Fenimore Asset Management Inc. lifted its position in Pinnacle Financial Partners (NASDAQ:PNFP) by 0.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 560,624 shares of the financial services provider’s stock after purchasing an additional 5,045 shares during the quarter. Fenimore Asset Management Inc. owned about 0.73% of Pinnacle Financial Partners worth $35,880,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Emerald Advisers LLC purchased a new stake in shares of Pinnacle Financial Partners in the third quarter valued at about $16,026,000. Synovus Financial Corp boosted its stake in Pinnacle Financial Partners by 529.1% during the third quarter. Synovus Financial Corp now owns 1,189 shares of the financial services provider’s stock worth $68,000 after buying an additional 1,000 shares during the period. First Trust Advisors LP boosted its stake in Pinnacle Financial Partners by 33.0% during the third quarter. First Trust Advisors LP now owns 252,934 shares of the financial services provider’s stock worth $14,354,000 after buying an additional 62,695 shares during the period. Penserra Capital Management LLC purchased a new position in Pinnacle Financial Partners during the third quarter worth about $1,727,000. Finally, Squarepoint Ops LLC boosted its stake in Pinnacle Financial Partners by 394.4% during the third quarter. Squarepoint Ops LLC now owns 77,820 shares of the financial services provider’s stock worth $4,416,000 after buying an additional 62,080 shares during the period. 78.52% of the stock is owned by hedge funds and other institutional investors.
PNFP has been the subject of several research analyst reports. ValuEngine raised shares of Pinnacle Financial Partners from a “strong sell” rating to a “sell” rating in a research note on Tuesday, November 19th. Zacks Investment Research lowered shares of Pinnacle Financial Partners from a “hold” rating to a “sell” rating in a research note on Wednesday, January 8th. SunTrust Banks increased their target price on shares of Pinnacle Financial Partners from $65.00 to $74.00 and gave the stock a “buy” rating in a research note on Thursday, January 2nd. JPMorgan Chase & Co. initiated coverage on shares of Pinnacle Financial Partners in a research note on Wednesday, September 18th. They set a “neutral” rating and a $62.00 target price for the company. Finally, BidaskClub lowered shares of Pinnacle Financial Partners from a “buy” rating to a “hold” rating in a research note on Saturday, January 4th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the stock. Pinnacle Financial Partners has a consensus rating of “Hold” and an average target price of $66.50.
In other news, Director Gary L. Scott sold 7,000 shares of the stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $59.75, for a total transaction of $418,250.00. Following the sale, the director now owns 37,587 shares of the company’s stock, valued at $2,245,823.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Hugh M. Queener sold 10,101 shares of the stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $60.65, for a total transaction of $612,625.65. Following the sale, the chief accounting officer now directly owns 215,106 shares in the company, valued at approximately $13,046,178.90. The disclosure for this sale can be found here. Insiders have sold 43,601 shares of company stock worth $2,632,194 in the last three months. Corporate insiders own 2.97% of the company’s stock.
PNFP stock traded up $0.22 during mid-day trading on Thursday, hitting $63.42. 117,138 shares of the company were exchanged, compared to its average volume of 272,968. The firm has a market capitalization of $4.89 billion, a P/E ratio of 13.38, a PEG ratio of 0.74 and a beta of 1.46. Pinnacle Financial Partners has a 12-month low of $50.51 and a 12-month high of $65.00. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.65. The business has a fifty day simple moving average of $63.23 and a 200-day simple moving average of $58.57.
Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $1.45 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.35 by $0.10. The business had revenue of $278.43 million for the quarter, compared to analysts’ expectations of $267.58 million. Pinnacle Financial Partners had a net margin of 30.38% and a return on equity of 9.99%. The business’s quarterly revenue was up 15.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.21 earnings per share. Research analysts predict that Pinnacle Financial Partners will post 5.33 EPS for the current year.
Pinnacle Financial Partners Profile
Pinnacle Financial Partners, Inc operates as a bank holding company for Pinnacle Bank that provides various banking products and services in the United States. The company accepts various deposits, including savings, checking, interest-bearing checking, money market, and certificate of deposit accounts.
Further Reading: Municipal Bonds
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