Pinnacle Financial Partners, Inc. $PNFP Shares Sold by Mutual of America Capital Management LLC

Mutual of America Capital Management LLC cut its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFPFree Report) by 2.9% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 38,229 shares of the financial services provider’s stock after selling 1,158 shares during the period. Mutual of America Capital Management LLC’s holdings in Pinnacle Financial Partners were worth $4,221,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Millennium Management LLC acquired a new position in Pinnacle Financial Partners during the 1st quarter worth approximately $77,207,000. Nuveen LLC acquired a new position in shares of Pinnacle Financial Partners during the first quarter worth $26,879,000. Junto Capital Management LP grew its stake in shares of Pinnacle Financial Partners by 28.7% during the first quarter. Junto Capital Management LP now owns 446,076 shares of the financial services provider’s stock worth $47,302,000 after purchasing an additional 99,495 shares in the last quarter. AQR Capital Management LLC grew its stake in shares of Pinnacle Financial Partners by 309.4% during the first quarter. AQR Capital Management LLC now owns 129,514 shares of the financial services provider’s stock worth $13,473,000 after purchasing an additional 97,876 shares in the last quarter. Finally, Wellington Management Group LLP grew its stake in shares of Pinnacle Financial Partners by 5.9% during the first quarter. Wellington Management Group LLP now owns 1,592,536 shares of the financial services provider’s stock worth $168,873,000 after purchasing an additional 88,282 shares in the last quarter. 87.40% of the stock is owned by institutional investors and hedge funds.

Pinnacle Financial Partners Stock Down 1.1%

Shares of NASDAQ:PNFP opened at $87.43 on Thursday. The stock has a market cap of $6.78 billion, a P/E ratio of 11.11 and a beta of 1.02. The firm has a fifty day moving average price of $94.01 and a 200 day moving average price of $100.27. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.89 and a quick ratio of 0.89. Pinnacle Financial Partners, Inc. has a 1-year low of $81.57 and a 1-year high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFPGet Free Report) last issued its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $2.27 earnings per share for the quarter, topping analysts’ consensus estimates of $2.05 by $0.22. Pinnacle Financial Partners had a net margin of 19.17% and a return on equity of 9.91%. The firm had revenue of $544.80 million during the quarter, compared to analysts’ expectations of $526.40 million. During the same quarter in the prior year, the business earned $1.86 EPS. Sell-side analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 28th. Shareholders of record on Friday, November 7th will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date of this dividend is Friday, November 7th. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 12.20%.

Analyst Ratings Changes

Several research analysts have recently issued reports on PNFP shares. TD Cowen started coverage on Pinnacle Financial Partners in a research report on Thursday, September 25th. They set a “buy” rating and a $122.00 price objective for the company. UBS Group lowered their price target on Pinnacle Financial Partners from $121.00 to $108.00 and set a “neutral” rating for the company in a report on Tuesday, September 2nd. Wells Fargo & Company lowered their price target on Pinnacle Financial Partners from $110.00 to $100.00 and set an “equal weight” rating for the company in a report on Friday, October 17th. Stephens lowered their target price on shares of Pinnacle Financial Partners from $104.00 to $97.00 and set an “equal weight” rating for the company in a report on Friday, October 17th. Finally, Truist Financial lowered their target price on shares of Pinnacle Financial Partners from $107.00 to $105.00 and set a “buy” rating for the company in a report on Friday, October 17th. Six equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat, Pinnacle Financial Partners currently has a consensus rating of “Hold” and an average target price of $110.27.

Read Our Latest Analysis on Pinnacle Financial Partners

Insider Buying and Selling

In other news, CFO Harold R. Carpenter bought 1,000 shares of Pinnacle Financial Partners stock in a transaction dated Thursday, July 31st. The stock was bought at an average price of $89.73 per share, for a total transaction of $89,730.00. Following the purchase, the chief financial officer owned 105,050 shares of the company’s stock, valued at approximately $9,426,136.50. The trade was a 0.96% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Thomas C. Farnsworth III bought 1,000 shares of Pinnacle Financial Partners stock in a transaction dated Friday, August 1st. The stock was purchased at an average price of $84.94 per share, with a total value of $84,940.00. Following the purchase, the director directly owned 28,277 shares in the company, valued at approximately $2,401,848.38. This trade represents a 3.67% increase in their position. The disclosure for this purchase can be found here. Insiders purchased a total of 17,174 shares of company stock valued at $1,485,229 over the last three months. 1.46% of the stock is currently owned by company insiders.

About Pinnacle Financial Partners

(Free Report)

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.

Further Reading

Want to see what other hedge funds are holding PNFP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Pinnacle Financial Partners, Inc. (NASDAQ:PNFPFree Report).

Institutional Ownership by Quarter for Pinnacle Financial Partners (NASDAQ:PNFP)

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