Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) announced a quarterly dividend on Tuesday, October 12th, Zacks reports. Stockholders of record on Friday, November 5th will be paid a dividend of 0.18 per share by the financial services provider on Friday, November 26th. This represents a $0.72 annualized dividend and a dividend yield of 0.71%. The ex-dividend date is Thursday, November 4th.
Pinnacle Financial Partners has increased its dividend payment by 14.3% over the last three years and has raised its dividend every year for the last 1 years. Pinnacle Financial Partners has a payout ratio of 11.0% meaning its dividend is sufficiently covered by earnings. Research analysts expect Pinnacle Financial Partners to earn $6.12 per share next year, which means the company should continue to be able to cover its $0.70 annual dividend with an expected future payout ratio of 11.4%.
Shares of PNFP opened at $101.75 on Thursday. The stock has a market capitalization of $7.74 billion, a price-to-earnings ratio of 16.57 and a beta of 1.39. Pinnacle Financial Partners has a 1 year low of $37.77 and a 1 year high of $103.90. The business's 50 day simple moving average is $94.60 and its 200-day simple moving average is $91.05. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.90 and a quick ratio of 0.90.
Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings data on Monday, October 11th. The financial services provider reported $1.75 earnings per share (EPS) for the quarter, topping the Thomson Reuters' consensus estimate of $1.55 by $0.20. The business had revenue of $341.64 million for the quarter, compared to analysts' expectations of $328.81 million. Pinnacle Financial Partners had a return on equity of 10.35% and a net margin of 34.35%. The company's revenue for the quarter was up 15.0% on a year-over-year basis. During the same period in the prior year, the firm earned $1.45 EPS. On average, sell-side analysts expect that Pinnacle Financial Partners will post 6.35 earnings per share for the current year.
PNFP has been the topic of several recent research reports. Zacks Investment Research cut Pinnacle Financial Partners from a "buy" rating to a "hold" rating in a report on Friday, October 1st. Truist increased their price target on Pinnacle Financial Partners from $100.00 to $105.00 and gave the company a "buy" rating in a report on Thursday, July 22nd. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of $93.50.
In related news, CEO M Terry Turner sold 79,340 shares of the firm's stock in a transaction dated Monday, September 13th. The stock was sold at an average price of $94.27, for a total transaction of $7,479,381.80. Following the sale, the chief executive officer now owns 172,457 shares of the company's stock, valued at $16,257,521.39. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Hugh M. Queener sold 843 shares of the firm's stock in a transaction dated Wednesday, September 1st. The shares were sold at an average price of $95.41, for a total value of $80,430.63. The disclosure for this sale can be found here. 2.60% of the stock is currently owned by corporate insiders.
An institutional investor recently raised its position in Pinnacle Financial Partners stock. Morgan Stanley lifted its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 34.2% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 98,240 shares of the financial services provider's stock after purchasing an additional 25,025 shares during the quarter. Morgan Stanley owned about 0.13% of Pinnacle Financial Partners worth $8,673,000 as of its most recent SEC filing. 80.67% of the stock is owned by hedge funds and other institutional investors.
Pinnacle Financial Partners Company Profile
Pinnacle Financial Partners, Inc is a bank holding company, which engages in the provision of financial solutions. It offers banking, investment, trust, mortgage, and insurance products and services designed for businesses and individuals. The company was founded by Dale W. Polley, M. Terry Turner, Sue G.
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