Amalgamated Bank Acquires 178 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Amalgamated Bank grew its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 0.5% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 36,593 shares of the financial services provider’s stock after purchasing an additional 178 shares during the quarter. Amalgamated Bank’s holdings in Pinnacle Financial Partners were worth $4,186,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of PNFP. Victory Capital Management Inc. boosted its position in Pinnacle Financial Partners by 17.9% during the third quarter. Victory Capital Management Inc. now owns 186,612 shares of the financial services provider’s stock valued at $18,282,000 after purchasing an additional 28,327 shares in the last quarter. B. Metzler seel. Sohn & Co. Holding AG bought a new stake in shares of Pinnacle Financial Partners in the 3rd quarter valued at about $3,606,000. KBC Group NV grew its position in shares of Pinnacle Financial Partners by 1,054.3% in the 4th quarter. KBC Group NV now owns 26,722 shares of the financial services provider’s stock worth $3,057,000 after buying an additional 24,407 shares during the last quarter. Artemis Investment Management LLP grew its position in shares of Pinnacle Financial Partners by 2.6% in the 4th quarter. Artemis Investment Management LLP now owns 482,672 shares of the financial services provider’s stock worth $55,213,000 after buying an additional 12,455 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of Pinnacle Financial Partners by 0.7% during the 3rd quarter. Geode Capital Management LLC now owns 1,328,564 shares of the financial services provider’s stock worth $130,192,000 after acquiring an additional 8,604 shares in the last quarter. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Trading Up 1.1 %

Shares of NASDAQ:PNFP opened at $114.26 on Friday. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.37. Pinnacle Financial Partners, Inc. has a 52-week low of $73.62 and a 52-week high of $131.91. The stock has a market cap of $8.83 billion, a price-to-earnings ratio of 19.11 and a beta of 1.09. The business has a 50-day moving average price of $118.49 and a 200-day moving average price of $110.41.

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

Pinnacle Financial Partners Increases Dividend

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

Insider Buying and Selling at Pinnacle Financial Partners

In related news, CFO Harold R. Carpenter sold 3,051 shares of Pinnacle Financial Partners stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $125.57, for a total transaction of $383,114.07. Following the completion of the transaction, the chief financial officer now directly owns 60,805 shares in the company, valued at approximately $7,635,283.85. This trade represents a 4.78 % 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, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $124.09, for a total value of $6,204,500.00. Following the completion of the transaction, the chairman now directly owns 123,000 shares of the company’s stock, valued at $15,263,070. The trade was a 28.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 166,970 shares of company stock valued at $20,474,461. 1.87% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on PNFP shares. Stephens restated an “overweight” rating and issued a $142.00 target price on shares of Pinnacle Financial Partners in a research note on Wednesday, January 22nd. JPMorgan Chase & Co. lowered their price objective on 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. UBS Group initiated coverage on Pinnacle Financial Partners in a research note on Tuesday, December 17th. They set a “neutral” rating and a $133.00 target price on the stock. Barclays upgraded Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $120.00 to $135.00 in a research note on Thursday, December 19th. Finally, Wells Fargo & Company boosted their price target on Pinnacle Financial Partners from $120.00 to $125.00 and gave the stock an “equal weight” rating in a research note on Thursday, January 23rd. Six 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, the company presently has an average rating of “Hold” and a consensus price target of $125.18.

Pinnacle Financial Partners 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.