Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Plans Quarterly Dividend of $0.24

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Get Free Report) declared a quarterly dividend on Tuesday, July 15th, RTT News reports. Investors of record on Friday, August 1st will be paid a dividend of 0.24 per share by the financial services provider on Friday, August 29th. This represents a $0.96 dividend on an annualized basis and a yield of 0.82%.

Pinnacle Financial Partners has a payout ratio of 11.1% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Pinnacle Financial Partners to earn $8.99 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 10.7%.

Pinnacle Financial Partners Stock Performance

Shares of NASDAQ PNFP traded up $1.84 during midday trading on Wednesday, hitting $116.72. 744,992 shares of the stock traded hands, compared to its average volume of 507,689. The firm has a 50-day moving average of $109.46 and a two-hundred day moving average of $109.37. The firm has a market capitalization of $9.05 billion, a P/E ratio of 18.90 and a beta of 1.01. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.89 and a current ratio of 0.89. Pinnacle Financial Partners has a one year low of $81.57 and a one year high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last announced its earnings results on Tuesday, July 15th. The financial services provider reported $2.00 EPS for the quarter, topping analysts' consensus estimates of $1.92 by $0.08. Pinnacle Financial Partners had a return on equity of 9.29% and a net margin of 15.98%. The company had revenue of $504.99 million for the quarter, compared to analysts' expectations of $495.27 million. During the same period last year, the firm earned $1.63 EPS. Pinnacle Financial Partners's revenue for the quarter was up 15.1% compared to the same quarter last year. On average, equities analysts forecast that Pinnacle Financial Partners will post 7.85 EPS for the current fiscal year.

Institutional Trading of Pinnacle Financial Partners

A hedge fund recently raised its stake in Pinnacle Financial Partners stock. Goldman Sachs Group Inc. raised its holdings in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 6.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 651,268 shares of the financial services provider's stock after purchasing an additional 37,989 shares during the period. Goldman Sachs Group Inc. owned 0.84% of Pinnacle Financial Partners worth $69,060,000 at the end of the most recent quarter. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on PNFP shares. UBS Group reissued a "neutral" rating and set a $121.00 price objective on shares of Pinnacle Financial Partners in a research note on Wednesday, July 9th. Keefe, Bruyette & Woods reduced their price objective on Pinnacle Financial Partners from $130.00 to $115.00 and set a "market perform" rating on the stock in a research note on Thursday, April 17th. Citigroup boosted their price objective on Pinnacle Financial Partners from $126.00 to $134.00 and gave the stock a "buy" rating in a research note on Wednesday, July 2nd. Wells Fargo & Company boosted their price objective on Pinnacle Financial Partners from $105.00 to $125.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 10th. Finally, Barclays boosted their price objective on Pinnacle Financial Partners from $125.00 to $140.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 8th. Four 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 data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $124.82.

About Pinnacle Financial Partners

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.