Amalgamated Bank Acquires 1,857 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Amalgamated Bank increased its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 3.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 50,493 shares of the financial services provider’s stock after buying an additional 1,857 shares during the quarter. Amalgamated Bank owned approximately 0.07% of Pinnacle Financial Partners worth $4,404,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of PNFP. International Assets Investment Management LLC boosted its stake in shares of Pinnacle Financial Partners by 6,999.3% in the fourth quarter. International Assets Investment Management LLC now owns 30,527 shares of the financial services provider’s stock valued at $2,663,000 after buying an additional 30,097 shares during the period. Wellington Management Group LLP boosted its position in Pinnacle Financial Partners by 102.7% during the third quarter. Wellington Management Group LLP now owns 1,870,441 shares of the financial services provider’s stock valued at $125,394,000 after acquiring an additional 947,704 shares during the last quarter. FMR LLC lifted its stake in Pinnacle Financial Partners by 3.4% in the third quarter. FMR LLC now owns 2,084,141 shares of the financial services provider’s stock valued at $139,721,000 after buying an additional 69,197 shares during the period. Allspring Global Investments Holdings LLC boosted its stake in Pinnacle Financial Partners by 31.5% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 238,626 shares of the financial services provider’s stock worth $20,813,000 after acquiring an additional 57,187 shares in the last quarter. Finally, Algert Global LLC grew its stake in shares of Pinnacle Financial Partners by 175.6% in the 3rd quarter. Algert Global LLC now owns 38,862 shares of the financial services provider’s stock valued at $2,605,000 after buying an additional 24,763 shares during the period. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages recently commented on PNFP. Barclays initiated coverage on shares of Pinnacle Financial Partners in a research report on Friday, March 8th. They issued an “equal weight” rating and a $93.00 target price on the stock. Stephens reissued an “overweight” rating and set a $109.00 price target on shares of Pinnacle Financial Partners in a research report on Tuesday, April 23rd. Truist Financial lowered their price objective on shares of Pinnacle Financial Partners from $99.00 to $94.00 and set a “buy” rating for the company in a research note on Thursday, April 25th. Jefferies Financial Group dropped their price objective on Pinnacle Financial Partners from $88.00 to $85.00 and set a “hold” rating for the company in a report on Monday, April 8th. Finally, UBS Group decreased their target price on Pinnacle Financial Partners from $91.00 to $90.00 and set a “neutral” rating for the company in a report on Thursday, January 18th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $95.50.

Pinnacle Financial Partners Price Performance

Shares of Pinnacle Financial Partners stock opened at $83.29 on Wednesday. The company has a market capitalization of $6.42 billion, a price-to-earnings ratio of 11.92 and a beta of 1.09. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.43. Pinnacle Financial Partners, Inc. has a 52 week low of $46.05 and a 52 week high of $92.33. The stock’s 50-day simple moving average is $81.77 and its 200-day simple moving average is $80.16.

Pinnacle Financial Partners Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 31st. Stockholders of record on Friday, May 3rd will be issued a $0.22 dividend. The ex-dividend date is Thursday, May 2nd. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.06%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 12.59%.

Insider Activity at Pinnacle Financial Partners

In other news, CFO Harold R. Carpenter sold 6,306 shares of the firm’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total value of $518,479.32. Following the completion of the sale, the chief financial officer now directly owns 63,856 shares of the company’s stock, valued at approximately $5,250,240.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO Harold R. Carpenter sold 6,306 shares of the company’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total transaction of $518,479.32. Following the transaction, the chief financial officer now owns 63,856 shares of the company’s stock, valued at $5,250,240.32. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, 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 transaction, the chief executive officer now owns 222,790 shares of the company’s stock, valued at approximately $18,039,306.30. The disclosure for this sale can be found here. In the last quarter, insiders sold 235,093 shares of company stock valued at $19,103,353. Insiders own 1.87% of the company’s stock.

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.