Pinnacle Financial Partners, Inc. Declares Quarterly Dividend of $0.22 (NASDAQ:PNFP)

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Get Free Report) declared a quarterly dividend on Tuesday, April 23rd, Zacks reports. Stockholders of record on Friday, May 3rd will be paid a dividend of 0.22 per share by the financial services provider on Friday, May 31st. This represents a $0.88 annualized dividend and a dividend yield of 1.08%. The ex-dividend date of this dividend is Thursday, May 2nd.

Pinnacle Financial Partners has raised its dividend payment by an average of 11.2% annually over the last three years. Pinnacle Financial Partners has a dividend payout ratio of 11.0% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Pinnacle Financial Partners to earn $7.98 per share next year, which means the company should continue to be able to cover its $0.88 annual dividend with an expected future payout ratio of 11.0%.

Pinnacle Financial Partners Price Performance

Shares of NASDAQ PNFP traded down $1.43 during midday trading on Thursday, hitting $81.53. 598,704 shares of the company's stock were exchanged, compared to its average volume of 467,758. Pinnacle Financial Partners has a 12-month low of $43.31 and a 12-month high of $92.33. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.43. The company has a market cap of $6.28 billion, a price-to-earnings ratio of 11.57 and a beta of 1.08. The business's fifty day moving average price is $82.35 and its two-hundred day moving average price is $79.18.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on PNFP. Barclays initiated coverage on Pinnacle Financial Partners in a report on Friday, March 8th. They set an "equal weight" rating and a $93.00 price objective for the company. JPMorgan Chase & Co. dropped their target price on Pinnacle Financial Partners from $110.00 to $108.00 and set an "overweight" rating for the company in a research report on Wednesday. UBS Group dropped their target price on Pinnacle Financial Partners from $91.00 to $90.00 and set a "neutral" rating for the company in a research report on Thursday, January 18th. Stephens restated an "overweight" rating and issued a $109.00 target price on shares of Pinnacle Financial Partners in a research report on Tuesday. Finally, Truist Financial dropped their target price on Pinnacle Financial Partners from $99.00 to $94.00 and set a "buy" rating for the company in a research report on Thursday. One analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, Pinnacle Financial Partners has a consensus rating of "Hold" and an average price target of $95.50.

Insider Activity

In other news, CFO Harold R. Carpenter sold 6,306 shares of the business's stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total transaction of $518,479.32. Following the transaction, the chief financial officer now directly owns 63,856 shares of the company's stock, valued at $5,250,240.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, CFO Harold R. Carpenter sold 6,306 shares of the company's stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total value of $518,479.32. Following the sale, the chief financial officer now directly owns 63,856 shares of the company's stock, valued at $5,250,240.32. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO M Terry Turner sold 24,057 shares of the company's stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total value of $1,977,966.54. Following the completion of the sale, the chief executive officer now directly owns 294,790 shares in the company, valued at $24,237,633.80. The disclosure for this sale can be found here. Over the last three months, insiders have sold 47,844 shares of company stock valued at $3,933,734. 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.