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

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

Several other hedge funds also recently bought and sold shares of the company. CIBC Private Wealth Group LLC boosted its holdings in Moelis & Company by 52.5% in the fourth quarter. CIBC Private Wealth Group LLC now owns 398 shares of the asset manager's stock worth $30,000 after purchasing an additional 137 shares in the last quarter. Arizona State Retirement System boosted its stake in shares of Moelis & Company by 0.8% during the 4th quarter. Arizona State Retirement System now owns 20,420 shares of the asset manager's stock worth $1,509,000 after acquiring an additional 163 shares in the last quarter. Peak Financial Advisors LLC boosted its stake in shares of Moelis & Company by 2.4% during the 1st quarter. Peak Financial Advisors LLC now owns 8,567 shares of the asset manager's stock worth $500,000 after acquiring an additional 204 shares in the last quarter. Summit Investment Advisors Inc. increased its holdings in shares of Moelis & Company by 3.3% during the 4th quarter. Summit Investment Advisors Inc. now owns 7,394 shares of the asset manager's stock valued at $546,000 after acquiring an additional 234 shares during the last quarter. Finally, Pitcairn Co. raised its stake in shares of Moelis & Company by 2.7% in the 4th quarter. Pitcairn Co. now owns 9,687 shares of the asset manager's stock valued at $716,000 after acquiring an additional 257 shares in the last quarter. 91.53% of the stock is owned by institutional investors and hedge funds.

Moelis & Company Trading Up 0.5%

Shares of Moelis & Company stock opened at $65.80 on Friday. Moelis & Company has a 1 year low of $47.00 and a 1 year high of $82.89. The company's fifty day simple moving average is $57.97 and its 200-day simple moving average is $64.05. The company has a market cap of $5.17 billion, a price-to-earnings ratio of 30.18 and a beta of 1.64.

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

Moelis & Company Announces Dividend

The business 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 3.95%. The ex-dividend date of this dividend was Monday, May 5th. Moelis & Company's payout ratio is presently 119.27%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on MC shares. The Goldman Sachs Group upped their target price on Moelis & Company from $56.00 to $63.00 and gave the stock a "neutral" rating in a research report on Thursday, May 15th. Morgan Stanley raised shares of Moelis & Company from an "underweight" rating to an "overweight" rating and upped their price objective for the stock from $42.00 to $68.00 in a report on Monday, June 23rd. 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. JMP Securities reissued a "market perform" rating on shares of Moelis & Company in a research report on Thursday, April 24th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Moelis & Company from $55.00 to $52.00 and set a "neutral" rating for the company in a report on Thursday, April 24th. One research analyst has rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $64.17.

Moelis & Company Company Profile

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.

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