Mutual of America Capital Management LLC Cuts Stock Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Mutual of America Capital Management LLC decreased its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 5.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 41,357 shares of the financial services provider’s stock after selling 2,440 shares during the period. Mutual of America Capital Management LLC owned about 0.05% of Pinnacle Financial Partners worth $4,052,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of PNFP. CANADA LIFE ASSURANCE Co boosted its position in Pinnacle Financial Partners by 0.3% in the first quarter. CANADA LIFE ASSURANCE Co now owns 57,459 shares of the financial services provider’s stock worth $4,930,000 after purchasing an additional 152 shares during the last quarter. Earnest Partners LLC raised its stake in shares of Pinnacle Financial Partners by 3.0% in the first quarter. Earnest Partners LLC now owns 655,122 shares of the financial services provider’s stock valued at $56,262,000 after buying an additional 19,353 shares during the period. Silvercrest Asset Management Group LLC raised its stake in shares of Pinnacle Financial Partners by 3.9% in the first quarter. Silvercrest Asset Management Group LLC now owns 93,754 shares of the financial services provider’s stock valued at $8,052,000 after buying an additional 3,498 shares during the period. Jacobs Levy Equity Management Inc. raised its stake in shares of Pinnacle Financial Partners by 5.6% in the first quarter. Jacobs Levy Equity Management Inc. now owns 97,097 shares of the financial services provider’s stock valued at $8,339,000 after buying an additional 5,158 shares during the period. Finally, B. Riley Wealth Advisors Inc. raised its stake in shares of Pinnacle Financial Partners by 28.2% in the first quarter. B. Riley Wealth Advisors Inc. now owns 3,412 shares of the financial services provider’s stock valued at $293,000 after buying an additional 751 shares during the period. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Stock Performance

NASDAQ:PNFP opened at $122.84 on Friday. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.90 and a current ratio of 0.90. Pinnacle Financial Partners, Inc. has a 52-week low of $70.21 and a 52-week high of $129.38. The firm has a market cap of $9.49 billion, a price-to-earnings ratio of 23.35 and a beta of 1.04. The business’s fifty day moving average is $104.70 and its 200 day moving average is $92.35.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its earnings results on Tuesday, October 15th. The financial services provider reported $1.86 EPS for the quarter, topping the consensus estimate of $1.79 by $0.07. Pinnacle Financial Partners had a return on equity of 8.89% and a net margin of 13.97%. The business had revenue of $810.11 million during the quarter, compared to analysts’ expectations of $454.18 million. During the same period in the previous year, the business earned $1.79 earnings per share. Research analysts predict that Pinnacle Financial Partners, Inc. will post 6.8 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 1st will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 0.72%. The ex-dividend date of this dividend is Friday, November 1st. Pinnacle Financial Partners’s payout ratio is 16.73%.

Wall Street Analysts Forecast Growth

PNFP has been the topic of several research reports. Truist Financial boosted their target price on Pinnacle Financial Partners from $113.00 to $119.00 and gave the company a “buy” rating in a research note on Monday, October 21st. Citigroup boosted their target price on Pinnacle Financial Partners from $113.00 to $123.00 and gave the company a “buy” rating in a research note on Thursday, October 17th. Hovde Group lowered Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 target price on the stock. in a research note on Monday. Stephens boosted their target price on Pinnacle Financial Partners from $108.00 to $120.00 and gave the company an “overweight” rating in a research note on Thursday, October 17th. Finally, Barclays boosted their target price on Pinnacle Financial Partners from $101.00 to $108.00 and gave the company an “equal weight” rating in a research note on Thursday, October 17th. Six investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, Pinnacle Financial Partners presently has a consensus rating of “Hold” and a consensus price target of $108.70.

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.