Pinnacle Financial Partners (NASDAQ:PNFP) announced a quarterly dividend on Tuesday, October 16th, NASDAQ reports. Shareholders of record on Friday, November 2nd will be given a dividend of 0.16 per share by the financial services provider on Friday, November 30th. This represents a $0.64 dividend on an annualized basis and a yield of 1.18%. The ex-dividend date of this dividend is Thursday, November 1st. This is a boost from Pinnacle Financial Partners’s previous quarterly dividend of $0.14.
Pinnacle Financial Partners has raised its dividend payment by an average of 20.5% per year over the last three years. Pinnacle Financial Partners has a dividend payout ratio of 13.6% indicating that its dividend is sufficiently covered by earnings. Analysts expect Pinnacle Financial Partners to earn $5.10 per share next year, which means the company should continue to be able to cover its $0.64 annual dividend with an expected future payout ratio of 12.5%.
Pinnacle Financial Partners stock traded up $0.52 during mid-day trading on Thursday, reaching $54.42. 321,525 shares of the company were exchanged, compared to its average volume of 445,996. Pinnacle Financial Partners has a twelve month low of $49.92 and a twelve month high of $69.95. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.51. The stock has a market capitalization of $4.20 billion, a price-to-earnings ratio of 15.24, a PEG ratio of 0.71 and a beta of 1.12.
Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings data on Tuesday, October 16th. The financial services provider reported $1.21 earnings per share for the quarter, topping analysts’ consensus estimates of $1.19 by $0.02. Pinnacle Financial Partners had a return on equity of 9.09% and a net margin of 26.97%. The company had revenue of $240.90 million during the quarter, compared to analysts’ expectations of $236.67 million. During the same period last year, the firm earned $0.90 EPS. Equities analysts predict that Pinnacle Financial Partners will post 4.72 earnings per share for the current year.
PNFP has been the subject of several recent analyst reports. BidaskClub raised Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a report on Wednesday, July 25th. Zacks Investment Research cut Pinnacle Financial Partners from a “hold” rating to a “sell” rating in a report on Wednesday, September 19th. Wells Fargo & Co set a $72.00 price target on Pinnacle Financial Partners and gave the company a “buy” rating in a report on Tuesday, October 2nd. Stephens reissued a “buy” rating and issued a $74.00 price target on shares of Pinnacle Financial Partners in a report on Wednesday, October 3rd. Finally, ValuEngine cut Pinnacle Financial Partners from a “sell” rating to a “strong sell” rating in a report on Wednesday, October 17th. Three investment analysts have rated the stock with a sell rating and ten have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $70.67.
In related news, Vice Chairman Ronald L. Samuel sold 1,600 shares of the firm’s stock in a transaction that occurred on Tuesday, September 25th. The stock was sold at an average price of $63.49, for a total value of $101,584.00. Following the completion of the transaction, the insider now directly owns 27,975 shares of the company’s stock, valued at approximately $1,776,132.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 3.39% of the company’s stock.
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About Pinnacle Financial Partners
Pinnacle Financial Partners, Inc operates as a 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, interest-bearing checking, money market, and certificate of deposit accounts.
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