Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Raises Dividend to $0.24 Per Share

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) announced a quarterly dividend on Wednesday, January 22nd,Wall Street Journal reports. Investors of record on Friday, February 7th will be given a dividend of 0.24 per share by the financial services provider on Friday, February 28th. This represents a $0.96 annualized dividend and a yield of 0.79%. 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% annually over the last three years. Pinnacle Financial Partners has a payout ratio of 9.6% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Pinnacle Financial Partners to earn $7.56 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 11.6%.

Pinnacle Financial Partners Trading Up 1.5 %

Shares of PNFP traded up $1.82 during midday trading on Wednesday, hitting $122.04. The stock had a trading volume of 689,730 shares, compared to its average volume of 487,759. The stock’s 50 day moving average is $119.52 and its 200 day moving average is $104.47. The firm has a market cap of $9.43 billion, a PE ratio of 23.20 and a beta of 1.09. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.90 and a quick ratio of 0.90. Pinnacle Financial Partners has a 1 year low of $73.62 and a 1 year high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings data on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.80 by $0.10. The business had revenue of $475.34 million during the quarter, compared to the consensus estimate of $470,334.57 billion. Pinnacle Financial Partners had a net margin of 13.97% and a return on equity of 8.89%. The firm’s quarterly revenue was up 19.9% compared to the same quarter last year. During the same quarter last year, the firm earned $1.68 earnings per share. As a group, analysts forecast that Pinnacle Financial Partners will post 6.8 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms have recently weighed in on PNFP. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $135.00 target price (up from $115.00) on shares of Pinnacle Financial Partners in a research report on Wednesday, December 4th. UBS Group began coverage on shares of Pinnacle Financial Partners in a research report on Tuesday, December 17th. They set a “neutral” rating and a $133.00 target price on the stock. Hovde Group downgraded Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 price objective on the stock. in a report on Monday, November 18th. Citigroup raised their price target 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. Finally, Truist Financial upped their price objective on shares of Pinnacle Financial Partners from $113.00 to $119.00 and gave the stock a “buy” rating in a research note on Monday, October 21st. Six research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $124.73.

Insider Activity

In other Pinnacle Financial Partners news, CFO Harold R. Carpenter sold 3,051 shares of the firm’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $125.57, for a total value of $383,114.07. Following the completion of the transaction, the chief financial officer now owns 60,805 shares of the company’s stock, valued at approximately $7,635,283.85. This trade represents a 4.78 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director David B. Ingram sold 20,000 shares of the company’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $126.02, for a total value of $2,520,400.00. Following the completion of the transaction, the director now directly owns 92,565 shares in the company, valued at approximately $11,665,041.30. The trade was a 17.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 76,661 shares of company stock worth $9,563,127. Insiders own 1.87% of the company’s stock.

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.