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

Leeward Investments LLC MA trimmed its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 6.7% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 326,864 shares of the financial services provider's stock after selling 23,505 shares during the period. Pinnacle Financial Partners makes up about 1.5% of Leeward Investments LLC MA's portfolio, making the stock its 6th biggest position. Leeward Investments LLC MA owned about 0.42% of Pinnacle Financial Partners worth $32,023,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. International Assets Investment Management LLC purchased a new position in Pinnacle Financial Partners during the 2nd quarter worth $29,000. Versant Capital Management Inc increased its holdings in Pinnacle Financial Partners by 44.5% during the 2nd quarter. Versant Capital Management Inc now owns 432 shares of the financial services provider's stock worth $35,000 after purchasing an additional 133 shares during the period. UMB Bank n.a. increased its holdings in shares of Pinnacle Financial Partners by 83.4% in the 3rd quarter. UMB Bank n.a. now owns 497 shares of the financial services provider's stock valued at $49,000 after acquiring an additional 226 shares during the period. Values First Advisors Inc. purchased a new position in shares of Pinnacle Financial Partners in the 3rd quarter valued at $49,000. Finally, Quarry LP increased its holdings in shares of Pinnacle Financial Partners by 3,500.0% in the 2nd quarter. Quarry LP now owns 756 shares of the financial services provider's stock valued at $61,000 after acquiring an additional 735 shares during the period. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

Pinnacle Financial Partners Stock Performance

Shares of PNFP stock traded down $3.54 on Thursday, hitting $119.04. The company had a trading volume of 1,158,612 shares, compared to its average volume of 470,005. The firm has a market cap of $9.19 billion, a P/E ratio of 22.63 and a beta of 1.04. The company has a 50-day moving average price of $99.60 and a 200-day moving average price of $89.56. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.42. Pinnacle Financial Partners, Inc. has a twelve month low of $63.77 and a twelve month high of $122.96.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last issued its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.79 by $0.07. The business had revenue of $810.11 million during the quarter, compared to analysts' expectations of $454.18 million. Pinnacle Financial Partners had a return on equity of 8.89% and a net margin of 13.97%. During the same quarter in the previous year, the firm posted $1.79 EPS. As a group, equities research analysts predict that Pinnacle Financial Partners, Inc. will post 6.8 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 1st will be paid a $0.22 dividend. The ex-dividend date of this dividend is Friday, November 1st. This represents a $0.88 annualized dividend and a dividend yield of 0.74%. Pinnacle Financial Partners's dividend payout ratio is presently 16.73%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on PNFP shares. Citigroup lifted their price target on Pinnacle Financial Partners from $113.00 to $123.00 and gave the company a "buy" rating in a report on Thursday, October 17th. Wells Fargo & Company raised their price objective on Pinnacle Financial Partners from $100.00 to $104.00 and gave the stock an "equal weight" rating in a research report on Thursday, October 17th. Truist Financial lifted their price target on Pinnacle Financial Partners from $113.00 to $119.00 and gave the stock a "buy" rating in a research report on Monday, October 21st. Hovde Group lifted their price target on Pinnacle Financial Partners from $110.00 to $114.00 and gave the stock an "outperform" rating in a research report on Friday, September 27th. Finally, Piper Sandler cut Pinnacle Financial Partners from an "overweight" rating to a "neutral" rating and lifted their price target for the stock from $95.00 to $98.00 in a research report on Thursday, July 18th. Five investment analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat.com, Pinnacle Financial Partners currently has a consensus rating of "Moderate Buy" and a consensus price target of $106.60.

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.