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

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) announced a quarterly dividend on Tuesday, October 15th, Zacks reports. Investors of record on Friday, November 1st will be given a dividend of 0.22 per share by the financial services provider on Friday, November 29th. This represents a $0.88 annualized dividend and a dividend yield of 0.83%. The ex-dividend date is Friday, November 1st.

Pinnacle Financial Partners has increased its dividend payment by an average of 11.2% per year over the last three years. Pinnacle Financial Partners has a payout ratio of 11.3% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Pinnacle Financial Partners to earn $7.84 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 11.2%.

Pinnacle Financial Partners Price Performance

PNFP opened at $105.47 on Thursday. The company’s 50 day simple moving average is $95.27 and its 200 day simple moving average is $86.79. 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 1 year low of $59.66 and a 1 year high of $106.62. The stock has a market capitalization of $8.14 billion, a PE ratio of 15.09 and a beta of 1.05.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $1.86 EPS for the quarter, beating the consensus estimate of $1.79 by $0.07. Pinnacle Financial Partners had a net margin of 13.93% and a return on equity of 8.97%. The firm had revenue of $810.11 million for the quarter, compared to analyst estimates of $454.18 million. During the same quarter last year, the firm posted $1.79 earnings per share. As a group, sell-side analysts expect that Pinnacle Financial Partners will post 6.8 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Barclays lifted their price objective on shares of Pinnacle Financial Partners from $97.00 to $101.00 and gave the company an “equal weight” rating in a research note on Friday, September 27th. Wells Fargo & Company lowered shares of Pinnacle Financial Partners from an “overweight” rating to an “equal weight” rating and set a $100.00 price objective on the stock. in a research note on Tuesday, October 1st. Hovde Group raised their price target on shares of Pinnacle Financial Partners from $110.00 to $114.00 and gave the stock an “outperform” rating in a research report on Friday, September 27th. JPMorgan Chase & Co. decreased their price target on shares of Pinnacle Financial Partners from $108.00 to $105.00 and set an “overweight” rating for the company in a research report on Thursday, June 27th. Finally, Citigroup raised their price target on shares of Pinnacle Financial Partners from $93.00 to $113.00 and gave the stock a “buy” rating in a research report on Thursday, July 18th. Five investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, Pinnacle Financial Partners presently has an average rating of “Moderate Buy” and a consensus price target of $102.10.

Pinnacle Financial Partners Company Profile

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.