Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Plans $0.18 Quarterly Dividend


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Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) announced a quarterly dividend on Tuesday, April 20th, Zacks reports. Shareholders of record on Friday, May 7th will be paid a dividend of 0.18 per share by the financial services provider on Friday, May 28th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 0.82%. The ex-dividend date is Thursday, May 6th.

Pinnacle Financial Partners has raised its dividend payment by 14.3% over the last three years and has raised its dividend annually for the last 1 consecutive years. Pinnacle Financial Partners has a payout ratio of 12.3% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Pinnacle Financial Partners to earn $4.73 per share next year, which means the company should continue to be able to cover its $0.72 annual dividend with an expected future payout ratio of 15.2%.

Shares of PNFP stock opened at $87.83 on Tuesday. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.43. The stock has a 50 day moving average of $89.78 and a two-hundred day moving average of $70.74. The company has a market capitalization of $6.67 billion, a P/E ratio of 22.64 and a beta of 1.37. Pinnacle Financial Partners has a 12 month low of $31.84 and a 12 month high of $96.52.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings results on Sunday, April 18th. The financial services provider reported $1.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.38 by $0.23. Pinnacle Financial Partners had a net margin of 22.43% and a return on equity of 6.88%. The company had revenue of $315.58 million during the quarter, compared to analyst estimates of $305.96 million. During the same quarter in the previous year, the business earned $0.39 EPS. The firm’s revenue was up 19.6% on a year-over-year basis. Sell-side analysts predict that Pinnacle Financial Partners will post 4.1 earnings per share for the current fiscal year.

Several equities analysts have commented on PNFP shares. Wells Fargo & Company raised shares of Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and set a $105.00 target price on the stock in a report on Tuesday, April 27th. Truist lifted their target price on shares of Pinnacle Financial Partners from $68.00 to $81.00 in a research note on Thursday, January 21st. Keefe, Bruyette & Woods lifted their target price on Pinnacle Financial Partners from $60.00 to $80.00 and gave the stock an “outperform” rating in a report on Thursday, January 21st. Stephens raised their price objective on Pinnacle Financial Partners from $80.00 to $96.00 and gave the company an “overweight” rating in a research note on Tuesday, March 23rd. Finally, Raymond James reiterated a “market perform” rating on shares of Pinnacle Financial Partners in a research note on Tuesday, April 27th. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $78.11.

In related news, Director Ronald L. Samuel sold 6,000 shares of the company’s stock in a transaction dated Thursday, February 4th. The shares were sold at an average price of $73.08, for a total transaction of $438,480.00. Following the transaction, the director now directly owns 8,681 shares in the company, valued at approximately $634,407.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Harold R. Carpenter sold 2,221 shares of the stock in a transaction dated Thursday, March 11th. The stock was sold at an average price of $90.09, for a total transaction of $200,089.89. In the last ninety days, insiders sold 85,831 shares of company stock valued at $7,070,405. 2.98% of the stock is owned by insiders.

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 in the United States. The company accepts various deposits, including savings, checking, noninterest-bearing and interest-bearing checking, money market, and certificate of deposit accounts.

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Dividend History for Pinnacle Financial Partners (NASDAQ:PNFP)

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