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

Key Points

• Fenimore Asset Management trimmed its stake in Pinnacle by 10.9%, selling 103,290 shares and leaving it with 844,455 shares worth about $80.6 million (1.7% of Fenimore’s portfolio, its 26th largest holding).
• Pinnacle reported a quarterly EPS of $2.39 (vs. $2.30 expected) and revenue of $1.22 billion, and currently carries a market cap of $7.66 billion with a P/E of 13.69.
• The company declared a quarterly dividend of $0.50 (annualized $2.00, ~2.0% yield, 27.7% payout ratio), while analysts on average rate the stock a "Moderate Buy" with a consensus target of $114.25.

Fenimore Asset Management Inc decreased its stake in Pinnacle Financial Partners, Inc. (NYSE:PNFP - Free Report) by 10.9% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 844,455 shares of the company's stock after selling 103,290 shares during the period. Pinnacle Financial Partners accounts for 1.7% of Fenimore Asset Management Inc's investment portfolio, making the stock its 26th largest holding. Fenimore Asset Management Inc owned about 1.09% of Pinnacle Financial Partners worth $80,569,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of PNFP. AQR Capital Management LLC boosted its stake in shares of Pinnacle Financial Partners by 1,697.4% during the third quarter. AQR Capital Management LLC now owns 3,267,666 shares of the company's stock worth $306,474,000 after buying an additional 3,085,867 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Pinnacle Financial Partners by 6.5% during the third quarter. Dimensional Fund Advisors LP now owns 2,680,171 shares of the company's stock worth $251,376,000 after buying an additional 163,269 shares during the period. Wellington Management Group LLP boosted its stake in shares of Pinnacle Financial Partners by 51.1% during the third quarter. Wellington Management Group LLP now owns 2,156,749 shares of the company's stock worth $202,281,000 after buying an additional 728,975 shares during the period. Nomura Holdings Inc. acquired a new stake in shares of Pinnacle Financial Partners during the third quarter worth about $187,822,000. Finally, Bank of America Corp DE boosted its stake in shares of Pinnacle Financial Partners by 66.8% during the third quarter. Bank of America Corp DE now owns 828,944 shares of the company's stock worth $77,747,000 after buying an additional 332,092 shares during the period. Hedge funds and other institutional investors own 87.40% of the company's stock.

Pinnacle Financial Partners Stock Performance

Shares of Pinnacle Financial Partners stock opened at $98.74 on Friday. The firm has a market cap of $7.66 billion, a price-to-earnings ratio of 13.69, a PEG ratio of 0.37 and a beta of 1.06. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.42. Pinnacle Financial Partners, Inc. has a one year low of $81.08 and a one year high of $120.46.

Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) last announced its quarterly earnings data on Wednesday, April 22nd. The company reported $2.39 EPS for the quarter, topping analysts' consensus estimates of $2.30 by $0.09. The company had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.20 billion. Pinnacle Financial Partners had a net margin of 15.02% and a return on equity of 10.61%. On average, equities research analysts forecast that Pinnacle Financial Partners, Inc. will post 10.38 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, May 29th. Stockholders of record on Friday, May 1st will be paid a dividend of $0.50 per share. The ex-dividend date of this dividend is Friday, May 1st. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.0%. Pinnacle Financial Partners's dividend payout ratio is 27.74%.

Insider Buying and Selling at Pinnacle Financial Partners

In related news, CFO Andrew J. Jr. Gregory purchased 1,000 shares of the stock in a transaction dated Thursday, February 12th. The shares were acquired at an average cost of $94.52 per share, with a total value of $94,520.00. Following the purchase, the chief financial officer directly owned 49,485 shares in the company, valued at $4,677,322.20. This trade represents a 2.06% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. 1.30% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on PNFP. Keefe, Bruyette & Woods increased their target price on shares of Pinnacle Financial Partners from $95.00 to $100.00 and gave the stock a "market perform" rating in a research note on Friday, January 9th. DA Davidson assumed coverage on shares of Pinnacle Financial Partners in a research note on Monday, January 5th. They set a "neutral" rating and a $110.00 target price for the company. Stephens upped their price objective on shares of Pinnacle Financial Partners from $95.00 to $109.00 and gave the stock an "equal weight" rating in a research report on Thursday. Piper Sandler upped their price objective on shares of Pinnacle Financial Partners from $120.00 to $122.00 and gave the stock an "overweight" rating in a research report on Wednesday, January 28th. Finally, Evercore restated an "outperform" rating and set a $115.00 price objective on shares of Pinnacle Financial Partners in a research report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $114.25.

About Pinnacle Financial Partners

Pinnacle Financial Partners NYSE: PNFP is a bank holding company headquartered in Nashville, Tennessee, that provides a broad range of commercial and consumer banking services. Founded in 2000, the company operates through a network of banking offices and digital channels to serve individuals, small and middle-market businesses, and institutional clients. Pinnacle’s business model emphasizes relationship-based banking and tailored financial solutions for commercial borrowers and deposit customers.

The company’s product and service offerings include commercial and residential lending, treasury and payment solutions, deposit accounts, mortgage services, and cash management.

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