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

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) announced a quarterly dividend on Tuesday, April 15th, RTT News reports. Shareholders of record on Friday, May 2nd will be paid a dividend of 0.24 per share by the financial services provider on Friday, May 30th. This represents a $0.96 dividend on an annualized basis and a yield of 1.01%. The ex-dividend date is Friday, May 2nd.

Pinnacle Financial Partners has increased its dividend by an average of 6.9% annually over the last three years. Pinnacle Financial Partners has a dividend payout ratio of 10.7% indicating that its dividend is sufficiently covered by earnings. Research 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 Price Performance

Shares of NASDAQ PNFP opened at $94.75 on Thursday. The stock’s 50 day moving average price is $105.81 and its 200-day moving average price is $111.77. The company has a market capitalization of $7.33 billion, a PE ratio of 15.84 and a beta of 0.94. Pinnacle Financial Partners has a twelve month low of $73.62 and a twelve month high of $131.91. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.37.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings results on Monday, April 14th. The financial services provider reported $1.90 EPS for the quarter, beating analysts’ consensus estimates of $1.82 by $0.08. The company had revenue of $475.37 million for the quarter, compared to analysts’ expectations of $478.11 million. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. During the same period in the prior year, the company posted $1.53 EPS. On average, equities analysts anticipate that Pinnacle Financial Partners will post 7.85 EPS for the current year.

Insider Activity

In other Pinnacle Financial Partners news, Director David B. Ingram sold 40,000 shares of the company’s stock in a transaction on Thursday, February 6th. The shares were sold at an average price of $126.50, for a total value of $5,060,000.00. Following the completion of the transaction, the director now directly owns 40,991 shares in the company, valued at approximately $5,185,361.50. This represents a 49.39 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Glenda Baskin Glover sold 3,000 shares of the firm’s stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $101.55, for a total transaction of $304,650.00. Following the completion of the sale, the director now directly owns 9,943 shares of the company’s stock, valued at approximately $1,009,711.65. This represents a 23.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 95,350 shares of company stock valued at $11,421,320. Company insiders own 1.46% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on PNFP shares. Stephens reissued an “overweight” rating and issued a $142.00 price target on shares of Pinnacle Financial Partners in a report on Wednesday, January 22nd. Barclays dropped their price target on Pinnacle Financial Partners from $135.00 to $125.00 and set an “overweight” rating for the company in a research report on Tuesday, April 8th. Hovde Group raised shares of Pinnacle Financial Partners from a “market perform” rating to an “outperform” rating and set a $111.00 price target on the stock in a report on Wednesday. JPMorgan Chase & Co. dropped their price target on Pinnacle Financial Partners from $125.00 to $115.00 and set an “overweight” rating for the company in a research note on Wednesday. Finally, Citigroup raised their price objective on Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a “buy” rating in a report on Tuesday, December 31st. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $121.50.

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.