Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Shares Sold by Amalgamated Bank

Amalgamated Bank trimmed its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 23.9% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 36,415 shares of the financial services provider's stock after selling 11,426 shares during the period. Amalgamated Bank's holdings in Pinnacle Financial Partners were worth $3,568,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Forum Financial Management LP acquired a new stake in shares of Pinnacle Financial Partners in the third quarter worth approximately $218,000. US Bancorp DE lifted its holdings in Pinnacle Financial Partners by 14.9% in the 3rd 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 boosted its stake in Pinnacle Financial Partners by 10.6% during the 3rd 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 during the last quarter. Strategic Blueprint LLC grew its holdings in shares of Pinnacle Financial Partners by 3.4% during the third 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 in the last quarter. Finally, State of Alaska Department of Revenue raised its position in shares of Pinnacle Financial Partners by 7.2% in the third 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 during the last quarter. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms recently weighed in on PNFP. Hovde Group boosted their price target on shares of Pinnacle Financial Partners from $110.00 to $114.00 and gave the stock an "outperform" rating in a research report on Friday, September 27th. Truist Financial upped their price target on Pinnacle Financial Partners from $113.00 to $119.00 and gave the company a "buy" rating in a research report on Monday, October 21st. Wells Fargo & Company lifted 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. Stephens boosted their price objective on Pinnacle Financial Partners from $108.00 to $120.00 and gave the stock an "overweight" rating in a research note on Thursday, October 17th. Finally, Barclays raised their target price on Pinnacle Financial Partners from $101.00 to $108.00 and gave the stock an "equal weight" rating in a research note on Thursday, October 17th. Five analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $106.60.

Pinnacle Financial Partners Trading Up 1.7 %

Shares of NASDAQ PNFP traded up $2.02 during mid-day trading on Friday, reaching $121.06. 689,256 shares of the company's stock were exchanged, compared to its average volume of 542,624. The company's 50-day moving average is $100.03 and its 200-day moving average is $89.94. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.90 and a current ratio of 0.90. The firm has a market capitalization of $9.35 billion, a price-to-earnings ratio of 23.02 and a beta of 1.04. Pinnacle Financial Partners, Inc. has a 52-week low of $63.77 and a 52-week high of $122.96.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last announced its earnings results on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share for the quarter, topping the consensus estimate of $1.79 by $0.07. The company had revenue of $810.11 million during 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 quarter last year, the firm posted $1.79 earnings per share. Analysts expect that Pinnacle Financial Partners, Inc. will post 6.8 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Investors 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 yield of 0.73%. Pinnacle Financial Partners's dividend payout ratio (DPR) is presently 16.73%.

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.