Pinnacle Financial Partners, Inc. (PNFP) to Issue Quarterly Dividend of $0.24 on February 28th

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) announced a quarterly dividend on Tuesday, January 21st,Wall Street Journal reports. Shareholders of record on Friday, February 7th will be given a dividend of 0.24 per share by the financial services provider on Friday, February 28th. This represents a $0.96 annualized dividend and a yield of 0.78%. The ex-dividend date is Friday, February 7th. This is an increase from Pinnacle Financial Partners’s previous quarterly dividend of $0.22.

Pinnacle Financial Partners has raised its dividend by an average of 6.9% annually over the last three years. Pinnacle Financial Partners has a dividend payout ratio of 10.6% meaning its dividend is sufficiently covered by earnings. Analysts expect Pinnacle Financial Partners to earn $9.09 per share next year, which means the company should continue to be able to cover its $0.96 annual dividend with an expected future payout ratio of 10.6%.

Pinnacle Financial Partners Stock Performance

NASDAQ:PNFP opened at $123.72 on Wednesday. The stock has a 50-day simple moving average of $119.22 and a two-hundred day simple moving average of $107.39. Pinnacle Financial Partners has a 52-week low of $73.62 and a 52-week high of $131.91. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.90 and a current ratio of 0.90. The firm has a market capitalization of $9.56 billion, a PE ratio of 20.69 and a beta of 1.09.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings results on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.80 by $0.10. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. The business had revenue of $475.34 million during the quarter, compared to analyst estimates of $470.33 million. During the same quarter in the previous year, the company posted $1.68 earnings per share. Pinnacle Financial Partners’s revenue for the quarter was up 19.9% on a year-over-year basis. Analysts forecast that Pinnacle Financial Partners will post 7.79 EPS for the current year.

Analyst Upgrades and Downgrades

PNFP has been the topic of several research analyst reports. Barclays upgraded Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $120.00 to $135.00 in a research report on Thursday, December 19th. JPMorgan Chase & Co. lowered their price objective on Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 7th. Stephens reiterated an “overweight” rating and issued a $142.00 target price on shares of Pinnacle Financial Partners in a research report on Wednesday, January 22nd. Hovde Group downgraded Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 target price on the stock. in a research report on Monday, November 18th. Finally, Wells Fargo & Company boosted their target price on Pinnacle Financial Partners from $120.00 to $125.00 and gave the stock an “equal weight” rating in a research report on Thursday, January 23rd. Six research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $125.18.

Insider Buying and Selling at Pinnacle Financial Partners

In other news, Director David B. Ingram sold 10,309 shares of the company’s stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $126.00, for a total transaction of $1,298,934.00. Following the transaction, the director now owns 82,256 shares of the company’s stock, valued at approximately $10,364,256. This represents a 11.14 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Harold R. Carpenter sold 3,051 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $125.57, for a total value of $383,114.07. Following the transaction, the chief financial officer now directly owns 60,805 shares in the company, valued at approximately $7,635,283.85. This represents a 4.78 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 86,970 shares of company stock worth $10,862,061 over the last ninety days. Company insiders own 1.87% of the company’s stock.

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.