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

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 1.15%. The ex-dividend date of this dividend is Thursday, May 2nd.

Pinnacle Financial Partners has raised its dividend payment by an average of 11.2% per year 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 Price Performance

Shares of PNFP opened at $76.70 on Wednesday. The firm has a market capitalization of $5.91 billion, a price-to-earnings ratio of 10.97 and a beta of 1.08. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.90 and a current ratio of 0.90. Pinnacle Financial Partners has a one year low of $43.31 and a one year high of $92.33. The stock’s fifty day moving average is $81.96 and its 200-day moving average is $79.61.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on PNFP shares. Jefferies Financial Group reduced their target price 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. Barclays started coverage on Pinnacle Financial Partners in a research note on Friday, March 8th. They issued an “equal weight” rating and a $93.00 price objective for the company. Hovde Group cut their price target on Pinnacle Financial Partners from $104.00 to $99.00 and set an “outperform” rating for the company in a research note on Tuesday, April 23rd. JPMorgan Chase & Co. cut their price target on Pinnacle Financial Partners from $110.00 to $108.00 and set an “overweight” rating for the company in a research note on Wednesday, April 24th. Finally, Truist Financial cut their price target on Pinnacle Financial Partners from $99.00 to $94.00 and set a “buy” rating for the company in a research note on Thursday, April 25th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $95.50.

Insider Buying and Selling at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, CEO M Terry Turner sold 24,057 shares of Pinnacle Financial Partners stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total value of $1,977,966.54. Following the completion of the transaction, the chief executive officer now owns 294,790 shares in the company, valued at approximately $24,237,633.80. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CFO Harold R. Carpenter sold 6,306 shares of Pinnacle Financial Partners stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total transaction of $518,479.32. Following the completion of the sale, the chief financial officer now directly 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 can be accessed through the SEC website. Also, CEO M Terry Turner sold 24,057 shares of the business’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 completion of the transaction, the chief executive officer now directly owns 294,790 shares of the company’s stock, valued at $24,237,633.80. The disclosure for this sale can be found here. In the last quarter, insiders sold 235,093 shares of company stock worth $19,103,353. 1.87% of the stock is currently owned by insiders.

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.