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

Amalgamated Bank raised its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 3.8% in the 4th quarter, Holdings Channel reports. The firm owned 50,493 shares of the financial services provider’s stock after acquiring an additional 1,857 shares during the period. Amalgamated Bank’s holdings in Pinnacle Financial Partners were worth $4,404,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Wellington Management Group LLP grew its position in Pinnacle Financial Partners by 102.7% in 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. Earnest Partners LLC grew its holdings in shares of Pinnacle Financial Partners by 35.9% during the third quarter. Earnest Partners LLC now owns 634,109 shares of the financial services provider’s stock worth $42,511,000 after purchasing an additional 167,527 shares during the last quarter. North Reef Capital Management LP increased its stake in shares of Pinnacle Financial Partners by 15.9% in the third quarter. North Reef Capital Management LP now owns 910,108 shares of the financial services provider’s stock valued at $61,014,000 after buying an additional 124,573 shares during the period. Los Angeles Capital Management LLC acquired a new stake in Pinnacle Financial Partners during the 3rd quarter worth approximately $8,033,000. Finally, Envestnet Asset Management Inc. grew its holdings in Pinnacle Financial Partners by 43.0% during the 3rd quarter. Envestnet Asset Management Inc. now owns 251,598 shares of the financial services provider’s stock worth $16,867,000 after acquiring an additional 75,691 shares during the last quarter. 87.40% of the stock is currently owned by institutional investors.

Insider Activity

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 shares were sold at an average price of $82.22, for a total value of $518,479.32. Following the completion of the transaction, the chief financial officer now directly owns 63,856 shares in the company, valued at $5,250,240.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Chairman Richard D. Callicutt II sold 11,030 shares of Pinnacle Financial Partners stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $82.22, for a total value of $906,886.60. Following the sale, the chairman now owns 97,226 shares in the company, valued at $7,993,921.72. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Harold R. Carpenter sold 6,306 shares of the stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total transaction of $518,479.32. Following the completion of the transaction, the chief financial officer now owns 63,856 shares of the company’s stock, valued at $5,250,240.32. The disclosure for this sale can be found here. Over the last three months, insiders sold 235,093 shares of company stock worth $19,103,353. 1.87% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on PNFP. Hovde Group decreased their price objective on Pinnacle Financial Partners from $104.00 to $99.00 and set an “outperform” rating for the company in a report on Tuesday, April 23rd. JPMorgan Chase & Co. decreased their target price on shares of Pinnacle Financial Partners from $110.00 to $108.00 and set an “overweight” rating for the company in a research report on Wednesday, April 24th. UBS Group dropped their target price on shares of Pinnacle Financial Partners from $91.00 to $90.00 and set a “neutral” rating on the stock in a report on Thursday, January 18th. Stephens reiterated an “overweight” rating and issued a $109.00 target price on shares of Pinnacle Financial Partners in a report on Tuesday, April 23rd. Finally, Jefferies Financial Group reduced their price target on shares of Pinnacle Financial Partners from $88.00 to $85.00 and set a “hold” rating for the company in a report on Monday, April 8th. One equities research 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’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $95.50.

Pinnacle Financial Partners Trading Up 0.0 %

NASDAQ PNFP opened at $83.29 on Wednesday. Pinnacle Financial Partners, Inc. has a one year low of $46.05 and a one year high of $92.33. The business’s fifty day moving average is $81.77 and its 200-day moving average is $80.16. The stock 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 debt-to-equity ratio of 0.43, a current ratio of 0.90 and a quick ratio of 0.90.

Pinnacle Financial Partners Announces Dividend

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

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.