Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) is Leeward Investments LLC MA’s 4th Largest Position

Leeward Investments LLC MA trimmed its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 6.0% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 307,388 shares of the financial services provider’s stock after selling 19,476 shares during the period. Pinnacle Financial Partners makes up 1.8% of Leeward Investments LLC MA’s investment portfolio, making the stock its 4th largest holding. Leeward Investments LLC MA owned 0.40% of Pinnacle Financial Partners worth $35,162,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the stock. FMR LLC raised its holdings in shares of Pinnacle Financial Partners by 11.6% during the third quarter. FMR LLC now owns 2,716,416 shares of the financial services provider’s stock valued at $266,127,000 after purchasing an additional 282,016 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Pinnacle Financial Partners by 0.7% during the third quarter. Geode Capital Management LLC now owns 1,328,564 shares of the financial services provider’s stock valued at $130,192,000 after purchasing an additional 8,604 shares during the last quarter. The Manufacturers Life Insurance Company grew its position in Pinnacle Financial Partners by 20.5% during the third quarter. The Manufacturers Life Insurance Company now owns 1,015,033 shares of the financial services provider’s stock valued at $99,443,000 after buying an additional 172,750 shares during the period. Principal Financial Group Inc. grew its position in Pinnacle Financial Partners by 27.0% during the third quarter. Principal Financial Group Inc. now owns 983,282 shares of the financial services provider’s stock valued at $96,332,000 after buying an additional 208,938 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in Pinnacle Financial Partners by 1.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 920,088 shares of the financial services provider’s stock valued at $90,141,000 after buying an additional 9,856 shares during the period. 87.40% of the stock is owned by hedge funds and other institutional investors.

Pinnacle Financial Partners Stock Performance

PNFP opened at $114.21 on Friday. The firm has a market cap of $8.82 billion, a P/E ratio of 19.10 and a beta of 1.09. Pinnacle Financial Partners, Inc. has a 1-year low of $73.62 and a 1-year high of $131.91. The company has a 50 day simple moving average of $118.61 and a two-hundred day simple moving average of $109.83. 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 (NASDAQ:PNFP) last posted its quarterly earnings results on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share for the quarter, topping analysts’ consensus estimates 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 business had revenue of $475.34 million during the quarter, compared to analyst estimates of $470.33 million. During the same period in the prior year, the business posted $1.68 earnings per share. The company’s revenue was up 19.9% on a year-over-year basis. Equities analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current fiscal year.

Pinnacle Financial Partners Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, February 28th. Investors of record on Friday, February 7th will be given a dividend of $0.24 per share. This is a positive change from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. The ex-dividend date is Friday, February 7th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.84%. Pinnacle Financial Partners’s dividend payout ratio is currently 16.05%.

Insider Buying and Selling

In related news, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of the company’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $124.09, for a total transaction of $6,204,500.00. Following the completion of the transaction, the chairman now owns 123,000 shares in the company, valued at approximately $15,263,070. This represents a 28.90 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director David B. Ingram sold 40,000 shares of the company’s stock in a transaction on Thursday, February 6th. The stock was sold at an average price of $126.50, for a total transaction of $5,060,000.00. Following the transaction, the director now owns 40,991 shares of the company’s stock, valued at approximately $5,185,361.50. This represents a 49.39 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 126,970 shares of company stock worth $15,922,061. 1.87% of the stock is owned by insiders.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Hovde Group lowered shares of Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 target price for the company. in a research report on Monday, November 18th. JPMorgan Chase & Co. cut their target price on shares of Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating for the company in a research report on Tuesday, January 7th. Barclays upgraded shares of Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $120.00 to $135.00 in a research report on Thursday, December 19th. Keefe, Bruyette & Woods restated a “market perform” rating and set a $135.00 target price (up from $115.00) on shares of Pinnacle Financial Partners in a research report on Wednesday, December 4th. Finally, Stephens restated an “overweight” rating and set a $142.00 target price on shares of Pinnacle Financial Partners in a research report on Wednesday, January 22nd. Six analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $125.18.

About Pinnacle Financial Partners

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.