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

Mutual of America Capital Management LLC cut its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 5.6% in the 3rd quarter, HoldingsChannel reports. The fund owned 41,357 shares of the financial services provider’s stock after selling 2,440 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Pinnacle Financial Partners were worth $4,052,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. Natixis Advisors LLC boosted its holdings in Pinnacle Financial Partners by 4.8% during the 3rd quarter. Natixis Advisors LLC now owns 130,286 shares of the financial services provider’s stock valued at $12,764,000 after acquiring an additional 5,978 shares during the period. CIBC Asset Management Inc purchased a new stake in Pinnacle Financial Partners during the 3rd quarter valued at about $225,000. OneDigital Investment Advisors LLC raised its position in Pinnacle Financial Partners by 1.3% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 6,646 shares of the financial services provider’s stock valued at $651,000 after purchasing an additional 88 shares during the last quarter. KBC Group NV raised its position in Pinnacle Financial Partners by 16.4% during the 3rd quarter. KBC Group NV now owns 2,315 shares of the financial services provider’s stock valued at $227,000 after purchasing an additional 326 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. grew its position in shares of Pinnacle Financial Partners by 0.6% in the 3rd quarter. Oppenheimer Asset Management Inc. now owns 122,723 shares of the financial services provider’s stock worth $12,023,000 after buying an additional 737 shares during the last quarter. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Truist Financial lifted their price objective on Pinnacle Financial Partners from $113.00 to $119.00 and gave the stock a “buy” rating in a research report on Monday, October 21st. Barclays lifted their price objective on Pinnacle Financial Partners from $101.00 to $108.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 17th. Hovde Group lowered 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. Stephens lifted their price objective on Pinnacle Financial Partners from $108.00 to $120.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. Finally, Citigroup lifted their price objective on Pinnacle Financial Partners from $113.00 to $123.00 and gave the stock a “buy” rating in a research report on Thursday, October 17th. Six analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $108.70.

Pinnacle Financial Partners Trading Up 1.1 %

PNFP opened at $122.84 on Friday. The business has a 50 day moving average of $104.70 and a 200-day moving average of $92.35. The stock has a market cap of $9.49 billion, a PE ratio of 23.35 and a beta of 1.04. Pinnacle Financial Partners, Inc. has a 52 week low of $70.21 and a 52 week high of $129.38. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.42.

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

Pinnacle Financial Partners Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 1st will be paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis 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%.

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.