Amalgamated Bank Decreases Stock Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Amalgamated Bank lessened its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 23.9% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 36,415 shares of the financial services provider’s stock after selling 11,426 shares during the quarter. Amalgamated Bank’s holdings in Pinnacle Financial Partners were worth $3,568,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Forum Financial Management LP purchased a new position in shares of Pinnacle Financial Partners in the 3rd quarter valued at about $218,000. US Bancorp DE boosted its holdings in Pinnacle Financial Partners by 14.9% in the third quarter. US Bancorp DE now owns 8,100 shares of the financial services provider’s stock valued at $794,000 after purchasing an additional 1,049 shares in the last quarter. Sippican Capital Advisors raised its holdings in Pinnacle Financial Partners by 10.6% during the third quarter. Sippican Capital Advisors now owns 9,215 shares of the financial services provider’s stock worth $903,000 after purchasing an additional 880 shares in the last quarter. Strategic Blueprint LLC lifted its position in shares of Pinnacle Financial Partners by 3.4% during the 3rd quarter. Strategic Blueprint LLC now owns 4,025 shares of the financial services provider’s stock worth $394,000 after buying an additional 133 shares during the last quarter. Finally, State of Alaska Department of Revenue boosted its holdings in shares of Pinnacle Financial Partners by 7.2% in the 3rd quarter. State of Alaska Department of Revenue now owns 8,892 shares of the financial services provider’s stock valued at $871,000 after buying an additional 600 shares in the last quarter. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Truist Financial lifted their price target on shares of Pinnacle Financial Partners from $113.00 to $119.00 and gave the stock a “buy” rating in a research note on Monday, October 21st. Stephens boosted their target price on Pinnacle Financial Partners from $108.00 to $120.00 and gave the company an “overweight” rating in a report on Thursday, October 17th. Hovde Group raised their price target on Pinnacle Financial Partners from $110.00 to $114.00 and gave the stock an “outperform” rating in a research note on Friday, September 27th. Piper Sandler cut Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and boosted their price objective for the company from $95.00 to $98.00 in a research note on Thursday, July 18th. Finally, Barclays raised their target price on shares of Pinnacle Financial Partners from $101.00 to $108.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 17th. Five equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $106.60.

Pinnacle Financial Partners Stock Performance

Shares of PNFP opened at $121.06 on Friday. The stock has a market capitalization of $9.35 billion, a P/E ratio of 23.02 and a beta of 1.04. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.90 and a current ratio of 0.90. Pinnacle Financial Partners, Inc. has a 1 year low of $63.77 and a 1 year high of $122.96. The company’s fifty day moving average is $100.03 and its two-hundred day moving average is $89.89.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.79 by $0.07. The business had revenue of $810.11 million for the quarter, compared to analyst estimates of $454.18 million. Pinnacle Financial Partners had a net margin of 13.97% and a return on equity of 8.89%. During the same period in the previous year, the business posted $1.79 earnings per share. On average, sell-side analysts predict that Pinnacle Financial Partners, Inc. will post 6.8 earnings per share for the current year.

Pinnacle Financial Partners Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 1st will be issued 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 0.73%. Pinnacle Financial Partners’s dividend payout ratio is currently 16.73%.

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.