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

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) declared a quarterly dividend on Tuesday, October 15th, Zacks reports. Shareholders 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 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 dividend payout ratio of 11.3% indicating that its dividend is sufficiently covered by earnings. 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 Trading Up 4.9 %

NASDAQ:PNFP opened at $105.47 on Thursday. Pinnacle Financial Partners has a 52 week low of $59.66 and a 52 week high of $106.62. The firm’s fifty day moving average is $95.27 and its 200-day moving average is $86.79. The firm has a market cap of $8.14 billion, a P/E ratio of 15.09 and a beta of 1.05. 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 (NASDAQ:PNFP) last issued its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $1.86 EPS for the quarter, beating analysts’ consensus estimates 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 business had revenue of $810.11 million for the quarter, compared to analysts’ expectations of $454.18 million. During the same quarter in the prior year, the firm posted $1.79 earnings per share. Equities analysts expect that Pinnacle Financial Partners will post 6.8 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on PNFP. Citigroup lifted their target price on Pinnacle Financial Partners from $93.00 to $113.00 and gave the stock a “buy” rating in a report on Thursday, July 18th. Hovde Group lifted their price objective on shares of Pinnacle Financial Partners from $110.00 to $114.00 and gave the company an “outperform” rating in a research note on Friday, September 27th. JPMorgan Chase & Co. cut their target price on shares of Pinnacle Financial Partners from $108.00 to $105.00 and set an “overweight” rating on the stock in a research note on Thursday, June 27th. Truist Financial upped their price objective on shares of Pinnacle Financial Partners from $101.00 to $113.00 and gave the company a “buy” rating in a report on Friday, September 20th. Finally, Wells Fargo & Company downgraded Pinnacle Financial Partners from an “overweight” rating to an “equal weight” rating and set a $100.00 target price for the company. in a research note on Tuesday, October 1st. Five analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price 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.