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

Mutual of America Capital Management LLC reduced its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 4.9% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 47,440 shares of the financial services provider’s stock after selling 2,457 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Pinnacle Financial Partners were worth $4,138,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. Wellington Management Group LLP boosted its holdings in shares of Pinnacle Financial Partners by 102.7% in the third quarter. Wellington Management Group LLP now owns 1,870,441 shares of the financial services provider’s stock valued at $125,394,000 after acquiring an additional 947,704 shares in the last quarter. Norges Bank bought a new position in Pinnacle Financial Partners during the 4th quarter valued at $61,723,000. State Street Corp increased its position in shares of Pinnacle Financial Partners by 17.4% during the 1st quarter. State Street Corp now owns 3,471,580 shares of the financial services provider’s stock valued at $191,492,000 after purchasing an additional 514,970 shares during the period. Walleye Capital LLC bought a new stake in shares of Pinnacle Financial Partners in the 2nd quarter worth $16,750,000. Finally, BlackRock Inc. lifted its holdings in shares of Pinnacle Financial Partners by 4.1% in the first quarter. BlackRock Inc. now owns 7,404,875 shares of the financial services provider’s stock valued at $408,453,000 after buying an additional 289,963 shares during the period. Institutional investors own 87.40% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on PNFP. Truist Financial lifted their target price on Pinnacle Financial Partners from $93.00 to $99.00 and gave the stock a “buy” rating in a report on Monday, April 1st. Barclays started coverage on shares of Pinnacle Financial Partners in a report on Friday, March 8th. They issued an “equal weight” rating and a $93.00 target price on the stock. UBS Group reduced their target price on shares of Pinnacle Financial Partners from $91.00 to $90.00 and set a “neutral” rating for the company in a report on Thursday, January 18th. Stephens reaffirmed an “overweight” rating and issued a $108.00 price target on shares of Pinnacle Financial Partners in a report on Wednesday, January 17th. Finally, Jefferies Financial Group reduced their price objective on Pinnacle Financial Partners from $88.00 to $85.00 and set a “hold” rating for the company in a research note on Monday, April 8th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $92.57.

Insider Buying and Selling at Pinnacle Financial Partners

In other news, Chairman Robert A. Mccabe, Jr. sold 6,331 shares of the stock in a transaction that occurred on Tuesday, January 23rd. The shares were sold at an average price of $87.43, for a total value of $553,519.33. Following the completion of the sale, the chairman now directly owns 202,699 shares of the company’s stock, valued at $17,721,973.57. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Chairman Robert A. Mccabe, Jr. sold 6,331 shares of the business’s stock in a transaction on Tuesday, January 23rd. The shares were sold at an average price of $87.43, for a total transaction of $553,519.33. Following the transaction, the chairman now directly owns 202,699 shares in the company, valued at approximately $17,721,973.57. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO M Terry Turner sold 24,057 shares of the stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total value of $1,977,966.54. Following the sale, the chief executive officer now owns 294,790 shares of the company’s stock, valued at $24,237,633.80. The disclosure for this sale can be found here. Insiders have sold a total of 54,175 shares of company stock valued at $4,487,253 in the last 90 days. 1.87% of the stock is currently owned by corporate insiders.

Pinnacle Financial Partners Trading Down 1.1 %

NASDAQ PNFP opened at $78.95 on Wednesday. The firm’s 50 day moving average price is $82.53 and its two-hundred day moving average price is $78.56. The stock has a market cap of $6.09 billion, a price-to-earnings ratio of 11.00 and a beta of 1.08. Pinnacle Financial Partners, Inc. has a twelve month low of $43.31 and a twelve month high of $92.33. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.90 and a current ratio of 0.90.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings results on Wednesday, January 17th. The financial services provider reported $1.68 earnings per share for the quarter, beating the consensus estimate of $1.67 by $0.01. The firm had revenue of $396.34 million for the quarter, compared to analyst estimates of $416.97 million. Pinnacle Financial Partners had a return on equity of 9.78% and a net margin of 20.17%. Pinnacle Financial Partners’s quarterly revenue was down 1.4% on a year-over-year basis. During the same period in the previous year, the firm earned $1.76 earnings per share. Equities analysts anticipate that Pinnacle Financial Partners, Inc. will post 6.83 EPS for the current year.

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.