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

Mutual of America Capital Management LLC decreased its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 3.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 43,797 shares of the financial services provider’s stock after selling 1,519 shares during the quarter. Mutual of America Capital Management LLC owned about 0.06% of Pinnacle Financial Partners worth $3,506,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of PNFP. PNC Financial Services Group Inc. increased its stake in Pinnacle Financial Partners by 16.5% during the 4th quarter. PNC Financial Services Group Inc. now owns 4,373 shares of the financial services provider’s stock valued at $381,000 after purchasing an additional 618 shares in the last quarter. Corient Private Wealth LLC increased its stake in Pinnacle Financial Partners by 10.1% during the 4th quarter. Corient Private Wealth LLC now owns 12,440 shares of the financial services provider’s stock valued at $1,085,000 after purchasing an additional 1,138 shares in the last quarter. Assetmark Inc. acquired a new position in Pinnacle Financial Partners during the 4th quarter valued at approximately $101,000. US Bancorp DE increased its stake in shares of Pinnacle Financial Partners by 62.1% in the fourth quarter. US Bancorp DE now owns 7,041 shares of the financial services provider’s stock worth $614,000 after acquiring an additional 2,698 shares during the period. Finally, Allianz Asset Management GmbH increased its stake in shares of Pinnacle Financial Partners by 10.2% in the fourth quarter. Allianz Asset Management GmbH now owns 78,913 shares of the financial services provider’s stock worth $6,883,000 after acquiring an additional 7,327 shares during the period. Institutional investors and hedge funds own 87.40% of the company’s stock.

Pinnacle Financial Partners Stock Performance

PNFP opened at $99.75 on Tuesday. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.43. The company has a market cap of $7.70 billion, a price-to-earnings ratio of 14.27 and a beta of 1.05. Pinnacle Financial Partners, Inc. has a 52-week low of $59.66 and a 52-week high of $100.76. The firm’s fifty day simple moving average is $93.89 and its two-hundred day simple moving average is $85.13.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $1.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.60 by $0.03. The business had revenue of $366.55 million for the quarter, compared to the consensus estimate of $426.40 million. Pinnacle Financial Partners had a net margin of 13.93% and a return on equity of 8.97%. Equities analysts anticipate that Pinnacle Financial Partners, Inc. will post 6.83 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Friday, August 2nd were issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 0.88%. The ex-dividend date of this dividend was Friday, August 2nd. Pinnacle Financial Partners’s payout ratio is 12.59%.

Analyst Ratings Changes

A number of analysts have recently weighed in on PNFP shares. Wells Fargo & Company increased their price objective on shares of Pinnacle Financial Partners from $90.00 to $100.00 and gave the stock an “overweight” rating in a research note on Thursday, July 18th. Barclays increased their price objective on shares of Pinnacle Financial Partners from $93.00 to $97.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 18th. JPMorgan Chase & Co. cut their price objective on shares of Pinnacle Financial Partners from $108.00 to $105.00 and set an “overweight” rating on the stock in a research note on Thursday, June 27th. Truist Financial increased their price objective on shares of Pinnacle Financial Partners from $101.00 to $113.00 and gave the stock a “buy” rating in a research note on Friday. Finally, Citigroup increased their price objective on shares of Pinnacle Financial Partners from $93.00 to $113.00 and gave the stock a “buy” rating in a research note on Thursday, July 18th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $100.20.

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.