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

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) declared a quarterly dividend on Tuesday, January 21st,Wall Street Journal reports. Shareholders of record on Friday, February 7th will be paid a dividend of 0.24 per share by the financial services provider on Friday, February 28th. This represents a $0.96 annualized dividend and a yield of 0.78%. The ex-dividend date is Friday, February 7th. This is a positive change from Pinnacle Financial Partners’s previous quarterly dividend of $0.22.

Pinnacle Financial Partners has increased its dividend by an average of 6.9% annually over the last three years. Pinnacle Financial Partners has a payout ratio of 9.6% indicating that its dividend is sufficiently covered by earnings. Analysts expect Pinnacle Financial Partners to earn $9.04 per share next year, which means the company should continue to be able to cover its $0.88 annual dividend with an expected future payout ratio of 9.7%.

Pinnacle Financial Partners Stock Up 0.2 %

Shares of PNFP traded up $0.30 during mid-day trading on Thursday, hitting $122.34. The company’s stock had a trading volume of 571,152 shares, compared to its average volume of 497,340. The firm has a market capitalization of $9.45 billion, a price-to-earnings ratio of 20.46 and a beta of 1.09. The company’s 50-day moving average is $119.35 and its 200-day moving average is $104.90. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.42. Pinnacle Financial Partners has a 52-week low of $73.62 and a 52-week high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings results on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.80 by $0.10. The business had revenue of $475.34 million for the quarter, compared to the consensus estimate of $470,334.57 billion. Pinnacle Financial Partners had a return on equity of 9.12% and a net margin of 15.48%. The business’s revenue was up 19.9% compared to the same quarter last year. During the same period last year, the business posted $1.68 EPS. On average, equities research analysts forecast that Pinnacle Financial Partners will post 7.56 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research firms have recently weighed in on PNFP. Barclays upgraded shares of Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $120.00 to $135.00 in a report on Thursday, December 19th. UBS Group began 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. Citigroup raised their price objective on Pinnacle Financial Partners from $123.00 to $132.00 and gave the stock a “buy” rating in a research report on Tuesday, December 31st. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $135.00 target price (up from $115.00) on shares of Pinnacle Financial Partners in a research report on Wednesday, December 4th. Finally, Stephens reissued an “overweight” rating and issued a $142.00 price target on shares of Pinnacle Financial Partners in a report on Wednesday. Six equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, Pinnacle Financial Partners has an average rating of “Hold” and an average price target of $125.18.

Insiders Place Their Bets

In other news, CFO Harold R. Carpenter sold 3,051 shares of the firm’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $125.57, for a total transaction of $383,114.07. Following the sale, the chief financial officer now directly owns 60,805 shares in the company, valued at $7,635,283.85. This trade represents a 4.78 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director David B. Ingram sold 20,000 shares of the company’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $126.02, for a total value of $2,520,400.00. Following the completion of the transaction, the director now directly owns 92,565 shares of the company’s stock, valued at $11,665,041.30. The trade was a 17.77 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 76,661 shares of company stock valued at $9,563,127. Company insiders own 1.87% of the company’s stock.

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.