Pinnacle Financial Partners, Inc. Plans Quarterly Dividend of $0.22 (NASDAQ:PNFP)

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) announced a quarterly dividend on Tuesday, April 23rd, Zacks reports. Investors of record on Friday, May 3rd will be given a dividend of 0.22 per share by the financial services provider on Friday, May 31st. This represents a $0.88 annualized dividend and a dividend yield of 1.11%. The ex-dividend date is Thursday, May 2nd.

Pinnacle Financial Partners has raised its dividend payment by an average of 11.2% annually over the last three years. Pinnacle Financial Partners has a payout ratio of 11.0% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Pinnacle Financial Partners to earn $7.96 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 11.1%.

Pinnacle Financial Partners Trading Down 1.2 %

PNFP stock opened at $79.36 on Tuesday. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.90 and a quick ratio of 0.90. Pinnacle Financial Partners has a 1-year low of $43.31 and a 1-year high of $92.33. The business has a 50 day simple moving average of $82.11 and a two-hundred day simple moving average of $79.53. The company has a market capitalization of $6.12 billion, a price-to-earnings ratio of 11.35 and a beta of 1.08.

Insider Activity at Pinnacle Financial Partners

In other news, Chairman Robert A. Mccabe, Jr. sold 115,249 shares of the firm’s stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $81.04, for a total value of $9,339,778.96. Following the completion of the sale, the chairman now owns 153,062 shares in the company, valued at approximately $12,404,144.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO M Terry Turner sold 24,057 shares of the firm’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $82.22, for a total value of $1,977,966.54. Following the transaction, the chief executive officer now owns 294,790 shares of the company’s stock, valued at approximately $24,237,633.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Chairman Robert A. Mccabe, Jr. sold 115,249 shares of the company’s stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $81.04, for a total transaction of $9,339,778.96. Following the completion of the transaction, the chairman now owns 153,062 shares in the company, valued at $12,404,144.48. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 235,093 shares of company stock worth $19,103,353. Company insiders own 1.87% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on PNFP shares. Truist Financial dropped their target price on shares of Pinnacle Financial Partners from $99.00 to $94.00 and set a “buy” rating for the company in a research report on Thursday, April 25th. JPMorgan Chase & Co. reduced their target price on Pinnacle Financial Partners from $110.00 to $108.00 and set an “overweight” rating on the stock in a report on Wednesday, April 24th. Jefferies Financial Group dropped their price target on Pinnacle Financial Partners from $88.00 to $85.00 and set a “hold” rating for the company in a research note on Monday, April 8th. Hovde Group reduced their price objective on Pinnacle Financial Partners from $104.00 to $99.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 23rd. Finally, UBS Group lowered their target price on Pinnacle Financial Partners from $91.00 to $90.00 and set a “neutral” rating for the company in a research report on Thursday, January 18th. One research analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, Pinnacle Financial Partners presently has an average rating of “Hold” and an average target price of $95.50.

About Pinnacle Financial Partners

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.