Fenimore Asset Management Inc lessened its holdings in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 1.5% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 1,054,931 shares of the financial services provider's stock after selling 15,920 shares during the period. Pinnacle Financial Partners makes up approximately 2.5% of Fenimore Asset Management Inc's holdings, making the stock its 15th largest position. Fenimore Asset Management Inc owned 1.37% of Pinnacle Financial Partners worth $120,674,000 at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in PNFP. Hsbc Holdings PLC raised its holdings in Pinnacle Financial Partners by 14.6% in the 2nd quarter. Hsbc Holdings PLC now owns 4,818 shares of the financial services provider's stock valued at $386,000 after acquiring an additional 613 shares in the last quarter. Intech Investment Management LLC bought a new stake in shares of Pinnacle Financial Partners during the second quarter valued at approximately $368,000. Evergreen Capital Management LLC raised its stake in shares of Pinnacle Financial Partners by 9.9% in the second quarter. Evergreen Capital Management LLC now owns 2,664 shares of the financial services provider's stock valued at $213,000 after purchasing an additional 240 shares in the last quarter. Bank of Montreal Can lifted its position in Pinnacle Financial Partners by 2.4% in the second quarter. Bank of Montreal Can now owns 9,158 shares of the financial services provider's stock worth $734,000 after purchasing an additional 215 shares during the period. Finally, Marshall Wace LLP acquired a new stake in Pinnacle Financial Partners during the second quarter worth $1,226,000. Institutional investors own 87.40% of the company's stock.
Insider Buying and Selling at Pinnacle Financial Partners
In other news, CFO Harold R. Carpenter sold 3,051 shares of the firm's stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $125.57, for a total value of $383,114.07. Following the transaction, the chief financial officer now owns 60,805 shares of the company's stock, valued at approximately $7,635,283.85. This trade represents a 4.78 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director David B. Ingram sold 3,610 shares of Pinnacle Financial Partners stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $126.07, for a total transaction of $455,112.70. Following the sale, the director now owns 139,489 shares of the company's stock, valued at approximately $17,585,378.23. This represents a 2.52 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 76,661 shares of company stock worth $9,563,127. Insiders own 1.87% of the company's stock.
Pinnacle Financial Partners Price Performance
Shares of NASDAQ:PNFP traded up $0.94 during midday trading on Friday, reaching $123.28. The company's stock had a trading volume of 365,067 shares, compared to its average volume of 370,436. The business's fifty day simple moving average is $119.31 and its 200-day simple moving average is $105.53. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.90 and a quick ratio of 0.90. Pinnacle Financial Partners, Inc. has a fifty-two week low of $73.62 and a fifty-two week high of $131.91. The company has a market capitalization of $9.52 billion, a P/E ratio of 20.62 and a beta of 1.09.
Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last posted its quarterly earnings data on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share for the quarter, beating the consensus estimate of $1.80 by $0.10. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. The firm had revenue of $475.34 million during the quarter, compared to analysts' expectations of $470,334.57 billion. During the same quarter last year, the company posted $1.68 EPS. The company's quarterly revenue was up 19.9% compared to the same quarter last year. As a group, equities research analysts expect that Pinnacle Financial Partners, Inc. will post 7.56 EPS for the current fiscal year.
Pinnacle Financial Partners Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 28th. Shareholders of record on Friday, February 7th will be issued a dividend of $0.24 per share. This is an increase from Pinnacle Financial Partners's previous quarterly dividend of $0.22. The ex-dividend date of this dividend is Friday, February 7th. This represents a $0.96 annualized dividend and a yield of 0.78%. Pinnacle Financial Partners's dividend payout ratio is currently 16.05%.
Analyst Ratings Changes
A number of brokerages have recently issued reports on PNFP. JPMorgan Chase & Co. dropped their price objective on shares of Pinnacle Financial Partners from $140.00 to $138.00 and set an "overweight" rating for the company in a research note on Tuesday, January 7th. Keefe, Bruyette & Woods restated a "market perform" rating and set a $135.00 price target (up previously from $115.00) on shares of Pinnacle Financial Partners in a research note on Wednesday, December 4th. Barclays raised Pinnacle Financial Partners from an "equal weight" rating to an "overweight" rating and lifted their price objective for the company from $120.00 to $135.00 in a report on Thursday, December 19th. UBS Group assumed coverage on Pinnacle Financial Partners in a report on Tuesday, December 17th. They issued a "neutral" rating and a $133.00 target price for the company. Finally, Stephens reaffirmed an "overweight" rating and issued a $142.00 price target on shares of Pinnacle Financial Partners in a research note on Wednesday. Six analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat, Pinnacle Financial Partners presently has an average rating of "Hold" and a consensus target price of $125.18.
Read Our Latest Analysis on PNFP
About Pinnacle Financial Partners
(
Free Report)
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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