Fenimore Asset Management Inc Purchases 23,552 Shares of Pinnacle Financial Partners, Inc. $PNFP

Key Points

• Fenimore Asset Management Inc has increased its stake in Pinnacle Financial Partners by 2.2% in the second quarter, now holding 1,076,968 shares valued at approximately $118.9 million.
• Pinnacle Financial Partners recently announced a quarterly dividend of $0.24 per share, resulting in an annualized dividend yield of 1.0%.
• Multiple analysts have downgraded their price targets for Pinnacle Financial Partners, with a consensus rating of "Hold" and an average target price of $112.45 according to recent reports.

Fenimore Asset Management Inc boosted its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 2.2% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 1,076,968 shares of the financial services provider's stock after purchasing an additional 23,552 shares during the period. Pinnacle Financial Partners comprises 2.4% of Fenimore Asset Management Inc's investment portfolio, making the stock its 15th biggest position. Fenimore Asset Management Inc owned approximately 1.39% of Pinnacle Financial Partners worth $118,908,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the company. 1248 Management LLC bought a new position in Pinnacle Financial Partners during the first quarter valued at about $29,000. Ameritas Advisory Services LLC purchased a new position in Pinnacle Financial Partners in the second quarter valued at about $45,000. Golden State Wealth Management LLC bought a new position in shares of Pinnacle Financial Partners during the 1st quarter valued at approximately $48,000. SVB Wealth LLC purchased a new stake in shares of Pinnacle Financial Partners during the 1st quarter worth approximately $51,000. Finally, BI Asset Management Fondsmaeglerselskab A S purchased a new stake in shares of Pinnacle Financial Partners during the 1st quarter worth approximately $57,000. Institutional investors own 87.40% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on PNFP. Barclays dropped their price objective on Pinnacle Financial Partners from $140.00 to $125.00 and set an "overweight" rating on the stock in a research note on Monday, July 28th. UBS Group dropped their price target on Pinnacle Financial Partners from $121.00 to $108.00 and set a "neutral" rating on the stock in a research report on Tuesday, September 2nd. Jefferies Financial Group reiterated a "hold" rating and set a $110.00 price target (down previously from $145.00) on shares of Pinnacle Financial Partners in a research note on Friday, July 25th. Truist Financial lowered their price objective on Pinnacle Financial Partners from $111.00 to $107.00 and set a "buy" rating on the stock in a research note on Wednesday, September 24th. Finally, TD Cowen assumed coverage on shares of Pinnacle Financial Partners in a research report on Thursday, September 25th. They set a "buy" rating and a $122.00 target price for the company. Six analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $112.45.

Insider Buying and Selling

In related news, CFO Harold R. Carpenter purchased 1,000 shares of the firm's stock in a transaction on Thursday, July 31st. The shares were acquired at an average cost of $89.73 per share, with a total value of $89,730.00. Following the purchase, the chief financial officer directly owned 105,050 shares of the company's stock, valued at approximately $9,426,136.50. This trade represents a 0.96% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Thomas C. Farnsworth III acquired 1,000 shares of the stock in a transaction on Friday, August 1st. The stock was bought at an average price of $84.94 per share, with a total value of $84,940.00. Following the transaction, the director directly owned 28,277 shares of the company's stock, valued at approximately $2,401,848.38. The trade was a 3.67% increase in their position. The disclosure for this purchase can be found here. Insiders have purchased a total of 12,174 shares of company stock worth $1,047,079 in the last ninety days. 1.46% of the stock is owned by insiders.

Pinnacle Financial Partners Stock Performance

NASDAQ:PNFP opened at $93.36 on Monday. Pinnacle Financial Partners, Inc. has a 1-year low of $81.57 and a 1-year high of $131.91. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.89 and a quick ratio of 0.88. The business has a 50 day moving average of $94.14 and a 200 day moving average of $101.56. The company has a market capitalization of $7.24 billion, a price-to-earnings ratio of 12.38 and a beta of 1.02.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last announced its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $2.00 earnings per share for the quarter, topping analysts' consensus estimates of $1.92 by $0.08. Pinnacle Financial Partners had a net margin of 18.69% and a return on equity of 9.60%. The firm had revenue of $504.99 million during the quarter, compared to analyst estimates of $495.27 million. During the same period in the previous year, the business posted $1.63 EPS. The business's quarterly revenue was up 15.1% on a year-over-year basis. On average, sell-side analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 29th. Stockholders of record on Friday, August 1st were paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend was Friday, August 1st. Pinnacle Financial Partners's payout ratio is 12.73%.

About Pinnacle Financial Partners

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.

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