Mutual of America Capital Management LLC Sells 929 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Mutual of America Capital Management LLC lessened its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 2.2% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 40,428 shares of the financial services provider’s stock after selling 929 shares during the period. Mutual of America Capital Management LLC’s holdings in Pinnacle Financial Partners were worth $4,625,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the business. Ashton Thomas Securities LLC purchased a new position in shares of Pinnacle Financial Partners in the 3rd quarter worth $30,000. Brooklyn Investment Group bought a new position in shares of Pinnacle Financial Partners in the 3rd quarter valued at about $70,000. UMB Bank n.a. grew its position in Pinnacle Financial Partners by 48.1% in the fourth quarter. UMB Bank n.a. now owns 736 shares of the financial services provider’s stock worth $84,000 after acquiring an additional 239 shares in the last quarter. Principal Securities Inc. increased its stake in Pinnacle Financial Partners by 12.7% during the fourth quarter. Principal Securities Inc. now owns 808 shares of the financial services provider’s stock worth $92,000 after acquiring an additional 91 shares during the last quarter. Finally, Trust Co. of Vermont purchased a new stake in Pinnacle Financial Partners during the fourth quarter valued at approximately $97,000. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Trading Down 3.9 %

NASDAQ PNFP opened at $107.30 on Wednesday. The stock has a market cap of $8.30 billion, a PE ratio of 17.94 and a beta of 1.09. Pinnacle Financial Partners, Inc. has a 12 month low of $73.62 and a 12 month high of $131.91. The company’s 50-day moving average price is $118.35 and its 200-day moving average price is $111.18. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.37.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings data on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.80 by $0.10. The company had revenue of $475.34 million during the quarter, compared to analysts’ expectations of $470.33 million. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. The firm’s quarterly revenue was up 19.9% on a year-over-year basis. During the same period in the previous year, the company earned $1.68 EPS. Equities research analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Friday, February 7th were issued a dividend of $0.24 per share. This is an increase from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a yield of 0.89%. The ex-dividend date was Friday, February 7th. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 16.05%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on PNFP. Stephens reiterated an “overweight” rating and issued a $142.00 target price on shares of Pinnacle Financial Partners in a report on Wednesday, January 22nd. Citigroup raised their price target on Pinnacle Financial Partners from $123.00 to $132.00 and gave the stock a “buy” rating in a research report on Tuesday, December 31st. Hovde Group cut shares of Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 price objective on the stock. in a research report on Monday, November 18th. JPMorgan Chase & Co. lowered their target price on shares of Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating for the company in a report on Tuesday, January 7th. Finally, Wells Fargo & Company lifted their price target on shares of 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 investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, Pinnacle Financial Partners has a consensus rating of “Hold” and a consensus price target of $125.18.

Insider Buying and Selling at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, CFO Harold R. Carpenter sold 3,051 shares of the stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $125.57, for a total transaction of $383,114.07. Following the transaction, the chief financial officer now directly owns 60,805 shares in the company, valued at $7,635,283.85. This represents a 4.78 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director David B. Ingram sold 3,610 shares of the business’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $126.07, for a total transaction of $455,112.70. Following the completion of the sale, the director now owns 139,489 shares of the company’s stock, valued at approximately $17,585,378.23. This represents a 2.52 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 166,970 shares of company stock valued at $20,474,461 in the last ninety days. Corporate insiders own 1.87% of the company’s stock.

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.