Pinnacle Financial Partners, Inc. (PNFP) To Go Ex-Dividend on February 7th

Pinnacle Financial Partners, Inc. (NASDAQ:PNFPGet Free Report) declared a quarterly dividend on Tuesday, January 21st,Wall Street Journal reports. Shareholders of record on Friday, February 7th will be paid a dividend of 0.24 per share by the financial services provider on Friday, February 28th. This represents a $0.96 dividend on an annualized basis and a yield of 0.78%. The ex-dividend date of this dividend is Friday, February 7th. This is an increase from Pinnacle Financial Partners’s previous quarterly dividend of $0.22.

Pinnacle Financial Partners has raised its dividend by an average of 6.9% per year over the last three years. Pinnacle Financial Partners has a payout ratio of 9.6% meaning its dividend is sufficiently covered by earnings. Research analysts expect Pinnacle Financial Partners to earn $9.04 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 9.7%.

Pinnacle Financial Partners Stock Up 0.2 %

Pinnacle Financial Partners stock traded up $0.30 during trading hours on Thursday, hitting $122.34. The stock had a trading volume of 571,152 shares, compared to its average volume of 497,340. The stock’s 50-day moving average price is $119.35 and its 200-day moving average price is $104.90. The stock has a market capitalization of $9.45 billion, a P/E ratio of 20.46 and a beta of 1.09. Pinnacle Financial Partners has a 12-month low of $73.62 and a 12-month high of $131.91. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.42.

Pinnacle Financial Partners (NASDAQ:PNFPGet Free Report) last issued its earnings results on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share for the quarter, topping analysts’ consensus estimates of $1.80 by $0.10. Pinnacle Financial Partners had a return on equity of 9.12% and a net margin of 15.48%. The business had revenue of $475.34 million during the quarter, compared to analyst estimates of $470,334.57 billion. During the same quarter in the previous year, the firm earned $1.68 EPS. Pinnacle Financial Partners’s revenue was up 19.9% on a year-over-year basis. Equities research analysts anticipate that Pinnacle Financial Partners will post 7.56 EPS for the current fiscal year.

Insider Activity

In other Pinnacle Financial Partners news, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of Pinnacle Financial Partners stock in a transaction on Friday, December 6th. The shares were sold at an average price of $124.09, for a total transaction of $6,204,500.00. Following the completion of the transaction, the chairman now directly owns 123,000 shares of the company’s stock, valued at $15,263,070. The trade was a 28.90 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director David B. Ingram sold 3,610 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $126.07, for a total value of $455,112.70. Following the transaction, the director now owns 139,489 shares of the company’s stock, valued at $17,585,378.23. This trade represents a 2.52 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 76,661 shares of company stock worth $9,563,127. 1.87% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several analysts have issued reports on PNFP shares. Truist Financial boosted their price target on Pinnacle Financial Partners from $113.00 to $119.00 and gave the company a “buy” rating in a report on Monday, October 21st. Barclays upgraded shares of Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $120.00 to $135.00 in a research note on Thursday, December 19th. Citigroup upped their price target on shares of Pinnacle Financial Partners from $123.00 to $132.00 and gave the stock a “buy” rating in a research report on Tuesday, December 31st. JPMorgan Chase & Co. decreased their price objective on shares of Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 7th. Finally, UBS Group assumed coverage on shares of Pinnacle Financial Partners in a report on Tuesday, December 17th. They issued a “neutral” rating and a $133.00 target price for the company. Six equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $125.18.

Get Our Latest Research Report on PNFP

Pinnacle Financial Partners Company Profile

(Get Free Report)

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.

Further Reading

Dividend History for Pinnacle Financial Partners (NASDAQ:PNFP)

Receive News & Ratings for Pinnacle Financial Partners Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Pinnacle Financial Partners and related companies with MarketBeat.com's FREE daily email newsletter.