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

Leeward Investments LLC MA cut its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 1.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 342,633 shares of the financial services provider’s stock after selling 5,343 shares during the quarter. Pinnacle Financial Partners makes up 1.3% of Leeward Investments LLC MA’s portfolio, making the stock its 8th biggest holding. Leeward Investments LLC MA owned 0.44% of Pinnacle Financial Partners worth $29,425,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Caprock Group LLC lifted its stake in shares of Pinnacle Financial Partners by 2.2% in the 4th quarter. Caprock Group LLC now owns 5,604 shares of the financial services provider’s stock valued at $489,000 after purchasing an additional 122 shares during the last quarter. NBC Securities Inc. boosted its stake in shares of Pinnacle Financial Partners by 1.3% during the 4th quarter. NBC Securities Inc. now owns 9,419 shares of the financial services provider’s stock worth $821,000 after acquiring an additional 124 shares in the last quarter. Covenant Partners LLC increased its holdings in shares of Pinnacle Financial Partners by 1.4% during the 4th quarter. Covenant Partners LLC now owns 10,699 shares of the financial services provider’s stock valued at $933,000 after acquiring an additional 149 shares during the last quarter. Treasurer of the State of North Carolina increased its holdings in shares of Pinnacle Financial Partners by 0.5% during the 3rd quarter. Treasurer of the State of North Carolina now owns 33,040 shares of the financial services provider’s stock valued at $2,215,000 after acquiring an additional 170 shares during the last quarter. Finally, Park Avenue Securities LLC raised its stake in shares of Pinnacle Financial Partners by 2.5% in the 1st quarter. Park Avenue Securities LLC now owns 9,988 shares of the financial services provider’s stock valued at $858,000 after acquiring an additional 239 shares in the last quarter. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on PNFP shares. Stephens dropped their price target on shares of Pinnacle Financial Partners from $109.00 to $102.00 and set an “overweight” rating on the stock in a research report on Thursday, May 23rd. Jefferies Financial Group cut their target price on shares of Pinnacle Financial Partners from $88.00 to $85.00 and set a “hold” rating for the company in a research report on Monday, April 8th. Hovde Group lowered their price target on Pinnacle Financial Partners from $104.00 to $99.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 23rd. JPMorgan Chase & Co. cut their price objective on Pinnacle Financial Partners from $108.00 to $105.00 and set an “overweight” rating for the company in a research report on Thursday, June 27th. Finally, Truist Financial lowered their target price on Pinnacle Financial Partners from $99.00 to $94.00 and set a “buy” rating on the stock in a report on Thursday, April 25th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the company. According to MarketBeat.com, Pinnacle Financial Partners has an average rating of “Hold” and an average target price of $94.25.

Pinnacle Financial Partners Price Performance

Shares of PNFP stock traded down $2.03 during mid-day trading on Thursday, reaching $78.20. The company’s stock had a trading volume of 248,355 shares, compared to its average volume of 374,795. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.90 and a current ratio of 0.90. The firm’s 50-day moving average is $79.16 and its two-hundred day moving average is $82.19. Pinnacle Financial Partners, Inc. has a 1-year low of $55.38 and a 1-year high of $92.33. The company has a market cap of $6.04 billion, a P/E ratio of 11.19 and a beta of 1.08.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings results on Monday, April 22nd. The financial services provider reported $1.53 EPS for the quarter, topping analysts’ consensus estimates of $1.52 by $0.01. Pinnacle Financial Partners had a net margin of 18.59% and a return on equity of 9.31%. The firm had revenue of $428.14 million during the quarter, compared to analysts’ expectations of $413.27 million. On average, research analysts predict that Pinnacle Financial Partners, Inc. will post 6.77 earnings per share for the current year.

Pinnacle Financial Partners Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 31st. Investors of record on Friday, May 3rd were paid a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 1.13%. The ex-dividend date of this dividend was Thursday, May 2nd. Pinnacle Financial Partners’s dividend payout ratio is 12.59%.

Insider Buying and Selling at Pinnacle Financial Partners

In other news, CEO M Terry Turner sold 72,000 shares of the business’s stock in a transaction on Thursday, April 25th. The shares were sold at an average price of $80.97, for a total value of $5,829,840.00. Following the sale, the chief executive officer now owns 222,790 shares in the company, valued at approximately $18,039,306.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO M Terry Turner sold 72,000 shares of the business’s stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $80.97, for a total value of $5,829,840.00. Following the transaction, the chief executive officer now directly owns 222,790 shares of the company’s stock, valued at approximately $18,039,306.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Robert A. Mccabe, Jr. sold 115,249 shares of the firm’s stock in a transaction on Thursday, April 25th. The shares were sold at an average price of $81.04, for a total value of $9,339,778.96. Following the sale, the chairman now directly owns 153,062 shares of the company’s stock, valued at $12,404,144.48. The disclosure for this sale can be found here. Company insiders own 1.87% of the company’s stock.

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.