Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) to Issue $0.24 Quarterly Dividend

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Get Free Report) declared a quarterly dividend on Tuesday, April 15th, RTT News reports. Stockholders of record on Friday, May 2nd will be paid a dividend of 0.24 per share by the financial services provider on Friday, May 30th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.01%. The ex-dividend date is Friday, May 2nd.

Pinnacle Financial Partners has raised its dividend payment by an average of 6.9% 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 $8.99 per share next year, which means the company should continue to be able to cover its $0.96 annual dividend with an expected future payout ratio of 10.7%.

Pinnacle Financial Partners Price Performance

Shares of Pinnacle Financial Partners stock traded up $0.36 during trading on Friday, hitting $95.11. 548,597 shares of the company's stock traded hands, compared to its average volume of 507,965. The company has a market cap of $7.36 billion, a PE ratio of 15.90 and a beta of 0.94. The firm's fifty day moving average price is $104.70 and its 200 day moving average price is $111.89. Pinnacle Financial Partners has a twelve month low of $73.62 and a twelve month high of $131.91. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.90 and a quick ratio of 0.90.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last released its quarterly earnings data on Monday, April 14th. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.82 by $0.08. The firm had revenue of $475.37 million during the quarter, compared to analyst estimates of $478.11 million. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. During the same period in the prior year, the company posted $1.53 earnings per share. Analysts forecast that Pinnacle Financial Partners will post 7.85 earnings per share for the current year.

Insider Transactions at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, Director David B. Ingram sold 40,000 shares of Pinnacle Financial Partners stock in a transaction on Thursday, February 6th. The shares were sold at an average price of $126.50, for a total transaction of $5,060,000.00. Following the completion of the sale, the director now owns 40,991 shares of the company's stock, valued at approximately $5,185,361.50. The trade was a 49.39 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO M Terry Turner sold 2,000 shares of the stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $100.63, for a total value of $201,260.00. Following the completion of the transaction, the chief executive officer now directly owns 254,552 shares in the company, valued at approximately $25,615,567.76. This trade represents a 0.78 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 95,350 shares of company stock worth $11,421,320 in the last quarter. 1.46% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on PNFP shares. Wells Fargo & Company reduced their target price on Pinnacle Financial Partners from $125.00 to $105.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 9th. Hovde Group raised Pinnacle Financial Partners from a "market perform" rating to an "outperform" rating and set a $111.00 price objective on the stock in a research note on Wednesday. Citigroup raised their target price on Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a "buy" rating in a research note on Tuesday, December 31st. Stephens reiterated an "overweight" rating and set a $142.00 price target on shares of Pinnacle Financial Partners in a research report on Wednesday, January 22nd. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Pinnacle Financial Partners from $125.00 to $115.00 and set an "overweight" rating for the company in a research report on Wednesday. Four investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $119.50.

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.