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 yield of 0.83%. 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 13.3% meaning its dividend is sufficiently covered by earnings. Equities 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 Pinnacle Financial Partners stock opened at $86.62 on Thursday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.95 and a current ratio of 0.95. Pinnacle Financial Partners has a 52 week low of $31.84 and a 52 week high of $96.52. The stock has a 50 day moving average price of $89.56 and a two-hundred day moving average price of $67.80. The stock has a market capitalization of $6.58 billion, a PE ratio of 22.32 and a beta of 1.37.
In related news, Director Gary L. Scott sold 1,887 shares of Pinnacle Financial Partners stock in a transaction on Tuesday, March 2nd. The stock was sold at an average price of $82.04, for a total transaction of $154,809.48. Following the sale, the director now directly owns 24,501 shares in the company, valued at $2,010,062.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Reese L. Smith III sold 1,000 shares of Pinnacle Financial Partners stock in a transaction on Wednesday, March 10th. The stock was sold at an average price of $90.13, for a total value of $90,130.00. Following the sale, the director now owns 65,526 shares in the company, valued at $5,905,858.38. The disclosure for this sale can be found here. Insiders have sold 97,774 shares of company stock worth $7,929,890 over the last quarter. 2.98% of the stock is currently owned by corporate insiders.
A number of research analysts have recently weighed in on PNFP shares. Stephens raised their target price on Pinnacle Financial Partners from $80.00 to $96.00 and gave the company an “overweight” rating in a report on Tuesday, March 23rd. Truist raised their target price on Pinnacle Financial Partners from $68.00 to $81.00 in a report on Thursday, January 21st. Keefe, Bruyette & Woods raised their target price on Pinnacle Financial Partners from $60.00 to $80.00 and gave the company an “outperform” rating in a report on Thursday, January 21st. Zacks Investment Research lowered Pinnacle Financial Partners from a “buy” rating to a “hold” rating in a report on Tuesday. Finally, Raymond James lowered Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating in a report on Wednesday. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $78.11.
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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