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

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) announced a quarterly dividend on Tuesday, April 15th, RTT News reports. Investors of record on Friday, May 2nd will be given a dividend of 0.24 per share by the financial services provider on Friday, May 30th. This represents a $0.96 annualized dividend and a dividend yield of 1.02%.

Pinnacle Financial Partners has raised its dividend by an average of 6.9% per year over the last three years. Pinnacle Financial Partners has a payout ratio of 10.7% indicating that its dividend is sufficiently covered by earnings. 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 opened at $94.36 on Wednesday. Pinnacle Financial Partners has a 12 month low of $73.62 and a 12 month high of $131.91. The business has a 50-day moving average of $106.39 and a two-hundred day moving average of $111.89. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.90 and a quick ratio of 0.90. The firm has a market capitalization of $7.30 billion, a PE ratio of 15.78 and a beta of 0.94.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its earnings results on Monday, April 14th. The financial services provider reported $1.90 earnings per share for the quarter, beating the consensus estimate of $1.82 by $0.08. The company had revenue of $475.37 million during the quarter, compared to the consensus estimate of $478.11 million. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. During the same period last year, the firm earned $1.53 earnings per share. As a group, research analysts forecast that Pinnacle Financial Partners will post 7.85 earnings per share for the current year.

Insider Activity

In other Pinnacle Financial Partners news, Chairman Robert A. Mccabe, Jr. sold 40,000 shares of the company’s stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $113.81, for a total transaction of $4,552,400.00. Following the transaction, the chairman now directly owns 83,000 shares in the company, valued at approximately $9,446,230. This represents a 32.52 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director David B. Ingram sold 10,309 shares of the firm’s stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $126.00, for a total value of $1,298,934.00. Following the transaction, the director now owns 82,256 shares in the company, valued at approximately $10,364,256. This trade represents a 11.14 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 95,350 shares of company stock worth $11,421,320. Corporate insiders own 1.46% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on PNFP. Barclays lowered their price objective on Pinnacle Financial Partners from $135.00 to $125.00 and set an “overweight” rating for the company in a report on Tuesday, April 8th. UBS Group initiated coverage on Pinnacle Financial Partners in a research report on Tuesday, December 17th. They set a “neutral” rating and a $133.00 price target on the stock. JPMorgan Chase & Co. decreased their target price on shares of Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating for the company in a research report on Tuesday, January 7th. Wells Fargo & Company lowered their target price on shares of Pinnacle Financial Partners from $125.00 to $105.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 9th. Finally, Stephens reiterated an “overweight” rating and set a $142.00 price target on shares of Pinnacle Financial Partners in a research report on Wednesday, January 22nd. Five analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $124.70.

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.