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

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) declared a quarterly dividend on Tuesday, April 15th, RTT News reports. Shareholders of record on Friday, May 2nd will be paid a dividend of 0.24 per share by the financial services provider on Friday, May 30th. This represents a $0.96 dividend on an annualized basis and a yield of 1.02%.

Pinnacle Financial Partners has increased its dividend by an average of 6.9% per year over the last three years. Pinnacle Financial Partners has a payout ratio of 10.7% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Pinnacle Financial Partners to earn $8.99 per share next year, which means the company should continue to be able to cover its $0.96 annual dividend with an expected future payout ratio of 10.7%.

Pinnacle Financial Partners Price Performance

Shares of Pinnacle Financial Partners stock opened at $94.36 on Wednesday. Pinnacle Financial Partners has a twelve month low of $73.62 and a twelve month high of $131.91. The company has a 50-day simple moving average of $106.39 and a two-hundred day simple moving average of $111.89. The stock has a market capitalization of $7.30 billion, a price-to-earnings ratio of 15.78 and a beta of 0.94. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.37.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings data on Monday, April 14th. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.82 by $0.08. The firm had revenue of $475.37 million for the quarter, compared to the consensus estimate of $478.11 million. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. During the same period in the prior year, the company posted $1.53 earnings per share. Analysts forecast that Pinnacle Financial Partners will post 7.85 EPS for the current year.

Insider Transactions at Pinnacle Financial Partners

In related news, CEO M Terry Turner sold 2,000 shares of the stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $100.63, for a total transaction of $201,260.00. Following the completion of the sale, the chief executive officer now directly owns 254,552 shares of the company’s stock, valued at approximately $25,615,567.76. This trade represents a 0.78 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director David B. Ingram sold 10,309 shares of the business’s stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $126.00, for a total transaction of $1,298,934.00. Following the completion of the transaction, the director now directly owns 82,256 shares in the company, valued at $10,364,256. This trade represents a 11.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 95,350 shares of company stock valued at $11,421,320 over the last ninety days. 1.46% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research firms recently weighed in on PNFP. Wells Fargo & Company cut their price objective on Pinnacle Financial Partners from $125.00 to $105.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 9th. Citigroup lifted their target price on Pinnacle Financial Partners from $123.00 to $132.00 and gave the stock a “buy” rating in a report on Tuesday, December 31st. JPMorgan Chase & Co. cut their price objective on Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 7th. Stephens restated an “overweight” rating and issued a $142.00 target price on shares of Pinnacle Financial Partners in a report on Wednesday, January 22nd. Finally, Hovde Group dropped their price objective on Pinnacle Financial Partners from $135.00 to $120.00 and set a “market perform” rating on the stock in a research note on Wednesday, April 2nd. Five equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $124.70.

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.