Lisanti Capital Growth LLC Makes New $7.78 Million Investment in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Lisanti Capital Growth LLC acquired a new position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 89,210 shares of the financial services provider’s stock, valued at approximately $7,781,000. Pinnacle Financial Partners comprises about 1.8% of Lisanti Capital Growth LLC’s holdings, making the stock its 5th largest position. Lisanti Capital Growth LLC owned approximately 0.12% of Pinnacle Financial Partners as of its most recent SEC filing.

Several other large investors have also made changes to their positions in PNFP. Wellington Management Group LLP boosted its position in Pinnacle Financial Partners by 102.7% during the 3rd quarter. Wellington Management Group LLP now owns 1,870,441 shares of the financial services provider’s stock worth $125,394,000 after purchasing an additional 947,704 shares during the period. Earnest Partners LLC raised its stake in shares of Pinnacle Financial Partners by 35.9% during the third quarter. Earnest Partners LLC now owns 634,109 shares of the financial services provider’s stock valued at $42,511,000 after purchasing an additional 167,527 shares during the period. North Reef Capital Management LP lifted its position in shares of Pinnacle Financial Partners by 15.9% during the third quarter. North Reef Capital Management LP now owns 910,108 shares of the financial services provider’s stock worth $61,014,000 after purchasing an additional 124,573 shares in the last quarter. Los Angeles Capital Management LLC purchased a new position in shares of Pinnacle Financial Partners in the third quarter valued at $8,033,000. Finally, Envestnet Asset Management Inc. grew its holdings in Pinnacle Financial Partners by 43.0% during the 3rd quarter. Envestnet Asset Management Inc. now owns 251,598 shares of the financial services provider’s stock valued at $16,867,000 after purchasing an additional 75,691 shares in the last quarter. 87.40% of the stock is owned by hedge funds and other institutional investors.

Pinnacle Financial Partners Stock Performance

PNFP stock traded up $1.09 during midday trading on Monday, reaching $83.28. The company had a trading volume of 437,594 shares, compared to its average volume of 471,354. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.43. The stock has a 50 day moving average price of $81.77 and a 200 day moving average price of $80.00. The firm has a market capitalization of $6.42 billion, a PE ratio of 11.91 and a beta of 1.09. Pinnacle Financial Partners, Inc. has a fifty-two week low of $46.05 and a fifty-two week high of $92.33.

Pinnacle Financial Partners Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Shareholders of record on Friday, May 3rd will be paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 1.06%. The ex-dividend date of this dividend is Thursday, May 2nd. Pinnacle Financial Partners’s payout ratio is currently 12.59%.

Analyst Upgrades and Downgrades

Several research analysts recently commented on PNFP shares. Barclays assumed coverage on Pinnacle Financial Partners in a research note on Friday, March 8th. They issued an “equal weight” rating and a $93.00 price target on the stock. Stephens reissued an “overweight” rating and set a $109.00 price target on shares of Pinnacle Financial Partners in a research report on Tuesday, April 23rd. Hovde Group reduced their price objective on shares of Pinnacle Financial Partners from $104.00 to $99.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 23rd. Truist Financial dropped their target price on shares of Pinnacle Financial Partners from $99.00 to $94.00 and set a “buy” rating for the company in a research report on Thursday, April 25th. Finally, Jefferies Financial Group reduced their price target on shares of Pinnacle Financial Partners from $88.00 to $85.00 and set a “hold” rating on the stock in a research report on Monday, April 8th. One analyst has rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $95.50.

Insider Activity

In related news, CFO Harold R. Carpenter sold 6,306 shares of the firm’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total transaction of $518,479.32. Following the completion of the transaction, the chief financial officer now owns 63,856 shares of the company’s stock, valued at $5,250,240.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CFO Harold R. Carpenter sold 6,306 shares of the firm’s stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $82.22, for a total transaction of $518,479.32. Following the completion of the sale, the chief financial officer now directly owns 63,856 shares in the company, valued at $5,250,240.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO M Terry Turner sold 24,057 shares of the company’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $82.22, for a total value of $1,977,966.54. Following the completion of the transaction, the chief executive officer now directly owns 294,790 shares in the company, valued at approximately $24,237,633.80. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 235,093 shares of company stock worth $19,103,353. 1.87% of the stock is owned by company insiders.

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.