Pinnacle Financial Partners, Inc. (PNFP) to Issue Quarterly Dividend of $0.22 on May 31st

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) declared a quarterly dividend on Tuesday, April 23rd, Zacks reports. Shareholders 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 1.09%. The ex-dividend date is Thursday, May 2nd.

Pinnacle Financial Partners has increased its dividend payment by an average of 11.2% annually over the last three years. Pinnacle Financial Partners has a dividend payout ratio of 11.0% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Pinnacle Financial Partners to earn $7.98 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 11.0%.

Pinnacle Financial Partners Stock Down 2.7 %

Shares of NASDAQ:PNFP traded down $2.28 during trading on Thursday, hitting $80.68. 114,134 shares of the company were exchanged, compared to its average volume of 461,421. The stock has a market cap of $6.22 billion, a price-to-earnings ratio of 11.87 and a beta of 1.08. Pinnacle Financial Partners has a fifty-two week low of $43.31 and a fifty-two week high of $92.33. The firm has a fifty day moving average price of $82.35 and a two-hundred day moving average price of $79.18. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.43.

Insider Activity

In other news, CFO Harold R. Carpenter sold 6,306 shares of the stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total value of $518,479.32. Following the completion of the sale, the chief financial officer now owns 63,856 shares of the company’s stock, valued at $5,250,240.32. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, CFO Harold R. Carpenter sold 6,306 shares of the company’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total transaction of $518,479.32. Following the sale, the chief financial officer now owns 63,856 shares in the company, valued at approximately $5,250,240.32. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Chairman Richard D. Callicutt II sold 11,030 shares of the stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total value of $906,886.60. Following the completion of the transaction, the chairman now owns 97,226 shares in the company, valued at approximately $7,993,921.72. The disclosure for this sale can be found here. Over the last quarter, insiders sold 47,844 shares of company stock valued at $3,933,734. Company insiders own 1.87% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently weighed in on PNFP. Stephens reissued an “overweight” rating and set a $109.00 target price on shares of Pinnacle Financial Partners in a report on Tuesday. Truist Financial upped their target price on Pinnacle Financial Partners from $93.00 to $99.00 and gave the company a “buy” rating in a research report on Monday, April 1st. Jefferies Financial Group lowered their price target on Pinnacle Financial Partners from $88.00 to $85.00 and set a “hold” rating for the company in a report on Monday, April 8th. Hovde Group lowered their target price on Pinnacle Financial Partners from $104.00 to $99.00 and set an “outperform” rating for the company in a report on Tuesday. 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 report on Thursday, January 18th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, Pinnacle Financial Partners currently has a consensus rating of “Hold” and an average price target of $96.13.

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.