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

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) announced 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 dividend on an annualized basis and a yield of 1.09%. 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% meaning its dividend is sufficiently covered by earnings. 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 Trading Down 2.7 %

Shares of Pinnacle Financial Partners stock traded down $2.28 during mid-day trading on Thursday, hitting $80.68. The stock had a trading volume of 114,134 shares, compared to its average volume of 461,421. The firm has a 50-day moving average of $82.35 and a two-hundred day moving average of $79.18. Pinnacle Financial Partners has a 12-month low of $43.31 and a 12-month high of $92.33. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.43. The firm has a market cap of $6.22 billion, a P/E ratio of 11.87 and a beta of 1.08.

Analyst Upgrades and Downgrades

PNFP has been the subject of several analyst reports. Jefferies Financial Group dropped their price target on shares of Pinnacle Financial Partners from $88.00 to $85.00 and set a “hold” rating for the company in a research note on Monday, April 8th. Hovde Group dropped their price target on shares of Pinnacle Financial Partners from $104.00 to $99.00 and set an “outperform” rating for the company in a research note on Tuesday. Barclays initiated coverage on shares of Pinnacle Financial Partners in a research note on Friday, March 8th. They issued an “equal weight” rating and a $93.00 price target for the company. UBS Group dropped their price target on shares of Pinnacle Financial Partners from $91.00 to $90.00 and set a “neutral” rating for the company in a research note on Thursday, January 18th. Finally, JPMorgan Chase & Co. dropped their price target on shares of Pinnacle Financial Partners from $110.00 to $108.00 and set an “overweight” rating for the company in a research note on Wednesday. One research analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $96.13.

Insider Buying and Selling

In other Pinnacle Financial Partners news, Chairman Richard D. Callicutt II sold 11,030 shares of the firm’s stock in a transaction that occurred on Tuesday, March 12th. The shares were 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 of the company’s stock, valued at approximately $7,993,921.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Pinnacle Financial Partners news, CEO M Terry Turner sold 24,057 shares of the firm’s stock in a transaction that occurred on 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 owns 294,790 shares of the company’s stock, valued at approximately $24,237,633.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Richard D. Callicutt II sold 11,030 shares of the firm’s stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $82.22, for a total transaction of $906,886.60. Following the completion of the transaction, the chairman now directly owns 97,226 shares of the company’s stock, valued at approximately $7,993,921.72. The disclosure for this sale can be found here. In 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.

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.