Pinnacle Financial Partners (NASDAQ:PNFP) Announces $0.16 Quarterly Dividend
Pinnacle Financial Partners (NASDAQ:PNFP) declared a quarterly dividend on Tuesday, October 15th, Zacks reports. Stockholders of record on Friday, November 1st will be paid a dividend of 0.16 per share by the financial services provider on Friday, November 29th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.10%. The ex-dividend date of this dividend is Thursday, October 31st.
Pinnacle Financial Partners has raised its dividend payment by an average of 6.5% annually over the last three years. Pinnacle Financial Partners has a payout ratio of 13.6% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Pinnacle Financial Partners to earn $5.41 per share next year, which means the company should continue to be able to cover its $0.64 annual dividend with an expected future payout ratio of 11.8%.
Shares of NASDAQ:PNFP opened at $57.95 on Thursday. The company’s fifty day moving average price is $55.12 and its 200-day moving average price is $56.07. The firm has a market capitalization of $4.31 billion, a price-to-earnings ratio of 12.17, a PEG ratio of 0.66 and a beta of 1.44. Pinnacle Financial Partners has a one year low of $43.23 and a one year high of $61.60. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.99 and a quick ratio of 0.99.
In related news, CAO Hugh M. Queener sold 7,295 shares of the stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $57.06, for a total value of $416,252.70. Following the completion of the transaction, the chief accounting officer now directly owns 225,207 shares in the company, valued at approximately $12,850,311.42. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director David B. Ingram purchased 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The stock was acquired at an average price of $54.28 per share, with a total value of $1,085,600.00. Following the completion of the purchase, the director now owns 54,067 shares in the company, valued at $2,934,756.76. The disclosure for this purchase can be found here. Insiders sold a total of 64,475 shares of company stock valued at $3,674,281 over the last 90 days. Company insiders own 2.97% of the company’s stock.
A number of equities analysts have recently commented on the stock. Stephens reissued a “hold” rating and issued a $63.00 price target on shares of Pinnacle Financial Partners in a report on Monday, September 16th. Zacks Investment Research cut shares of Pinnacle Financial Partners from a “hold” rating to a “sell” rating in a research note on Tuesday, October 8th. BidaskClub raised shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research note on Tuesday, September 10th. Finally, JPMorgan Chase & Co. initiated coverage on shares of Pinnacle Financial Partners in a research note on Wednesday, September 18th. They issued a “neutral” rating and a $62.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $61.43.
Pinnacle Financial Partners Company Profile
Pinnacle Financial Partners, Inc operates as a bank holding company for Pinnacle Bank that provides various banking products and services in the United States. The company accepts various deposits, including savings, checking, interest-bearing checking, money market, and certificate of deposit accounts.
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