Medium to Long-Term Growth Eyed for Pinnacle Financial Partners (PNFP)
FAM Funds, an investment management firm, published its ‘FAM Small Cap Fund’ fourth-quarter 2020 Investor Letter – a copy of which can be downloaded here. A return of 10.10% was recorded by the fund for the year end 2020, underperforming its Russell 2000 benchmark that returned 19.9%. You can view the fund’s top 5 holdings to have a peek at their top bets for 2021.
FAM Funds, in their Q4 2020 Investor Letter said that they acquired a position in Pinnacle Financial Partners, Inc. (NASDAQ: PNFP), and remains optimistic in the company. Pinnacle Financial Partners, Inc. is a banking company that currently has a $5.1 billion market cap. For the past 3 months, PNFP delivered a decent 51.77% return and settled at $70.67 per share at the closing of January 28th.
Here is what FAM Funds has to say about Pinnacle Financial Partners, Inc. in their investor letter:
"In late April, we added to our position in Pinnacle Financial Partners (PNFP), a bank held in the Fund for many years. In our opinion, it is obvious that most banks will struggle for some time. However, we felt the prices were overly pessimistic given PNFP’s favorable medium- to long-term prospects."
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PNFP delivered a 17.32% return in the past 12 months. However, our calculations show that Pinnacle Financial Partners, Inc. (NASDAQ: PNFP) does not belong in our list of the 30 most popular stocks among hedge funds.
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