Lisanti Capital Growth LLC Takes $1.10 Million Position in Pinnacle Financial Partners, Inc. $PNFP

Lisanti Capital Growth LLC purchased a new stake in Pinnacle Financial Partners, Inc. (NYSE:PNFP) during the fourth quarter, HoldingsChannel reports. The institutional investor purchased 11,570 shares of the company’s stock, valued at approximately $1,104,000.

A number of other institutional investors also recently modified their holdings of PNFP. AQR Capital Management LLC lifted its holdings in shares of Pinnacle Financial Partners by 1,697.4% in the third quarter. AQR Capital Management LLC now owns 3,267,666 shares of the company’s stock valued at $306,474,000 after purchasing an additional 3,085,867 shares in the last quarter. Nomura Holdings Inc. bought a new stake in shares of Pinnacle Financial Partners in the third quarter valued at about $187,822,000. Wellington Management Group LLP lifted its holdings in shares of Pinnacle Financial Partners by 51.1% in the third quarter. Wellington Management Group LLP now owns 2,156,749 shares of the company’s stock valued at $202,281,000 after purchasing an additional 728,975 shares in the last quarter. Pentwater Capital Management LP bought a new stake in shares of Pinnacle Financial Partners in the third quarter valued at about $42,538,000. Finally, Bank of America Corp DE lifted its holdings in shares of Pinnacle Financial Partners by 66.8% in the third quarter. Bank of America Corp DE now owns 828,944 shares of the company’s stock valued at $77,747,000 after purchasing an additional 332,092 shares in the last quarter. 87.40% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

PNFP has been the topic of a number of research reports. Wall Street Zen upgraded Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a report on Tuesday, May 12th. Weiss Ratings initiated coverage on Pinnacle Financial Partners in a report on Monday, March 9th. They set a “hold (c+)” rating on the stock. JPMorgan Chase & Co. upped their target price on Pinnacle Financial Partners from $105.00 to $120.00 and gave the stock an “overweight” rating in a report on Friday, April 24th. Citigroup upped their target price on Pinnacle Financial Partners from $118.00 to $122.00 and gave the stock a “buy” rating in a report on Monday, January 26th. Finally, UBS Group upped their target price on Pinnacle Financial Partners from $110.00 to $120.00 and gave the stock a “buy” rating in a report on Friday, April 24th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $115.18.

Pinnacle Financial Partners Stock Performance

PNFP opened at $97.12 on Friday. Pinnacle Financial Partners, Inc. has a 52-week low of $81.08 and a 52-week high of $120.46. The company has a market capitalization of $7.53 billion, a price-to-earnings ratio of 13.47, a PEG ratio of 0.37 and a beta of 1.06. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.42. The stock’s 50-day moving average is $91.84.

Pinnacle Financial Partners (NYSE:PNFP) last announced its quarterly earnings results on Wednesday, April 22nd. The company reported $2.39 earnings per share for the quarter, topping analysts’ consensus estimates of $2.30 by $0.09. The firm had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.20 billion. Pinnacle Financial Partners had a return on equity of 10.61% and a net margin of 15.02%. On average, research analysts forecast that Pinnacle Financial Partners, Inc. will post 10.34 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 29th. Shareholders of record on Friday, May 1st will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend is Friday, May 1st. Pinnacle Financial Partners’s payout ratio is 27.74%.

Pinnacle Financial Partners Profile

Pinnacle Financial Partners (NYSE: PNFP) is a bank holding company headquartered in Nashville, Tennessee, that provides a broad range of commercial and consumer banking services. Founded in 2000, the company operates through a network of banking offices and digital channels to serve individuals, small and middle-market businesses, and institutional clients. Pinnacle’s business model emphasizes relationship-based banking and tailored financial solutions for commercial borrowers and deposit customers.

The company’s product and service offerings include commercial and residential lending, treasury and payment solutions, deposit accounts, mortgage services, and cash management.