Fenimore Asset Management Inc. Trims Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Fenimore Asset Management Inc. trimmed its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 1.5% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,072,551 shares of the financial services provider's stock after selling 16,515 shares during the period. Pinnacle Financial Partners accounts for approximately 2.2% of Fenimore Asset Management Inc.'s holdings, making the stock its 15th largest position. Fenimore Asset Management Inc. owned about 1.40% of Pinnacle Financial Partners worth $93,548,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of PNFP. Caprock Group LLC increased its stake in Pinnacle Financial Partners by 2.2% in the 4th quarter. Caprock Group LLC now owns 5,604 shares of the financial services provider's stock worth $489,000 after buying an additional 122 shares in the last quarter. Thrivent Financial for Lutherans increased its stake in Pinnacle Financial Partners by 0.7% in the 2nd quarter. Thrivent Financial for Lutherans now owns 20,040 shares of the financial services provider's stock worth $1,449,000 after buying an additional 145 shares in the last quarter. Treasurer of the State of North Carolina grew its position in shares of Pinnacle Financial Partners by 0.5% during the third quarter. Treasurer of the State of North Carolina now owns 33,040 shares of the financial services provider's stock valued at $2,215,000 after purchasing an additional 170 shares in the last quarter. Advisors Asset Management Inc. grew its position in shares of Pinnacle Financial Partners by 1.9% during the fourth quarter. Advisors Asset Management Inc. now owns 9,228 shares of the financial services provider's stock valued at $677,000 after purchasing an additional 174 shares in the last quarter. Finally, Nomura Asset Management Co. Ltd. grew its position in shares of Pinnacle Financial Partners by 57.1% during the third quarter. Nomura Asset Management Co. Ltd. now owns 550 shares of the financial services provider's stock valued at $37,000 after purchasing an additional 200 shares in the last quarter. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

Pinnacle Financial Partners Trading Down 1.9 %

Shares of NASDAQ:PNFP traded down $1.60 during trading on Tuesday, reaching $81.96. The company's stock had a trading volume of 360,346 shares, compared to its average volume of 466,761. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.44. Pinnacle Financial Partners, Inc. has a 12 month low of $43.31 and a 12 month high of $92.33. The firm's 50 day simple moving average is $83.63 and its two-hundred day simple moving average is $77.57. The stock has a market capitalization of $6.32 billion, a PE ratio of 11.42 and a beta of 1.08.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last announced its quarterly earnings data on Wednesday, January 17th. The financial services provider reported $1.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.67 by $0.01. The business had revenue of $396.34 million during the quarter, compared to the consensus estimate of $416.97 million. Pinnacle Financial Partners had a net margin of 20.17% and a return on equity of 9.78%. The firm's quarterly revenue was down 1.4% compared to the same quarter last year. During the same quarter last year, the firm earned $1.76 earnings per share. On average, research analysts predict that Pinnacle Financial Partners, Inc. will post 6.82 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 23rd. Shareholders of record on Friday, February 2nd were paid a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 1.07%. The ex-dividend date of this dividend was Thursday, February 1st. Pinnacle Financial Partners's payout ratio is currently 12.26%.

Insiders Place Their Bets

In other news, CFO Harold R. Carpenter sold 6,306 shares of Pinnacle Financial Partners stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $82.22, for a total transaction of $518,479.32. Following the completion of the sale, the chief financial officer now owns 63,856 shares of the company's stock, valued at $5,250,240.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Chairman Robert A. Mccabe, Jr. sold 6,331 shares of Pinnacle Financial Partners stock in a transaction that occurred on Tuesday, January 23rd. The shares were sold at an average price of $87.43, for a total transaction of $553,519.33. Following the completion of the sale, the chairman now owns 202,699 shares of the company's stock, valued at $17,721,973.57. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Harold R. Carpenter sold 6,306 shares of Pinnacle Financial Partners stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $82.22, for a total transaction of $518,479.32. Following the sale, the chief financial officer now directly owns 63,856 shares of the company's stock, valued at approximately $5,250,240.32. The disclosure for this sale can be found here. Insiders sold a total of 54,175 shares of company stock valued at $4,487,253 over the last 90 days. Insiders own 1.87% of the company's stock.

Wall Street Analyst Weigh In

PNFP has been the subject of a number of research analyst reports. Stephens restated an "overweight" rating and set a $108.00 price objective on shares of Pinnacle Financial Partners in a research report on Wednesday, January 17th. Barclays initiated coverage on Pinnacle Financial Partners in a research report on Friday, March 8th. They set an "equal weight" rating and a $93.00 price objective for the company. Truist Financial raised their price objective on Pinnacle Financial Partners from $93.00 to $99.00 and gave the company a "buy" rating in a research report on Monday. Finally, UBS Group cut their price objective on Pinnacle Financial Partners from $91.00 to $90.00 and set a "neutral" rating for the company in a research report on Thursday, January 18th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $88.78.

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.