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

Mutual of America Capital Management LLC trimmed its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 2.2% in the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 40,428 shares of the financial services provider’s stock after selling 929 shares during the quarter. Mutual of America Capital Management LLC owned about 0.05% of Pinnacle Financial Partners worth $4,625,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the business. State of Alaska Department of Revenue grew its stake 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 worth $871,000 after acquiring an additional 600 shares during the period. US Bancorp DE grew its position 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 worth $794,000 after purchasing an additional 1,049 shares during the period. Forum Financial Management LP purchased a new stake in Pinnacle Financial Partners during the 3rd quarter valued at $218,000. Jackson Square Capital LLC bought a new position in shares of Pinnacle Financial Partners during the 3rd quarter valued at $284,000. Finally, Principal Financial Group Inc. boosted its stake in shares of Pinnacle Financial Partners by 27.0% in the 3rd quarter. Principal Financial Group Inc. now owns 983,282 shares of the financial services provider’s stock worth $96,332,000 after buying an additional 208,938 shares during the last quarter. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Stock Performance

Shares of 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 1 year low of $73.62 and a 1 year high of $131.91. The firm has a fifty day moving average price of $118.35 and a 200-day moving average price of $111.18. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.90 and a quick ratio of 0.90.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings results on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.80 by $0.10. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. The business had revenue of $475.34 million during the quarter, compared to analyst estimates of $470.33 million. During the same quarter in the prior year, the business posted $1.68 EPS. Pinnacle Financial Partners’s revenue for the quarter was up 19.9% compared to the same quarter last year. Equities analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current fiscal year.

Pinnacle Financial Partners Increases Dividend

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

Analyst Ratings Changes

A number of analysts recently commented on the company. JPMorgan Chase & Co. reduced their price objective on Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating for the company in a research report on Tuesday, January 7th. Citigroup upped their price target on shares of Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a “buy” rating in a research report on Tuesday, December 31st. UBS Group started coverage on shares of Pinnacle Financial Partners in a report on Tuesday, December 17th. They issued a “neutral” rating and a $133.00 price objective on the stock. Hovde Group lowered shares of Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 target price for the company. in a research report on Monday, November 18th. Finally, Stephens reiterated an “overweight” rating and issued a $142.00 price target on shares of Pinnacle Financial Partners in a research report on Wednesday, January 22nd. Six equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $125.18.

Insider Buying and Selling

In other Pinnacle Financial Partners news, Director David B. Ingram sold 3,610 shares of Pinnacle Financial Partners stock in a transaction on Monday, December 9th. The shares were sold at an average price of $126.07, for a total value of $455,112.70. Following the sale, the director now directly owns 139,489 shares in the company, valued at approximately $17,585,378.23. The trade was a 2.52 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Chairman Robert A. Mccabe, Jr. sold 40,000 shares of the stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $113.81, for a total transaction of $4,552,400.00. Following the transaction, the chairman now directly owns 83,000 shares of the company’s stock, valued at $9,446,230. This trade represents a 32.52 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 166,970 shares of company stock valued at $20,474,461. Corporate insiders own 1.87% of the company’s stock.

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.