Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Stake Decreased by Leeward Investments LLC MA

Leeward Investments LLC MA lowered its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 6.0% during the 4th quarter, HoldingsChannel reports. The fund owned 307,388 shares of the financial services provider’s stock after selling 19,476 shares during the period. Pinnacle Financial Partners comprises about 1.8% of Leeward Investments LLC MA’s investment portfolio, making the stock its 4th largest holding. Leeward Investments LLC MA’s holdings in Pinnacle Financial Partners were worth $35,162,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in PNFP. Azora Capital LP purchased a new stake in shares of Pinnacle Financial Partners in the third quarter valued at $64,326,000. FMR LLC raised its stake in shares of Pinnacle Financial Partners by 11.6% in the third quarter. FMR LLC now owns 2,716,416 shares of the financial services provider’s stock valued at $266,127,000 after acquiring an additional 282,016 shares during the period. Holocene Advisors LP purchased a new stake in shares of Pinnacle Financial Partners in the third quarter valued at $21,576,000. Principal Financial Group Inc. grew its holdings in shares of Pinnacle Financial Partners by 27.0% in the third quarter. Principal Financial Group Inc. now owns 983,282 shares of the financial services provider’s stock worth $96,332,000 after purchasing an additional 208,938 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. grew its holdings in shares of Pinnacle Financial Partners by 212.1% in the third quarter. Jacobs Levy Equity Management Inc. now owns 291,723 shares of the financial services provider’s stock worth $28,580,000 after purchasing an additional 198,246 shares during the last quarter. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Insider Activity

In other news, Director David B. Ingram sold 40,000 shares of the firm’s stock in a transaction dated Thursday, February 6th. The shares were sold at an average price of $126.50, for a total value of $5,060,000.00. Following the sale, the director now directly owns 40,991 shares in the company, valued at approximately $5,185,361.50. This trade represents a 49.39 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of the firm’s stock in a transaction dated 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 sale, the chairman now owns 123,000 shares in the company, valued at $15,263,070. This represents a 28.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 126,970 shares of company stock worth $15,922,061. Corporate insiders own 1.87% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on PNFP. Barclays upgraded shares of Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $120.00 to $135.00 in a report on Thursday, December 19th. Stephens restated an “overweight” rating and issued a $142.00 price target on shares of Pinnacle Financial Partners in a report on Wednesday, January 22nd. Citigroup upped their price target on shares of Pinnacle Financial Partners from $123.00 to $132.00 and gave the stock a “buy” rating in a report on Tuesday, December 31st. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $135.00 price target (up from $115.00) on shares of Pinnacle Financial Partners in a report on Wednesday, December 4th. Finally, UBS Group began coverage on shares of Pinnacle Financial Partners in a report on Tuesday, December 17th. They issued a “neutral” rating and a $133.00 price target on the stock. Six research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, Pinnacle Financial Partners has an average rating of “Hold” and an average target price of $125.18.

Pinnacle Financial Partners Stock Down 3.4 %

Shares of Pinnacle Financial Partners stock opened at $114.21 on Friday. 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, Inc. has a 1 year low of $73.62 and a 1 year high of $131.91. The firm’s 50-day moving average is $118.61 and its two-hundred day moving average is $109.83. The stock has a market cap of $8.82 billion, a price-to-earnings ratio of 19.10 and a beta of 1.09.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its earnings results on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, topping the consensus estimate 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 company had revenue of $475.34 million for the quarter, compared to analysts’ expectations of $470.33 million. During the same period in the prior year, the business earned $1.68 EPS. The firm’s quarterly revenue was up 19.9% on a year-over-year basis. As a group, research analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current fiscal year.

Pinnacle Financial Partners Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 28th. Stockholders of record on Friday, February 7th will be issued a $0.24 dividend. This is a boost from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.84%. The ex-dividend date of this dividend is Friday, February 7th. Pinnacle Financial Partners’s dividend payout ratio (DPR) is currently 16.05%.

Pinnacle Financial Partners Company Profile

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.