacle Financial Partners worth $77,246,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Bank of America Corp DE bought a new stake in shares of Pinnacle Financial Partners in the 2nd quarter valued at approximately $70,269,000. Public Employees Retirement System of Ohio bought a new stake in Pinnacle Financial Partners during the second quarter valued at $4,292,000. BlackRock Inc. acquired a new stake in shares of Pinnacle Financial Partners during the second quarter worth $1,704,708,000. Man Group plc bought a new position in shares of Pinnacle Financial Partners in the 2nd quarter worth about $19,969,000. Finally, Corient Private Wealth LP acquired a new position in shares of Pinnacle Financial Partners in the 2nd quarter valued at about $1,982,000. 87.40% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Pinnacle Financial Partners

In related news, insider M. Turner sold 54,107 shares of the stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $108.13, for a total value of $5,850,589.91. Following the completion of the transaction, the insider owned 248,123 shares in the company, valued at $26,829,539.99. This represents a 17.90% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Gregory Montana bought 500 shares of the stock in a transaction on Thursday, September 10th. The shares were bought at an average cost of $98.61 per share, for a total transaction of $49,305.00. Following the purchase, the director owned 4,959 shares in the company, valued at $489,006.99. This trade represents a 11.21% increase in their position. The SEC filing for this purchase provides additional information. Over the last three months, insiders acquired 13,078 shares of company stock worth $1,299,640 and sold 177,228 shares worth $19,153,713. 1.30% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

PNFP has been the topic of a number of recent research reports. Wells Fargo & Company raised shares of Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and set a $118.00 target price on the stock in a report on Wednesday, September 30th. DA Davidson raised their price target on Pinnacle Financial Partners from $109.00 to $112.00 and gave the stock a “neutral” rating in a report on Friday, July 24th. TD Cowen lowered their price objective on Pinnacle Financial Partners from $119.00 to $115.00 and set a “buy” rating for the company in a research note on Monday. Truist Financial increased their target price on Pinnacle Financial Partners from $115.00 to $118.00 and gave the stock a “buy” rating in a research report on Tuesday, July 28th. Finally, Evercore set a $108.00 target price on Pinnacle Financial Partners in a research note on Thursday, October 1st. Two research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, Pinnacle Financial Partners has an average rating of “Moderate Buy” and a consensus price target of $118.79.

Pinnacle Financial Partners Stock Performance

PNFP stock traded up $1.41 on Thursday, reaching $94.50. The company’s stock had a trading volume of 1,002,840 shares, compared to its average volume of 1,371,041. Pinnacle Financial Partners, Inc. has a 52 week low of $81.08 and a 52 week high of $110.33. The company has a market capitalization of $7.33 billion, a P/E ratio of 12.98, a price-to-earnings-growth ratio of 0.38 and a beta of 1.03. The firm has a fifty day moving average of $100.41 and a two-hundred day moving average of $97.48. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.94 and a quick ratio of 0.93.

Pinnacle Financial Partners (NYSE:PNFP) last announced its earnings results on Wednesday, July 22nd. The company reported $2.50 earnings per share for the quarter, beating the consensus estimate of $2.46 by $0.04. Pinnacle Financial Partners had a return on equity of 10.93% and a net margin of 15.40%.The firm had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. As a group, analysts predict that Pinnacle Financial Partners, Inc. will post 10.19 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Friday, August 7th were paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date was Friday, August 7th. Pinnacle Financial Partners’s payout ratio is currently 27.47%.

Pinnacle Financial Partners 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.