Pinnacle Financial Partners, Inc. Plans Quarterly Dividend of $0.50 (NYSE:PNFP)

Pinnacle Financial Partners, Inc. (NYSE:PNFP) announced a quarterly dividend on Monday, July 27th. Stockholders of record on Friday, August 7th will be given a dividend of 0.50 per share on Friday, August 28th. This represents a c) annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend is Friday, August 7th.

Pinnacle Financial Partners has raised its dividend by an average of 0.1%per year 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 23.1% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Pinnacle Financial Partners to earn $11.53 per share next year, which means the company should continue to be able to cover its $2.00 annual dividend with an expected future payout ratio of 17.3%.

Pinnacle Financial Partners Stock Up 0.6%

Shares of NYSE:PNFP opened at $103.22 on Tuesday. Pinnacle Financial Partners has a fifty-two week low of $81.08 and a fifty-two week high of $107.00. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.73. The company has a 50-day moving average price of $98.07. The stock has a market capitalization of $8.01 billion, a P/E ratio of 14.18, a price-to-earnings-growth ratio of 0.41 and a beta of 1.04.

Pinnacle Financial Partners (NYSE:PNFP) last posted its quarterly earnings results on Wednesday, July 22nd. The company reported $2.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.46 by $0.04. The firm had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.24 billion. Pinnacle Financial Partners had a net margin of 15.40% and a return on equity of 10.93%. On average, research analysts forecast that Pinnacle Financial Partners will post 10.18 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the company. Truist Financial boosted their target price on Pinnacle Financial Partners from $114.00 to $115.00 and gave the stock a “buy” rating in a research report on Monday, May 11th. Stephens set a $112.00 price target on Pinnacle Financial Partners in a research note on Monday. Barclays dropped their price objective on Pinnacle Financial Partners from $135.00 to $130.00 and set an “overweight” rating on the stock in a report on Tuesday, April 7th. Evercore reiterated an “outperform” rating and issued a $120.00 price objective on shares of Pinnacle Financial Partners in a research report on Monday, July 6th. Finally, Robert W. Baird initiated coverage on Pinnacle Financial Partners in a report on Tuesday, May 19th. They issued an “outperform” rating and a $115.00 target price for the company. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $116.82.

About Pinnacle Financial Partners

Pinnacle Financial Partners (NYSE: PNFP) is a bank holding company headquartered in Nashville, Tennessee, that provides a broad range of commercial and consumer banking services. Founded in 2000, the company operates through a network of banking offices and digital channels to serve individuals, small and middle-market businesses, and institutional clients. Pinnacle’s business model emphasizes relationship-based banking and tailored financial solutions for commercial borrowers and deposit customers.

The company’s product and service offerings include commercial and residential lending, treasury and payment solutions, deposit accounts, mortgage services, and cash management.