Fenimore Asset Management Inc Lowers stake in Pinnacle Financial Partners (PNFP)

Pinnacle Financial Partners (PNFP) : Fenimore Asset Management Inc reduced its stake in Pinnacle Financial Partners by 0.22% during the most recent quarter end. The investment management company now holds a total of 358,686 shares of Pinnacle Financial Partners which is valued at $19,623,711 after selling 800 shares in Pinnacle Financial Partners , the firm said in a disclosure report filed with the SEC on Oct 12, 2016.Pinnacle Financial Partners makes up approximately 0.96% of Fenimore Asset Management Inc’s portfolio.

Other Hedge Funds, Including , Capstone Asset Management Co boosted its stake in PNFP in the latest quarter, The investment management firm added 1,610 additional shares and now holds a total of 15,369 shares of Pinnacle Financial Partners which is valued at $840,838. Pinnacle Financial Partners makes up approx 0.02% of Capstone Asset Management Co’s portfolio.Gradient Investments boosted its stake in PNFP in the latest quarter, The investment management firm added 11 additional shares and now holds a total of 6,603 shares of Pinnacle Financial Partners which is valued at $366,334. Pinnacle Financial Partners makes up approx 0.04% of Gradient Investments’s portfolio.

Pinnacle Financial Partners closed down -0.77 points or -1.39% at $54.71 with 1,31,381 shares getting traded on Tuesday. Post opening the session at $55.21, the shares hit an intraday low of $54.42 and an intraday high of $55.69 and the price fluctuated in this range throughout the day.Shares ended Tuesday session in Red.

On the company’s financial health, Pinnacle Financial Partners reported $0.75 EPS for the quarter, beating the analyst consensus estimate by $ 0.01 according to the earnings call on Jul 19, 2016. Analyst had a consensus of $0.74. The company had revenue of $107.80 million for the quarter, compared to analysts expectations of $103.55 million. The company’s revenue was up 51.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.64 EPS.

Many Wall Street Analysts have commented on Pinnacle Financial Partners. Pinnacle Financial Partners was Downgraded by Sandler O’Neill to ” Hold” on Sep 13, 2016.

Pinnacle Financial Partners Inc. (Pinnacle) is a bank holding company. Pinnacle operates through its wholly owned subsidiary Pinnacle Bank. The Company operates as a community bank primarily in the urban markets of Nashville and Knoxville Tennessee. As an urban community bank Pinnacle provides the personalized service associated with small community banks while seeking to offer the products and services such as investments and treasury management offered by large regional and national banks. Pinnacle Bank offers an array of convenience-centered products and services including 24-hour telephone and internet banking mobile banking debit and credit cards direct deposit remote deposit and cash management services for small- to medium-sized businesses. In addition Pinnacle Bank is associated with a network of automated teller machines of other financial institutions that its clients are able to use throughout Tennessee and other regions across the nation.

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