Mutual of America Capital Management LLC lifted its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 114.8% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 113,153 shares of the financial services provider’s stock after buying an additional 60,465 shares during the quarter. Mutual of America Capital Management LLC owned approximately 0.21% of Pinnacle Financial Partners worth $7,106,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently added to or reduced their stakes in PNFP. BlackRock Inc. grew its position in shares of Pinnacle Financial Partners by 56,554.1% during the first quarter. BlackRock Inc. now owns 5,632,547 shares of the financial services provider’s stock worth $374,283,000 after buying an additional 5,622,605 shares in the last quarter. Franklin Resources Inc. grew its position in shares of Pinnacle Financial Partners by 186.2% during the second quarter. Franklin Resources Inc. now owns 1,720,468 shares of the financial services provider’s stock worth $108,045,000 after buying an additional 1,119,331 shares in the last quarter. Vaughan Nelson Investment Management L.P. acquired a new stake in shares of Pinnacle Financial Partners during the second quarter worth approximately $63,064,000. Vanguard Group Inc. grew its position in shares of Pinnacle Financial Partners by 11.0% during the first quarter. Vanguard Group Inc. now owns 4,094,690 shares of the financial services provider’s stock worth $272,092,000 after buying an additional 407,046 shares in the last quarter. Finally, State Street Corp grew its position in shares of Pinnacle Financial Partners by 27.0% during the first quarter. State Street Corp now owns 1,913,478 shares of the financial services provider’s stock worth $127,146,000 after buying an additional 406,536 shares in the last quarter. 69.28% of the stock is owned by institutional investors and hedge funds.

In other Pinnacle Financial Partners news, Director Joseph C. Galante bought 1,000 shares of the business’s stock in a transaction that occurred on Thursday, September 7th. The shares were bought at an average cost of $59.40 per share, with a total value of $59,400.00. Following the completion of the purchase, the director now directly owns 19,011 shares of the company’s stock, valued at $1,129,253.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO M Terry Turner sold 101,480 shares of the firm’s stock in a transaction dated Monday, July 24th. The stock was sold at an average price of $64.82, for a total transaction of $6,577,933.60. Following the completion of the sale, the chief executive officer now owns 538,441 shares of the company’s stock, valued at $34,901,745.62. The disclosure for this sale can be found here. Insiders sold 110,480 shares of company stock worth $7,143,584 over the last three months. 5.41% of the stock is owned by insiders.

PNFP has been the subject of a number of recent analyst reports. BidaskClub raised shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research report on Friday, June 9th. Hilliard Lyons raised shares of Pinnacle Financial Partners from a “neutral” rating to a “buy” rating and set a $71.00 price target for the company in a research report on Wednesday, August 23rd. Finally, Stephens reissued a “hold” rating and set a $71.00 price target on shares of Pinnacle Financial Partners in a research report on Thursday, July 20th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company. Pinnacle Financial Partners currently has an average rating of “Hold” and an average price target of $67.00.

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) traded up 0.63% during trading on Tuesday, reaching $63.45. 46,141 shares of the company’s stock were exchanged. The stock’s 50-day moving average price is $61.93 and its 200-day moving average price is $63.56. The company has a market capitalization of $4.88 billion, a price-to-earnings ratio of 20.38 and a beta of 1.29. Pinnacle Financial Partners, Inc. has a 52-week low of $49.40 and a 52-week high of $71.85.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its earnings results on Tuesday, July 18th. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.80 by $0.04. The company had revenue of $141.70 million for the quarter, compared to analysts’ expectations of $130.23 million. Pinnacle Financial Partners had a return on equity of 7.67% and a net margin of 27.36%. Pinnacle Financial Partners’s quarterly revenue was up 31.4% on a year-over-year basis. During the same period last year, the firm earned $0.75 earnings per share. Equities analysts expect that Pinnacle Financial Partners, Inc. will post $3.47 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Friday, August 25th. Investors of record on Friday, August 4th were paid a $0.14 dividend. The ex-dividend date of this dividend was Wednesday, August 2nd. This represents a $0.56 annualized dividend and a dividend yield of 0.89%. Pinnacle Financial Partners’s payout ratio is presently 18.01%.

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Pinnacle Financial Partners Company Profile

Pinnacle Financial Partners, Inc is a bank holding company. The Company operates through its subsidiary, Pinnacle Bank. The Company operates as a community bank primarily in the urban markets of Nashville, Knoxville, Memphis and Chattanooga, Tennessee and other counties. It provides the personalized service associated with small community banks, while seeking to offer the products and services, such as investments and treasury management.

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

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