Fenimore Asset Management Inc. raised its holdings in shares of Pinnacle Financial Partners (NASDAQ:PNFP) by 12.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 515,314 shares of the financial services provider’s stock after purchasing an additional 56,760 shares during the period. Fenimore Asset Management Inc. owned 0.66% of Pinnacle Financial Partners worth $23,756,000 at the end of the most recent quarter.
Other hedge funds have also modified their holdings of the company. Qube Research & Technologies Ltd acquired a new position in shares of Pinnacle Financial Partners during the second quarter worth $133,000. Captrust Financial Advisors increased its position in shares of Pinnacle Financial Partners by 2,473.7% during the third quarter. Captrust Financial Advisors now owns 3,423 shares of the financial services provider’s stock worth $206,000 after purchasing an additional 3,290 shares in the last quarter. Paloma Partners Management Co acquired a new position in shares of Pinnacle Financial Partners during the second quarter worth $209,000. IFP Advisors Inc increased its position in shares of Pinnacle Financial Partners by 72.3% during the third quarter. IFP Advisors Inc now owns 5,159 shares of the financial services provider’s stock worth $310,000 after purchasing an additional 2,164 shares in the last quarter. Finally, Envestnet Asset Management Inc. increased its position in shares of Pinnacle Financial Partners by 17.9% during the second quarter. Envestnet Asset Management Inc. now owns 5,758 shares of the financial services provider’s stock worth $353,000 after purchasing an additional 875 shares in the last quarter. 79.24% of the stock is currently owned by institutional investors and hedge funds.
In other Pinnacle Financial Partners news, Vice Chairman Ronald L. Samuel sold 1,600 shares of the company’s stock in a transaction on Tuesday, November 27th. The shares were sold at an average price of $55.96, for a total value of $89,536.00. Following the sale, the insider now directly owns 26,375 shares of the company’s stock, valued at $1,475,945. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 3.39% of the stock is currently owned by corporate insiders.
NASDAQ:PNFP traded up $0.48 during mid-day trading on Friday, hitting $51.80. The company’s stock had a trading volume of 7,174 shares, compared to its average volume of 516,273. Pinnacle Financial Partners has a 1 year low of $43.23 and a 1 year high of $69.85. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.97 and a current ratio of 0.97. The firm has a market cap of $3.98 billion, a price-to-earnings ratio of 14.49, a PEG ratio of 0.72 and a beta of 1.30.
Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings results on Tuesday, October 16th. The financial services provider reported $1.21 EPS for the quarter, beating the consensus estimate of $1.19 by $0.02. Pinnacle Financial Partners had a net margin of 26.97% and a return on equity of 9.09%. The company had revenue of $240.90 million for the quarter, compared to analyst estimates of $236.67 million. During the same period in the prior year, the company earned $0.90 earnings per share. As a group, equities research analysts predict that Pinnacle Financial Partners will post 4.7 earnings per share for the current fiscal year.
A number of equities analysts have recently issued reports on the company. Zacks Investment Research downgraded Pinnacle Financial Partners from a “hold” rating to a “sell” rating in a research report on Friday. BidaskClub raised shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a report on Friday. UBS Group raised shares of Pinnacle Financial Partners from a “sell” rating to a “neutral” rating and set a $50.00 price objective on the stock in a report on Tuesday. Stephens reissued a “buy” rating and set a $74.00 price objective on shares of Pinnacle Financial Partners in a report on Wednesday, October 3rd. Finally, Wells Fargo & Co dropped their price objective on shares of Pinnacle Financial Partners from $72.00 to $58.00 and set an “outperform” rating on the stock in a report on Thursday, January 3rd. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and eight have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $65.75.
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About Pinnacle Financial Partners
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.
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