Pinnacle Financial Partners Inc Purchases New Shares in Moelis & Company (NYSE:MC)

Pinnacle Financial Partners Inc acquired a new stake in Moelis & Company (NYSE:MC - Free Report) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 5,730 shares of the asset manager's stock, valued at approximately $334,000.

A number of other large investors also recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Moelis & Company in the first quarter valued at approximately $3,331,000. Illinois Municipal Retirement Fund boosted its position in shares of Moelis & Company by 7.7% in the first quarter. Illinois Municipal Retirement Fund now owns 41,743 shares of the asset manager's stock valued at $2,436,000 after acquiring an additional 2,974 shares during the period. Cambridge Investment Research Advisors Inc. raised its stake in Moelis & Company by 42.6% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 4,663 shares of the asset manager's stock valued at $272,000 after purchasing an additional 1,393 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in Moelis & Company by 64.3% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 253,658 shares of the asset manager's stock valued at $14,803,000 after purchasing an additional 99,316 shares in the last quarter. Finally, Greenwood Capital Associates LLC purchased a new stake in Moelis & Company in the first quarter valued at approximately $1,194,000. 91.53% of the stock is currently owned by institutional investors.

Moelis & Company Trading Down 0.4%

Shares of MC stock traded down $0.26 during trading hours on Monday, hitting $65.54. 739,304 shares of the company's stock were exchanged, compared to its average volume of 806,339. The company has a market capitalization of $5.15 billion, a PE ratio of 30.06 and a beta of 1.64. Moelis & Company has a 12-month low of $47.00 and a 12-month high of $82.89. The business's 50 day simple moving average is $58.49 and its 200-day simple moving average is $63.82.

Moelis & Company (NYSE:MC - Get Free Report) last issued its earnings results on Wednesday, April 23rd. The asset manager reported $0.64 EPS for the quarter, topping the consensus estimate of $0.57 by $0.07. Moelis & Company had a net margin of 13.22% and a return on equity of 40.89%. The company had revenue of $306.59 million for the quarter, compared to the consensus estimate of $309.67 million. During the same period in the previous year, the firm earned $0.22 earnings per share. The firm's revenue for the quarter was up 41.0% on a year-over-year basis. Equities analysts anticipate that Moelis & Company will post 2.97 EPS for the current year.

Moelis & Company Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 20th. Investors of record on Monday, May 5th were paid a $0.65 dividend. This represents a $2.60 annualized dividend and a dividend yield of 3.97%. The ex-dividend date was Monday, May 5th. Moelis & Company's payout ratio is 119.27%.

Analysts Set New Price Targets

A number of brokerages recently weighed in on MC. Morgan Stanley raised shares of Moelis & Company from an "underweight" rating to an "overweight" rating and raised their target price for the company from $42.00 to $68.00 in a research note on Monday, June 23rd. JMP Securities reaffirmed a "market perform" rating on shares of Moelis & Company in a research note on Thursday, April 24th. The Goldman Sachs Group raised their target price on shares of Moelis & Company from $56.00 to $63.00 and gave the company a "neutral" rating in a research note on Thursday, May 15th. Wall Street Zen downgraded shares of Moelis & Company from a "buy" rating to a "hold" rating in a research note on Thursday, March 13th. Finally, Wells Fargo & Company lowered their target price on shares of Moelis & Company from $55.00 to $50.00 and set an "equal weight" rating on the stock in a research note on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $64.17.

About Moelis & Company

Moelis & Co operates as a holding company. It engages in the provision of financial advisory, capital raising and asset management services to a client base including corporations, governments, sovereign wealth funds and financial sponsors. The firm focuses on clients including large public multinational corporations, middle market private companies, financial sponsors, entrepreneurs and governments.